Kuhn was speaking on Wednesday at the 8th Annual Ernst & Young Africa Tax Conference in Accra, Ghana.

When multinationals were asked about their predictions over the next three years for the level of change in the regulatory environment across the countries with which they primarily did business, the response showed that enterprises were becoming aware of a consistently changing environment. Approximately 60% of European multinationals and 66% of US inbound enterprises said they expected further change going forward.

"Previously, and given all the changes that have occurred recently, I would not have expected governments to want more change". Kuhn said, however, that against the backdrop of the economic environment, more tax regulation must be expected.

"Thinking about the risk of a next recession and for example, the new stimulus program of the Obama administration (they will spend another US$450 billion to create jobs), it is already clear that part of the financing will be new/increased taxes and some of the tax changes planned will be amended."

"Other countries can cover their deficits only with additional taxes too. Since they cannot (or don't want to) increase tax rates they will expand the tax base. And expansion of the tax base means new rules, fewer deductions, new price to earnings rules etc."

Kuhn said that an ongoing shift from direct to indirect taxes would be observed. These taxes included not only VAT, but also "special taxes for all kinds of transactions".

"While I believe that regulators are also tired from 'too much change' I feel there is a new consent that the new deficits (Euro country bailouts, double dip recession etc) have to be covered with additional taxes."

Reginald Tachie-Menson was hosted by Ernst & Young for his trip to Ghana.