Articulating Your Tax Strategy
Tax is increasingly on Boards’ agendas and all organisations need to take steps to demonstrate a clear vision for their tax operations as well as ensure a culture of ‘no surprises’ when it comes to tax risk.
Our approach is centred on developing a Board-approved Tax Strategy that provides the ‘vision’ for your current and future operations, and something you may wish to publish internally or externally.
This in turn is supported by a Tax Policy that sets out expected standards of conduct in how tax is carried out in your business. The Tax Policy should underpin the principles in your Tax Strategy and include all elements of your Tax Control Framework.
We believe that the Tax Control Framework (TCF) and its roadmap provides the framework for the effective management of tax within an organisation. It is a path that we help our clients follow.
The secret to the success of the TCF is to ensure that the processes and controls underpinning each of the elements above are successfully communicated and adopted across the business. Essentially, this means strong tax governance; clearly defining what is understood as tax risk in the business, setting up tax escalation mechanisms and defining tax accountabilities and responsibilities. This is what our clients seek to articulate in their Tax Strategy and Tax Policy.
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