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A look inside tax departments worldwide and how they are evolving.
Table of contents

Tax Practices

At the same time, tax leaders are challenged to spot strategic opportunities and partner with the business so that taxes are managed effectively and the data collected for reporting and compliance obligations can, in turn, be used to offer valuable insights for the business.

Survey results show that many companies have recognized and responded to the need to demonstrate strong frameworks for tax governance, risk management and tax responsibility.

These frameworks often mandate board-level involvementin tax governance. Most tax leaders say they are well involved in strategic decision-making. However, tax involvement is suggested, but not required, in decisions involving many high-profile risk areas, and some high-profile risk areas may be overlooked.

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Nearly 55 percent of respondent companies have a documented tax strategy or overarching tax policy document covering tax risks. Of these companies, just over half of respondents review and update this strategy at least annually. The majority of respondent companies have a tax code of conduct to frame their risk tolerance and tax decisions.

Tax practices, risk management & information security | JT Global Site

As part of their approaches to corporate social responsibility CSR , about 30 percent disclose some tax information, and 15 percent do so publicly. Nearly a third of respondents intend to increase public disclosures about their tax information in the future.

However, fewer tax strategy documents instruct other departments to seek tax department involvement in other areas that could bear equivalent tax risk, such as changes in information technology IT structures, product launches and personnel secondments. For any of these matters, involving the tax department is usually optional.

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Documented guidance requires legally binding involvement of the tax department in only 30 percent of respondent companies. With the global trend toward increased transparency, there is a need for tax professionals to be exceptional communicators and brand ambassadors.

Many tax leaders are conscious that they need to be able to articulate internally and externally the ways in which their departments embody the values of the organization and contribute positively to society, while also adding value to the business.

Tax strategy – Odfjell Drilling Group

Skip to content. Please note that your account has not been verified - unverified account will be deleted 48 hours after initial registration. Click anywhere on the bar, to resend verification email. KPMG Personalization. Get the latest KPMG thought leadership directly to your individual personalized dashboard. When appropriate we assess the tax governance processes of large business entities that we have under review.

However the aim of this guide is to help you understand what we believe better tax corporate governance practices look like, so you can:. Director's summary is an overview of your responsibilities for tax risk management and governance. Show download pdf controls. Show print controls. Tax risk management and governance review guide Tax risk is the risk that companies may be paying or accounting for an incorrect amount of tax including both income and indirect taxes , or that the tax positions a company adopts are out of step with the tax risk appetite that the directors have authorised or believe is prudent.

However the aim of this guide is to help you understand what we believe better tax corporate governance practices look like, so you can: develop or improve your own tax governance and internal control framework test the robustness of the design of your framework against our best practice benchmarks understand how to demonstrate the operational effectiveness of your key internal controls to your stakeholders, including the ATO.