Do you know what your most important tax risks are? And how to identify and manage those risks? In other words, are you in control?
New and changing regulations mean CFOs and Tax Directors face huge challenges when it comes to compliance. Furthermore, the reporting required by tax authorities, regulatory bodies and other stakeholders is also increasing. This makes knowing where your tax risks lie and managing these of crucial importance.
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As a CFO, you must consider both the interests of your organisation and those of your stakeholders. Your organisation must (at least) not only pay the taxes due based on tax laws and regulations, but undoubtedly, you also have an opinion on whether you are contributing a fair share. The ever larger interest shown by stakeholders makes tax control an increasingly important point for discussion in the boardroom. For CFOs and Tax Directors, it is important to reconsider the organisation’s tax position.
Tax Control Framework
Stakeholders (including tax authorities) of organisations operating in the Netherlands and internationally, increasingly expect your organisation to systematically manage its tax risks and for you to be able to offer a structural and up-to-date overview of your tax position.
The Tax Control Framework is an important instrument for an organisation’s internal control of the correctness and completeness of the tax returns. It provides an insight into the most important tax areas that your organisation has to deal with and gives you the opportunity to manage your tax risks.
When a Tax Control Framework is effective and your organisation provides the tax authorities with a good insight into tax information and relevant information on tax risks, the level of control of your tax returns can be reduced significantly. This does not only have a positive effect on your relationship with the tax authorities, it is also a reassuring sign for your other stakeholders.
Globalisation leads to an increasing exposure to different international regulations and cultures. This increases the pressure of having a good overview of the tax consequences of your organisation’s international activities and of having an insight into whether you meet the requirements of the countries in which you are active.
To chart tax processes and management within internationally-operating organisations, Grant Thornton has developed the ‘international Tax Control Framework’ (iTCF). This provides you with an insight into up-to-date tax data and reports, a solid overview of your tax position and allows you to identify and manage your risks.
Grant Thornton can help you to:
- map Dutch and international tax regulations and risks for your organisation;
- implement new (international) rules and regulations;
- map your company processes and the tax risks involved;
- build your tax processes using the (international) Tax Control Framework;
- support and train the employees involved in tax;
- implement tax technology, such as the VAT-checker and the Dutch employee benefit taxation (WKR) checker.