This insightful report focuses on practical experiences of 24 countries, with a chart summarizing each country’s status for this initiative. Additional features are identified leading to successful “co-operative compliance” strategies.
A framework is developed, based on a business case approach, for revenue authorities to measure results, and success. The report adopts a systematic approach to tax risk and discusses the five pillars established in 2008 based on understandings for:
- Commercial awareness
- Openness through disclosure and transparency
Evolving concepts include:
- Future direction of initiatives
- Multilateral co-operative compliance
- Approaches by tax authorities to measure results and success.
The report provides useful links in Appendix A for country specific information and is an excellent reference to develop further understanding into this rapidly growing initiative, while providing a foundation for Best Practices including:
- Documentation of the current enhanced relationship / co-operative compliance methods in use.
- Reviewing available co-operative compliance programs for the 24 countries in the report.
- Developing a process determining if, when and how the voluntary programs are to be adopted.
- Developing a measurement for success based on current initiatives, as well as benchmarking results and experiences with your peers.
- Reviewing this evolving initiative annually.
- Developing Memorandum of Understanding learnings, as programs are both formal and informal in approach.
- Advising regional teams of country developments for continual awareness and future opportunities.
- Comparing resource limitations with potential benefits for future co-operative compliance initiatives.