EY’s extract highlights operational tax risks, Best Practices and a roadmap to implement opportunistic changes.
1. Establish and sustain effective tax policies
2. Enhance performance management
3. Organize globally
4. Recruit and retain the best people
5. Implement, monitor and constantly upgrade tax processes and controls
6. Improve data quality
7. Implement the right technology
8. Consider whether existing compliance and reporting capabilities meet today’s needs
Commencing with a global tax policy encompassing a comprehensive tax risk framework, BEPS induced changes are accelerating transparency initiatives and a risk-based focus.
Tax administrations are looking beyond details of data for a country-by-country reporting template for an overall risk assessment of all taxes and relevant processes. A comprehensive risk framework and system of mitigation controls will also present win-win opportunities for co-operative compliance relationships and discussions of tax risk controls between the taxpayer and tax administration.