Company regulation is increasing due to an ever stricter and more comprehensive legal framework. Taxes are also attracting more attention from authorities and legislators across the globe, with local tax authorities increasingly expecting the timely, complete and correct filing of tax returns. To adequately mitigate these growing liability and criminal law risks, tax compliance has to move up the priority list within the corporate compliance framework.
Tax Control Frameworks (TCFs) are in-house risk and control systems for complying with tax obligations. They not only reduce the liability risks of your governing bodies, of financial damage and of reputation loss, but they also create transparency, build trust and help to automate your processes.
As a guide for designing an international TCF, businesses can refer to the OECD’s recommendations regarding "Building Better Tax Control Frameworks" and the Standard for Internal Control Systems of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and see how they have been applied in leading countries.
In many jurisdictions, a transparently documented TCF creates trust with the tax authorities and is considered an important indicator as to whether or not corporate governing bodies can be held liable in the event of tax-relevant events.
The profession of tax advisor has to undergo a transformation in response to increasing compliance and digitalisation requirements. The implementation of tax control frameworks helps to achieve this and connects tax law with processes and technologies.
Fadi Ramadan Partner, Tax
Our tax control framework tool Quick-Check determines the maturity or readiness of the tax processes and structures in your company or organisation. Where does your company currently stand in relation to a tax control framework? Do you know which topics are most relevant for your company? Quick-Check allows you to carry out an initial self-assessment and identify the priority areas for action.
The maturity level of your tax organisation is determined via a questionnaire comprising seven elements. These characteristics are classified into five “readiness” levels, according to the specific circumstances of your tax organisation and tax control framework. Following the assessment, you’ll receive a graphical report which identifies your organisation’s priority areas for action.
Companies face an increasingly complex tax and legal environment, at both the national and international level. Transparency and documentation obligations are continually evolving and there are ongoing challenges around digitalisation to deal with.
The project approach we have developed for the implementation of a Tax control framework involves three project phases: preparation phase, analysis phase and implementation phase.
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