Designed to provide the client’s Tax Team effective communication channels for addressing tax risk matters through constant information exchange, regular meetings, and documentation with emphasis on the following:
- Transactional areas;
- Operational areas;
- Financial Accounting areas;
- Compliance areas.
The client completes a tax-Radar™ Matrix document once a quarter, which will highlight areas necessitating follow-on discussion. The on-going oversight is managed by the Tax Team.
The creation and maintenance of a quarterly “Tax Steercom” to investigate and propose, on an on-going basis, tax risk issues and tax planning opportunities.
The Reporting Structure works as follows:
The company’s tax risks are formally identified, documented, managed and controlled through the tax-Radar™ Program, under the guidance of (Accounting firm’s name), that will be an integral part of the client’s tax team. The (Accounting Firm) tax-Radar™ Program comprises the following tiers:
- The Tax Steering Committee – the “Tax Steercom” of the client is comprised of the client’s CFO and chief legal counsel, accounting firm senior partner (if applicable), and the tax-Radar™ executive consultant, are involved with the planning, review, and guidance of the tax-Radar™ Program.
- The Board of Directors – consisting of Executives and Non-executives, through the Audit Committee, who are advised by the “Tax Steercom” about tax issues.
The practical implementation of the tax-Radar™ Program can be summarized as follows: A fully integrated approach between external advisors, the Finance Director, the Chief Financial Officer, the Board of Directors, and all other internal representatives responsible for corporate governance and tax compliance - all giving the required level of security to the board that the business is tax compliant, or in the process of becoming fully tax compliant.
The communication process will take place through the following:
7 Tax Risks in the Media - Read Articles.
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