VAT and Corporate income tax compliance is often delegated to local teams or third-party experts, with limited oversight from Global Tax management. The lack of awareness and interest in tax risks can lead to serious consequences, such as financial loss, reputational damage, or shareholder value impacts, prompting the need for proactive tax risk management.
What is a Strategic Tax Check-up?
It defines the tax health of your company. It is an evaluation of organization’s tax processes, identifying errors, risks, and opportunities for improvement. It covers tax filings, computations (current and deferred taxes), transfer pricing, tax structures, and the use of tax credits or exemptions.
Some benefits of a Strategic Tax Check-up:
1. Awareness for Top Management
2. Tax Risk Mitigation at earlier stages
3. Readiness for future Tax Reforms
4. Tax Control Framework and information flow process review
5. Technology Utilization analysis
6. Highlight preventive Mechanisms and creation of Defense Files
7. Optimise tax accounting processes and Uncertain Tax Position assessment.
Conclusion
A Strategic Tax Check-up is a powerful tool in any country for improving tax processes, reducing risks, and ensuring a robust tax function
Francisco Zamora Valencia, CPA, LL.M.
Chartered Public Accountant | International Tax Expert
English
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