Knowledge sharing

Monday, May 25, 2015

VAT Control Framework

Global Indirect Tax Management shows the area where risk based controls are to be expected and in addition shares templates and methods for self assessments purposes.

In this edition we like to highlight a company's "VAT Control Framework"

A Tax Control Framework (TCF) is an internal control instrument specifically aimed at the tax function within a company and an integral component of a company’s business control framework, which is different for every organization. It is a system (process) to identify, mitigate, control and report tax risks.

The ultimate objective of a TCF is to be in compliance with tax laws and reporting requirements and manage the risks that exceed the companies' risk appetite.

A TCF should prevent tax errors, identify opportunities in a timely manner and perform correct filings at the right moment.

A company's VAT control framework system is adequate if it provides insight into where material VAT risks may arise in the company (awareness), while the degree of risk tolerance is established internally and where appropriate control measures are taken with respect to these risks.

Below video will provide further details about an effective setup of such a controls framework and the importance of aligned to the company's business framework. The pictorial overview shown first, provide the key definitions.

We hope you appreciate our initiative.

GITM is continuously updated via input of the reader's community all over the world.  Your feedback, is therefore welcomed.

Kind regards,

Richard Cornelisse
Editorial Board
Mobile: +31 6 5399 4874
Normative VAT Control Framework
GoTo GITM website
Copyright 2015 Global Indirect Tax Management, All rights reserved.
This e-mail contains benchmark information useful for self assessments

Our mailing address is:
Global Indirect Tax Management
Attn of: Phenix Consulting
Beech Avenue 54-80
Schiphol-Rijk, 1119 PW
unsubscribe from this list    update subscription preferences

Phenix Consulting · Beech Avenue 54-80 · Schiphol-Rijk ·  1119 PW · Netherlands 

This email was sent to *|EMAIL|*
why did I get this?    unsubscribe from this list    update subscription preferences


No comments:

Post a Comment