"Measure the magnitude of that problem, determine why the problem exists, and generate a set of solutions to ensure that the problem goes away."The first phase is however a zero measurement that identifies key indirect tax risks and worst performing processes that in the end should be improved. Verify indirect tax performance could be done via:
Saturday, May 9, 2015
Zero measurement: identify, assess and mitigate indirect tax risks
When high risk indirect tax areas and lowest performing VAT processes - that have a direct impact on the company's VAT objectives - have been identified, the next step is to measure the performance in term of effectiveness and efficiency of each of these processes:
After the zero measurement, a toolkit should enable to assess and evaluate the effectiveness and efficiency of a company's current control framework. A normative VAT Control Framework is used as a yardstick for comparison purposes and will indicate how the steps should be taken in an ideal world (gap analysis).
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