Confidence of stakeholders is crucial in present times. Stakeholders cover both internal and external parties. Addressing risks and processes in the organisation in a proper manner is fundamental to maintain that confidence. Aside from meeting the applicable legislative requirements (both domestic and international), there is a lot to be gained by a properly set up risk management system. You gain insights in the proces-flows within your organisation and get a grip on internal processes. A properly set up risk management system prevents reputation damages, the missing of deadlines (which could possibly result in fines) and ensure that you can state that you are ‘in control’.
Over the last few years there have been a number of initiatives to introduce a register in which ultimate beneficial owners are recorded (a so-called UBO-register); a topic that is controversial to say the least. The European Fourth anti money laundering directive requires EU member states to set-up such a register. Such UBO-register is at odds with the right of privacy, not in the least because the register is envisaged to be (partially) publicly accessible. We are here to help you establish your position.
Tax risk management
Tax risks can be identified and managed with a Tax Control Framework (TCF). A TCF is a set of established processes and internal control measures through which insights are obtained in the tax risks of an organisation. A TCF thus ensures that you get a grip on those risks and know whether the organisation meets its legal obligations. In short: you are ‘in control’.
We would be pleased to assist you in the design and implementation of a TCF. First, we map your processes and tax risks, primarily by identification of the most important responsibilities in the tax function. In connection we indicate the risks that are of the most impact and advise on the existing control measures and how these can be optimised – we naturally also help with implementation thereof.
Tax audits and sampling
The Tax Authority informs you, by written announcement, that your administration will be subjected to a tax audit. The inspector then conducts the audit at your premises. Possibly, the inspector requests for information to be provided before the on-site audit. Such tax audit comes with a set of rules. For example, the inspector is not entitled to access all information he wants. It is also possible that statistical sampling is done during the audit, through which tax processes (such as wage taxes and vat) are efficiently tested. Such sampling is also subject to conditions and you don not necessarily need to accept the outcome of the sampling. You can, for example, perform your own statistical sampling.
It is therefore highly recommended that you contact a tax advisor as soon as the announcement is received. We have broad experience with assisting taxpayers during a tax audit and the assessment and conducting of statistical sampling, as well as the connected formal tax law aspects. We would be pleased to assist you!
Country-by-country reporting (CbCR), Common Reporting Standard (CRS), Foreign Account Tax Compliance Act (FATCA). Recent years have known a significant increase in regulations with a plethora of abbreviations, but all with one purpose: to realise increased transparency in (international) tax structures. For individuals, but primarily for multinationals. We can guide you through this maze of regulations, forms and reports.