Richard Cornelisse

The Value of Benchmarking: Get Some Objective Evidence

In Benchmark, Indirect Tax Strategic Plan, VAT planning on 02/04/2012 at 10:13 am
By Richard Cornelisse

Both negative as positive experiences (e.g. (the first and final) assessments, the amount of savings) would be something to register ongoing and communicate effectively within the organization. These are the benchmark findings of your own company and extremely useful for your strategy moving forward.

Overview Of Some Core Activities Of Indirect Tax Function

A short checklist:

  • What is the applicable VAT rate?
  • What is the amount charged (taxable base)?
  • Where does the supply take place and does the supplier need to register as a foreign entity in the country concerned?
  • When does the supply take place (relevant for timing of recovery and time limits) and when does the obligation to account for VAT arise (tax point)?
  • Does the company have the relevant documentation in place to support the VAT treatment applied on the supply (administrative requirements, proof of transport)?
  • Can the company recover all VAT on its costs and purchases?
  • What are the reporting requirements (VAT return filing, Sales/Acquisition Listings and Statistical reporting)?
Objective Evidence

You need to know where you want to go and set up a roadmap how to get there. Benchmark against trends in the market might be supportive in your aim. It provides an overview of the experiences of others and is useful for setting own priorities going forward. It is always interesting to get insight of what others have experienced for own validation purposes.

Watch ‘Benchmark Findings’ Via YouTube

Overview Of The ‘Key Risk Areas Of VAT paid And VAT charged’ And ‘System Set Up’

Watch an overview of the ‘Key Risk Areas of VAT paid and VAT charged’ and ‘System Set Up and Process Errors’.

Watch ‘Key Risks’, ‘System Set Up And Process Errors’ Via YouTube

This material might be useful for (internal) communication, risk analysis or self assessments:

Richard Cornelisse is CEO of the KEY Group and worked previously as Big4 Partner in the Tax Performance Advisory and Indirect Tax Practice and blogs on Tax Function Effectiveness and Tax Control Framework developments.

  1. […] ‘The Value of Benchmarking: Get Some Objective Evidence“: Watch an overview of the ‘Key Risk Areas of VAT paid and VAT charged’ and […]

  2. […] my blog “The Value of Benchmarking: Get Some Objective Evidence” I wrote that both negative as positive experiences (e.g. (the first and final) assessments, […]

  3. […] If you know the risk appetite, you have to identify the lowest performing indirect tax processes that have ‘The Most Direct Impact On The Company’s Business Objectives (e.g. benchmark and measure, read more “The Value of Benchmarking: Get Some Objective Evidence“). […]

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