Richard Cornelisse

Tax Risk and Control Matrix

In Indirect Tax Automation, Indirect Tax Strategic Plan, Interim VAT management, Processes and Controls, SAP add on, SAP for VAT, Technology, Training, VAT automation on 08/01/2016 at 2:16 am

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In order to allocate resources to risk and cost saving areas that matter, we determine together the level of risk appetite of the company is accepting.

This facilitates prioritization in the deployment of resources. Having defined acceptable levels of risk leads to resources not having to spend time on further reducing risks that are already at an acceptable level.

Subsequently for the area of risks that exceed the company’s risk appetite we set up (automated or manual) controls. It is about clear responsibilities, effective systems, documented processes and risk based controls.

The ultimate objective of a TCF is to be in compliance with tax laws and reporting requirements and manage the risks that matter (risks that exceed the companies’ risk appetite). Such framework ensures that an organization has adequate control over its tax processes. A TCF can 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 effective 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.

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