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Tax Governance Quiz – How Does Your Organization Stack Up? 

How well is your company managing its tax risk? If you can answer “yes” to all of the questions listed below, your company is at the leading edge in its use of best practices in tax governance. And if your company has room for improvement, KPMG’s Driving Tax Performance model provides a framework for moving your company’s tax risk management into a higher gear.

 

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  • Tax governance strategy

    Does your organization have a formal tax strategy governing philosophy for dealing with tax? Is the strategy derived from and aligned with your business strategy? Is it understood, agreed, and supported by the board?

  • Profile of the tax function

    Is the tax department seen as a business partner with relationships and contacts across your business? Is the tax department consulted before transactions are entered into? Are there criteria for tax involvement in transactions?

  • Responsibility for tax

    Is the tax function responsible for all taxes with your organization? Do other functions cooperate well with the tax function on tax matters?

  • Control environment

    Does your organization have a code of conduct? Is there any follow-up? What level of transparency exists regarding the flow of information to the tax authorities?

  • Control of risk

    Are tax matters subject to the same controls as other business risks? Does your organization do proactive tax planning? Are policies in place to manage tax planning risks? Is tax planning outsourced?

  • People

    Does your tax team understand its role in achieving business strategy? Do they have the right experience and technical skills for their position? Are there sufficient tax professionals in place to fulfil the tax function’s responsibilities?

  • Accounting and technology

    Are your organization’s tax processes coordinated with the management of taxation to improve efficiency and accuracy? Are tax technology systems coordinated with accounting systems? Is your technology current?

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