Managing risk is about making decisions at all levels of an organization, to limit the effect and likelihood of threats happening and to increase the effect and likelihood of opportunities. The main reason that indirect tax receives less attention is because it is dealt with completely differently than direct tax. Failures in VAT-critical systems and processes can result in overpayments of VAT that represent a real cost to the business, or in underdeclarations that entail the threat of penalties and reputational risk. Examples are “tone at the top,” the motivation and training of employees, corporate culture, the presence of a code of conduct, compensation structure, leadership style, values and tax awareness. Once the company has evaluated the risks and rewards and conducted any other due diligence, the processes begin for identifying the VAT-critical functions, diagnosing the current state and designing the structure that will enable any effective migration.

Feel free to contact our team of tax advisors. However this is not sufficient as a VAT control framework is not only about paying the right amount of tax but also nowadays about avoiding risks that impact the reputation of the company. However, each member state has its own interpretation of these common…, As an entrepreneur, you may deduct VAT on goods and services that you use in connection with your business for taxable activities. A different approach to business indirect tax advice Even as the world is shrinking, businesses and their growth strategies are becoming more complicated.
This allows tax managers to set the right priorities and take measures timely. It may also lead to the development of a VAT team to operate as part of the overall international tax team. The content is provided solely for the purpose of enhancing knowledge on tax matters. But anyone who manages to…, An employment contract is an agreement between an employee and an employer, containing all the terms and agreements regarding the working arrangements.

See chapter: Indirect tax risks and rewards. What is the FATCA? A review should take place of the categories of VAT risk the company is facing as well as the likelihood of occurrence, its potential impact and mitigation measures. There is only one big risk you should avoid at all costs, and that is the risk of doing nothing.”, A different approach to business indirect tax advice, Improve the effectiveness and efficiency of your processes and controls, "Someone is sitting in the shade today because someone planted a tree a long time ago. ]kqߢ\§µ…Öáª�±“m{„ »w¡.BUå'7ÛÏŸ{U±WÚ4\’'Ê*r“>%-[b˜f°Ş�Œ5nÑld$Ğ­GÊWHÀ›S�tûvé½Ã Á…�øêcİıÙ«�ÓIÀo �Br What is often missed in a business case, planning and execution is a full understanding of the processes and controls needed to effectively and efficiently manage indirect tax. Risikostyring. Afholdelser. internal controls have been implemented that are appropriate given the material risks identified.

Relaterede kurser . ", "Trust, but verify is a form of advice given which recommends that while a source of information might be considered reliable, one should perform additional research to verify that such information is accurate, or trustworthy.". He is specialized in the tax aspects of financial transformations, shared service centre migration, and post merger integration work.

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