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DONALD DRYSDALE considers corporate tax compliance risk management issues, looking particularly at potential weaknesses in delivery and an approach to remedying these.
Key points
- Through OECD the UK leads the world in tax risk assessment strategy.
- HMRC's Business Risk Review looks for weaknesses in delivery.
- On 17 September HMRC announced new guidance for its Large Business Service staff.
- Systems integration is weak in many in-house corporate tax departments.
- A tax process review can be a vital step towards improving delivery.
The new focus on tax risk is an international phenomenon. Forty-five member countries of the Organisation for Economic Co-operation and Development meeting in Cape Town in January 2008 identified risk management as an essential tool to ensure optimal use of revenue bodies' resources. They advocated the development of enhanced relationships so taxpayers behaving transparently could expect greater certainty and earlier resolution of tax issues with fewer audits and lower compliance costs.
Tax administrations...
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