Tax Function Effectiveness

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Addresses the unique challenges of tax function departments. The tax function's objectives should themselves be driven by what is happening in the business and the wider business and regulatory environment...
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Format:
  • Media: Book - Softcover
  • Publish Date: 05/16/2008
  • Offer Number: 0-6184-401
  • Material Id: 10030159-0001
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CCH's new Tax Function Effectiveness addresses the unique challenges of tax function departments. The tax function's objectives should themselves be driven by what is happening in the business and the wider business and regulatory environment. While the objectives of different tax functions will vary in the detail, we believe that the effectiveness of the tax function department is fundamentally based on its ability to achieve three core objectives:

  • Create, protect and optimize value in the context of the organisation's business objectives;
  • Manage a wide range of tax related risks from carrying on business; and
  • Ensure compliance with tax laws and reporting requirements.

Tax planning and advisory activities should be focussed on optimizing tax outcomes and managing risk, both in respect of strategic transactions and day to day operations. Compliance and reporting activities tend to be process driven activities that are focused on both risk management and external communication of tax outcomes. It is critical for the effectiveness of the tax function that an appropriate balance is reached between the achievements of the three core objectives set out above.

This title contains an established tax management framework for how a tax function department should operate. The starting point is the tax strategic plan. For this plan to be implemented there are a number of "enablers" which need to be put in place. The results of the plan, together with the enablers, are the various "deliverables" that are the outputs required for the successful management of the tax affairs of a business.

Contents:

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Tax Function Effectiveness

Content and Topics


  • About The Authors
  • Acknowledgments

Chapter 1 EXECUTIVE SUMMARY

  • § 1.01 Introduction
  • § 1.02 A Vision For Tomorrow's Tax Function
  • § 1.03 A Tax Management Framework
  • § 1.04 Enablers And Deliverables
  • § 1.05 Purpose Of The Guide
  • § 1.06 Using The Guide
  • § 1.07 Summary

Chapter 2 CHANGING BUSINESS ENVIRONMENT

  • § 2.01 Introduction
  • § 2.02 A New Era?
  • § 2.03 Compounding The Challenge
  • § 2.04 Summary

Chapter 3 REGULATORY CONSIDERATIONS

  • § 3.01 Introduction
  • § 3.02 The Sec And Section 404 Sarbanes-Oxley
  • § 3.03 Accounting Standard Setters
  • § 3.04 Summary

Chapter 4 INVESTOR EXPECTATIONS

  • § 4.01 Introduction
  • § 4.02 Investor Reports On Tax
  • § 4.03 Focus On The Board's Approach To Tax
  • § 4.04 Investor Analysis Of Tax
  • § 4.05 So What Are Investors Looking For?
  • § 4.06 Summary

Chapter 5 REVENUE AUTHORITIES

  • § 5.01 Introduction
  • § 5.02 Competition For Tax Revenues
  • § 5.03 Collaboration Among Tax Authorities
  • § 5.04 Anti-Avoidance Activity
  • § 5.05 Collaborative Risk Assessment
  • § 5.06 Emerging Markets
  • § 5.07 Looking To The Future
  • § 5.08 Summary

Chapter 6 CORPORATE RESPONSIBILITY

  • § 6.01 Introduction
  • § 6.02 Link With Wider Corporate Responsibilities
  • § 6.03 Tax Planning—Acceptable Or Not?
  • § 6.04 The Economic Context
  • § 6.05 What Taxes?
  • § 6.06 Summary

Chapter 7 OTHER STAKEHOLDERS IN TAX

  • § 7.01 Introduction
  • § 7.02 The Board
  • § 7.03 The CEO And CFO
  • § 7.04 Head Of Tax And Their Team
  • § 7.05 Business Units
  • § 7.06 Functional Departments
  • § 7.07 Employees
  • § 7.08 Advisors
  • § 7.09 Auditors
  • § 7.10 Customers/Suppliers
  • § 7.11 Summary

Chapter 8 WHAT TAXES?

  • § 8.01 Introduction
  • § 8.02 What Is A Tax?
  • § 8.03 Which Taxes Should The Tax Function Be Responsible For?
  • § 8.04 Summary

Chapter 9 TAX FUNCTION ENABLERS

  • § 9.01 Introduction
  • § 9.02 Tax Strategic Plan
  • § 9.03 Enablers—Overview
  • § 9.04 Structure Of The Tax Function
  • § 9.05 People
  • § 9.06 Leadership
  • § 9.07 Controls And Risk Management
  • § 9.08 Process
  • § 9.09 Data
  • § 9.10 Technology
  • § 9.11 Communication
  • § 9.12 Summary

Chapter 10 TAX FUNCTION DELIVERABLES

  • § 10.01 Introduction
  • § 10.02 What Are The Deliverables?
  • § 10.03 Tax Planning
  • § 10.04 Tax Accounting And Reporting
  • § 10.05 Tax Compliance
  • § 10.06 Audit Defence
  • § 10.07 Other Tax Function Deliverables
  • § 10.08 Who Delivers The Deliverables?
  • § 10.09 Summary

Chapter 11 TAX RISK

  • § 11.01 Introduction
  • § 11.02 What Is Tax Risk?
  • § 11.03 Objectives Of Tax Risk Management
  • § 11.04 Types Of Tax Risk
  • § 11.05 Specific Risk Areas
  • § 11.06 Drivers Of Tax Risk
  • § 11.07 Summary

Chapter 12 CALCULATING THE TAXES

  • § 12.01 Introduction
  • § 12.02 Objectives Of This Exercise
  • § 12.03 Some Issues To Be Addressed
  • § 12.04 Overall Approach
  • § 12.05 The Starting Point
  • § 12.06 What Are The Measurement Standards?
  • § 12.07 What Taxes Should Be Included?
  • § 12.08 What Are The Data Sources?
  • § 12.09 Checking The Collection Exercise
  • § 12.10 What Is The Collection Period?
  • § 12.11 Summary

Chapter 13 DOCUMENTING THE STRATEGIC PLAN

  • § 13.01 Introduction
  • § 13.02 The External Environment
  • § 13.03 Aligning With The Business
  • § 13.04 Taxes Paid, Charged And Collected
  • § 13.05 Research
  • § 13.06 Overview
  • § 13.07 Areas Of Focus
  • § 13.08 Scenario Planning
  • § 13.09 Smart Objectives
  • § 13.10 Other Possible Items For Inclusion
  • § 13.11 The Strategic Plan
  • § 13.12 Implementation
  • § 13.13 Approval
  • § 13.14 Communication
  • § 13.15 Review
  • § 13.16 Summary

Chapter 14 STRUCTURING THE TAX FUNCTION

  • § 14.01 Introduction
  • § 14.02 Role Of The Tax Function
  • § 14.03 Key Questions
  • § 14.04 Head Office V Business Unit Model
  • § 14.05 The Organisational Options
  • § 14.06 Reporting Lines
  • § 14.07 Flexibility
  • § 14.08 Summary

Chapter 15 PEOPLE DEVELOPMENT

  • § 15.01 Introduction
  • § 15.02 Skills Required
  • § 15.03 People Issues
  • § 15.04 People Strategy
  • § 15.05 Summary

Chapter 16 LEADERSHIP—THE ROLE OF THE HEAD OF TAX

  • § 16.01 Introduction
  • § 16.02 Where Is Leadership Required?
  • § 16.03 Skills Required
  • § 16.04 The Role
  • § 16.05 Summary

Chapter 17 CONTROLS AND RISK MANAGEMENT

  • § 17.01 Introduction
  • § 17.02 Designing Effective Controls
  • § 17.03 Establishing A Tax Risk Framework
  • § 17.04 Implementing The Framework
  • § 17.05 The Tax Risk Management Process
  • § 17.06 Summary

Chapter 18 PROCESS IMPROVEMENT

  • § 18.01 Introduction
  • § 18.02 What Are The Key Tax Processes?
  • § 18.03 Challenges To Be Addressed
  • § 18.04 End Goals For Process Improvement
  • § 18.05 Making It Happen
  • § 18.06 Summary

Chapter 19 DATA MANAGEMENT

  • § 19.01 Introduction
  • § 19.02 The Data Lifecycle
  • § 19.03 Enterprise Data Management
  • § 19.04 The People And Process Side Of Data
  • § 19.05 Summary

Chapter 20 USING TECHNOLOGY

  • § 20.01 Introduction
  • § 20.02 What Do We Mean By Technology?
  • § 20.03 The Component Parts
  • § 20.04 Leveraging Existing Finance Function It Systems
  • § 20.05 Tax It Personnel
  • § 20.06 Benefits Of Technology
  • § 20.07 Tax Technology As A Journey
  • § 20.08 Summary

Chapter 21 COMMUNICATION

  • § 21.01 Introduction
  • § 21.02 Principles Of Communication
  • § 21.03 Internal Stakeholders
  • § 21.04 Service Level Agreements
  • § 21.05 External Stakeholders
  • § 21.06 The Communication Plan
  • § 21.07 Summary

Chapter 22 TAX PLANNING

  • § 22.01 Introduction
  • § 22.02 The Overall Strategy
  • § 22.03 Benefits Of Tax Planning
  • § 22.04 Risk Management
  • § 22.05 Impact On The Business
  • § 22.06 Recognition Of Tax Benefit
  • § 22.07 Project Management
  • § 22.08 Compliance And Disclosure
  • § 22.09 Evaluating Tax Planning Ideas
  • § 22.10 Summary

Chapter 23 TAX ACCOUNTING AND REPORTING

  • § 23.01 Introduction
  • § 23.02 Deliverables
  • § 23.03 Risk Issues
  • § 23.04 People
  • § 23.05 Overall Approach
  • § 23.06 Process
  • § 23.07 Technology
  • § 23.08 Controls
  • § 23.09 Newly Formed Tax Functions
  • § 23.10 Above The Lines Taxes
  • § 23.11 Summary

Chapter 24 REGULATORY COMPLIANCE AND AUDIT DEFENCE

  • § 24.01 Introduction
  • § 24.02 What We Mean By Compliance
  • § 24.03 The Key Compliance Challenges
  • § 24.04 How Do Best Practice Tax Functions Manage The Compliance Challenges?
  • § 24.05 People And Structure
  • § 24.06 Process
  • § 24.07 Managing The Cost Of Compliance Through Offshoring
  • § 24.08 Technology
  • § 24.09 Data
  • § 24.10 Controls And Risk Management
  • § 24.11 Managing Audits And Reviews
  • § 24.12 Summary

Chapter 25 MANAGING CHANGE

  • § 25.01 Introduction
  • § 25.02 Examples Of Change
  • § 25.03 Change Is About People
  • § 25.04 Who Needs To Change?
  • § 25.05 Resistance To Change
  • § 25.06 Overcoming Resistance
  • § 25.07 Project Management
  • § 25.08 Models And Methodologies
  • § 25.09 Summary

Chapter 26 MANAGING THE COSTS OF THE TAX FUNCTION

  • § 26.01 Introduction
  • § 26.02 Why Measure Costs?
  • § 26.03 What Does Managing Tax Actually Cost?
  • § 26.04 Cost Benchmarking
  • § 26.05 Cost Versus Risk
  • § 26.06 International Issues
  • § 26.07 Managing Costs
  • § 26.08 Maximising Shareholder Value
  • § 26.09 Summary

Chapter 27 MEASURING PERFORMANCE

  • § 27.01 Introduction
  • § 27.02 What Are Groups Typically Measuring?
  • § 27.03 What Should A Tax Function Be Measuring?
  • § 27.04 What Else Can Be Measured?
  • § 27.05 A More Balanced Approach
  • § 27.06 Summary

Chapter 28 BENCHMARKING

  • § 28.01 Introduction
  • § 28.02 Why Benchmark?
  • § 28.03 What To Benchmark?
  • § 28.04 Obtaining Quality Information
  • § 28.05 Using The Results
  • § 28.06 An Alternative Approach
  • § 28.07 Summary

Chapter 29 WORKING WITH SHARED SERVICE CENTRES

  • § 29.01 Introduction
  • § 29.02 Tax Deliverables
  • § 29.03 Tax Enablers
  • § 29.04 Summary

Chapter 30 CONCLUSION

  • Index

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