© 2015 deloitte the netherlands organising the tax function robbert hoyng partner deloitte jos...
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© 2015 Deloitte The Netherlands
Organising the Tax Function
Robbert HoyngPartner Deloitte
Jos BeerepootTax Director ABN AMRO
© 2015 Deloitte The Netherlands
Are we doing the right things?
Effective
2
© 2015 Deloitte The Netherlands
Translate strategic objectives into tax objectives
Effective
3
Top ten mobile operator
2015
Accelerate growth existing
processes
Consolidate existing assets
Expand into adjacent markets
Primary listing LSE
Acquisitions LicensesProvide career opportunities
Avoid business disruptions
Stable and predictable ETR
Manage cash repatriation
Implement a Tax Control
Framework
Manage tax accounting
Be compliantTax Filing
Strategic objective
Strategic drivers
Strategic actions
Tax actions
The role (and potential need for improvement) of the Tax Function varies with the maturity level of the organisation.
© 2015 Deloitte The Netherlands
Which face suits you best?
The four faces of a tax Executive
4
Stimulate action across the organisation to achieve strategic and financial goals
• Execute strategic choices
Protect and preserve the assets of the organisation
• Accurate and timely compliance• Accurate and timely reporting – both for
management and externally• Effective engagement with tax authorities and
audit defence• Risk management
Balance costs and service levels to fulfil responsibilities
• Benchmarking• Leverage technology• Execute Finance Transformation
Provide financial leadership in determining strategic direction and align financial strategies
• Alignment of commercial and tax strategies
© 2015 Deloitte The Netherlands
Locating tax department roles and responsibilities
Governance
4
© 2015 Deloitte The Netherlands
Are we doing the things right?
Efficient
6
© 2015 Deloitte The Netherlands
Towards an integrated tax lifecycle enabled by tax technology
Efficient
7
Tax function responsibilities
Tax Function
ProvisionIncome Tax Compliance
Audit Management
Planning Indirect TaxTransferPricing
GlobalMobility
Cash Management & Forecasting
(Treasury)
Information Reporting
Business Partnering
Lobbying
© 2015 Deloitte The Netherlands
The available infrastructure can be overwhelming
Tax technology infrastructure
8
© 2015 Deloitte The Netherlands
Do we have proper control and accountability information?
Transparent
9
© 2015 Deloitte The Netherlands
Know your stakeholders
Transparent
10
• External stakeholders:
− The financial community
− Employees, customers, suppliers and broader society
− The tax authorities
− Regulators
• Internal stakeholders:
− CFO
− CEO
− Board of directors
− Public relations
• Managing behavior:
It is increasingly common to have an over-arching tax policy. The policy needs to be owned by the business, recognised and approved at board level and understood by all those in the business who touch tax in one way or another
© 2015 Deloitte The Netherlands
Tax transparency is developing at high speed
Tax transparency initiatives
11
© 2015 Deloitte The Netherlands
Tax transparency is developing at high speed
Tax transparency initiatives
12
© 2015 Deloitte The Netherlands
Example of an initiative
Transparent
13
Describing the tax position is not limited to the tax content of financial disclosures. The OECD, industry regulators, US legislators and the European Union have new and emerging reporting requirements which incorporate tax.
*
* The Extractive Industries Transparency Initiative (EITI) provides a standard for transparency in the governance of acountry’s oil, gas and mining resources.
© 2015 Deloitte The Netherlands
Tax Transparency developments in 2014
This is the first year in which we have analysed accounts for the 162 quoted companies in Austria, Belgium, Denmark, Germany, the Netherlands, Norway and Sweden (together N-WE), but this year’s review of the Financial Times Stock Exchange Index 100’s group financial statements, noted a year-on-year increase of 33% in instances of voluntary tax disclosure across the various categories.*
Deloitte’s Responsible Tax Research
14 * Source: Deloitte Responsible tax: Tax transparency developments in 2014
15 © 2015 Deloitte The Netherlands
How to add value to the business?
Value added
© 2015 Deloitte The Netherlands
Value added
16
Cost savings (for example: standardization/
automation)
Data quality Data analytics (for example: VAT)
Connection with the business
(for example: transaction planning with the business)
17 © 2015 Deloitte The Netherlands
Tax Risks
Policy
Governance &
Organisation
Resource
Tax risk level not in line with company’s risk appetite and not matching overall business profile. Includes risk on policy execution.
Lack of the right organisational structure and
governance to implement tax strategy.
Risk of not having right skills/competencies/ capabilities. Insufficient training & education.
Compliance & Documentation
Risk of not complying with law, insufficient documentation to safeguard our positions.
Reporting &
Risk Mgmt.
Not able to detect and monitor occurring risks and not having tax positions accurately reflected in our reports.
© 2015 Deloitte The Netherlands18
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