Gaining insight into your tax risk management: the TCF Maturity Monitor
It is important for every organization to have a clear picture of its tax risk management system. Tax management should be transparent for shareholders, supervisory bodies, and directors, regardless of whether a compliance agreement has been concluded with the Dutch Tax and Customs Administration. Many organizations have a tax control framework (TCF), preferably integrated with existing risk management measures. This allows you to manage your tax risks and take advantage of tax opportunities.
Our experience shows that while organizations often introduce measures to manage tax risks, a comprehensive understanding of what this entails is often lacking. Businesses struggle with questions such as: what is a TCF, does the TCF meet our needs, and how can it be improved?
Meijburg & Co has developed a unique approach for measuring how your TCF performs in respect of the following components: tax governance, risk management and compliance. We know that businesses are more than capable of measuring the performance of their TCF. Based on our experience in designing and implementing TCFs, we have developed a practical yardstick: the TCF Maturity Monitor, that allows you to measure the performance of your TCF.
You can get direct access to the TCF Maturity Monitor by registering on our website www.taxcontrol.nl. This service is free and without obligation. It will allow you to regularly check your TCF’s performance and to decide whether improvements are necessary. The TCF Maturity Monitor enables you to assess the most important aspects of your organization’s TCF by answering a number of multiple choice questions.
User-friendly design − It will only take about 15 minutes to answer the questions. The most important taxes are covered by questions on tax governance, risk management, and compliance. You can restrict the TCF Maturity Monitor to the taxes relevant for your organization.
Instant reporting − A report including an indicative analysis of how your TCF is performing is instantly available once the questions have been answered. The report appears on your computer screen immediately, but can also be downloaded as a pdf.
What can you do with the results of the TCF Maturity Monitor?
The TCF Maturity Monitor is a practical yardstick for assessing the performance of your tax organization and risk management. The TCF Maturity Monitor provides you with an analysis that can form the basis for a constructive approach to your tax risk management. For example, you will receive an overview of the general state of your organization’s tax risk management. In addition, this tool provides insight into areas that have been neglected and require more attention.
Please feel free to use the TCF Maturity Monitor as the basis for making improvements to one or more areas that require attention. This of course requires optimizing your TCF. To this end, Meijburg & Co’s services are tailor-made to assist you.