The Australian Taxation Office (ATO) issues practical guidance to assist large public and multinational businesses in understanding how tax authority rates tax governance when applying justified trust methodology.
Tax governance is a key focus area under the justified trust methodology for large public and multinational businesses. These businesses can reduce the intensity of enquires by demonstrating how they have designed and implemented tax governance controls, processes and procedures and by providing ATO with evidence that it can rely upon.
In order to assess large public and multinational businesses’ tax governance, ATO looks for evidence that a tax control framework exists, focusing on the controls set out in the director’s summary within the Guide. Following staged rating system is used by ATO:
Sources: Australian Taxation Office
With the fast growth of China’s economy and the continuous improvement of the comprehensive strength of domestic enterprises, as well as the implementation of the “One Belt, One Road” policy, an increasing amount of Chinese enterprises are beginning to expand their global footprint and establish their presence in Europe.
TPA Global has developed a practical roadmap of 6 steps meant to guide CFOs in their Journey of rising above troubles to reach a situation of full control. These steps are presented in a series of short video clips (3-5 minutes):