Build a strong foundation
The first stage is to assess your current tax environment by reviewing your tax policies, strategy, principles, risk management and governance to ensure that these align with your corporate values. Then, ensure that they are communicated effectively to customers and other key stakeholders, and consistently implemented and upheld.
Tax data reporting
When reporting overall tax contribution, often the biggest difficulties lie in understanding the nuances between different standards, data extraction and contextualising the findings. Context is key and it is vital to present narrative disclosures alongside tax data in order to provide a detailed and transparent explanation of what the data is showing, tailored to the right audience.