Managing tax risk and implementing robust governance - PwC UK

Organisations from the mid-tier to large multinationals have to be confident that they are effectively managing tax in a way that delivers the overall business strategy. It is also a legal requirement in a number of territories (e.g. UK Senior Accounting Officer requirements) to have a formalised control framework and a testing programme for the operating effectiveness of tax controls.

Tax authorities and other stakeholders, including internal teams other than Tax and Finance, expect tax and finance functions to be able to demonstrate with evidence that they have operated in an effective and efficient way. They must be able to show that tax risk is mitigated to an acceptable level and tax opportunities have been taken in line with the organisation’s overall attitude to reputational and compliance risk. This includes for many, utilising the latest advances in tax technology to drive efficiency.

Increasingly managing tax is not a purely technical challenge and the skills required also include technology awareness, project management, leadership, and communication with the wider business in a way that they understand to make tax as an issue more accessible. If you would like to find out more about how we can help meet some of these challenges today, please contact one of our TRS specialists.