In the tax world of today ‘Tax governance’ is a well-known concept, but it also raises a lot of questions. What does tax governance mean exactly? What does it mean for my organization? What actions should I take regarding tax governance? To answer these questions a good understanding of your tax processes and legislation is necessary. At Taxvibes, we have the knowledge to answer these questions and we can help you with the selection and implementation of a solution to be in control over your tax processes and procedures.
Tax governance involves implementing sustainable processes and procedures within a corporate governance framework to manage tax risks and ensure compliance with tax laws and regulations. This includes creating a long-term tax strategy, assigning clear roles and responsibilities, and managing tax risks on a project-by-project basis. Its importance for companies lies in avoiding legal and financial penalties, reputational damage, and operational disruptions that can result from non-compliance with tax laws while also maximizing tax opportunities. Thus, tax governance encompasses the processes, policies, and systems put in place by a company to manage its tax affairs effectively.
The fact that tax governance is not easy to explain, makes creating a platform for tax governance extra challenging. Especially since every company has different strategies, processes and procedures. As a tax specialist, how do you create great tax governance while managing all your activities and taking your organization with you on your journey?
One of our software partners, Loctax, has successfully build a platform that let you take control over your tax processes and procedures. Loctax is a young software vendor with an expert team of tax professionals and tech innovators that bring decades of know-how together. Loctax vision is that their tax governance platform empowers in-house tax teams to build trust, improve collaboration with stakeholders and achieve full control over tax risks and responsibilities.
The platform that Loctax has built let their users control processes to enable the tax team to identify and manage risks proactively, reducing the likelihood of errors, omissions, or non-compliance. In the platform there is a real-time visibility on tax obligations, liabilities and opportunities. The platform is modular, providing a separate data collection, validation and workflow for each tax obligation. For example, the platform already includes solutions for Country-by-Country Reporting, Pillar Two, ESG and Total Tax Contribution.
If you are interested in getting a sneak peek of our initial thoughts on the new Loctax platform, simply sign up using the form below! By doing so, we will make sure to keep you informed on the latest and most pertinent market updates while also giving you insight into what is on the horizon and why it is crucial for you.
Interested in being on the guest list of the Tax Governance round table? During this round table we will brainstorm with you on Tax Governance. Discuss the challenges for you and your organization of setting up and maintaining a good tax governance model. And lastly, we will let you see the possibilities of the Loctax platform, inform you further about the new tax obligations that can be incorporated into the Loctax platform and brainstorm on implementation. Sign up below to indicate your interest in securing a spot on our guest list.
Tax Governance round table event with Loctax:
Date: Tuesday, 20 June 2023
Time: 14:00 – 18:00 CET
Location: The Hague
Thank you for showing interest in more updates and to be on our guest list of the Loctax Round Table Event. We will be in touch with you.
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