Speed Read: Most companies affected by the Senior Accounting Officer (SAO) legislation announced in last year's budget are now in the regime and with SAOs being nominated and formal sign-off procedures being put into place some common threads are emerging across the market. Most businesses are carrying out assessment projects and documenting existing processes to give for the SAO comfort to sign off. The main areas of concern are those processes completed outside the tax department's control such as within Finance or Shared Service Centres. Tax risk is being firmly put on the board's agenda by this legislation but meeting its demands is leading to a significantly greater burden than predicted by HM Treasury.
The big tax surprise of Budget 2009 — BN62 'Personal Tax Accountability of Senior Accounting Officers (SAO) of Large...
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Speed Read: Most companies affected by the Senior Accounting Officer (SAO) legislation announced in last year's budget are now in the regime and with SAOs being nominated and formal sign-off procedures being put into place some common threads are emerging across the market. Most businesses are carrying out assessment projects and documenting existing processes to give for the SAO comfort to sign off. The main areas of concern are those processes completed outside the tax department's control such as within Finance or Shared Service Centres. Tax risk is being firmly put on the board's agenda by this legislation but meeting its demands is leading to a significantly greater burden than predicted by HM Treasury.
The big tax surprise of Budget 2009 — BN62 'Personal Tax Accountability of Senior Accounting Officers (SAO) of Large...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
