Donald Drysdale Assistant Director of Tax at ICAS and Chairman of Tax Automation Ltd considers how changes to IAS 12 may affect in-house tax departments
Britain's in-house corporate tax heads are under pressure. HMRC's Large Business Service (LBS) is breathing heavily down their necks applying the new tax risk compliance framework and developing new risk-management guidelines. LBS Customer Relationship Managers are talking of systems audits and process mapping.
Finance directors of large companies are also under the spotlight. Finance Bill 2009 proposes that they should certify personally either that the group had 'appropriate tax accounting arrangements' in place throughout each financial year or that they have reported inadequacies to the company auditors. Failure to do so will attract a personal penalty of up to £5 000 in addition...
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Donald Drysdale Assistant Director of Tax at ICAS and Chairman of Tax Automation Ltd considers how changes to IAS 12 may affect in-house tax departments
Britain's in-house corporate tax heads are under pressure. HMRC's Large Business Service (LBS) is breathing heavily down their necks applying the new tax risk compliance framework and developing new risk-management guidelines. LBS Customer Relationship Managers are talking of systems audits and process mapping.
Finance directors of large companies are also under the spotlight. Finance Bill 2009 proposes that they should certify personally either that the group had 'appropriate tax accounting arrangements' in place throughout each financial year or that they have reported inadequacies to the company auditors. Failure to do so will attract a personal penalty of up to £5 000 in addition...
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:
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