Tax Control Framework

Analysis and monitoring in internal fiscal risk management.

Reducing and controlling fiscal risk is now possible

The management and control of 'tax risk' is always a topical issue. Irrespective of the tax burden, there is an increase in both pecuniary damage, associated with non-compliance sanctioned by the competent authorities, and reputational damage, which often disregards the outcome of litigation in the courts.

The flow of information that control systems have to analyse is constantly increasing, considering also that those who have the information do not always have the necessary tax sensitivity and vice versa. This makes it difficult to identify tax-relevant flows.

Existing control structures often ignore this type of risk in their processes, and primarily focus on the risk of non-compliance, without undertaking an analysis of tax risks related to the specificities of the business.

The Tax Control Framework

The Tax Control Framework, an internal control system for tax risk management (TCF), provides a constant self-assessment of the main elements of tax risk management and control in the company. The tool helps you to have a clearer and more up-to-date view of your company's position with regard to the state of tax risks you may be incurring.

Through the completion of an online questionnaire, the tool expresses both a high-level assessment of the "distance" between the company's risk management and control system and a suitable reference model. The latter is based on the indications of the OECD, the Bank of Italy and the Delegated Law.

For the management of Interpretation Risk the tool is structured in:

Practice creation and assignment.
Interpretation risk assessment and validation.
Management of controls and dialogue with the tax authority.
File administration, archiving and index management.

For the management of Compliance Risk the tool is structured as follows:

Risk and control identification and matrix development.
Evaluation of risk level and inherent risk.
Analysis of the adequacy of control through CAVR methodology.
Verification of control effectiveness and determination of Residual Risk.
Remediation Plan for "Inadequate" or "Ineffective" controls.

Is this for you?

The Tax Control Framework is available to all companies with operations in Italy. Whether you are a leading international group, a medium or large organisation, if you intend to build a solid system to control risks, including tax risks, this tool will help you achieve this goal. You can use the tool to carry out an initial self-assessment which will allow you to concretely start control activities.

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Features and Benefits

Support in the management of Interpretation Risk (IR) and Compliance Risk (RCM) through an organisational and procedural approach based on its own reality.

Flexibility in adding removing changing risks and/or controls within the matrix.

Management of modular and optimal planning of control and risk assessment activities.

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