Tax Planning & Advice

What is Tax Planning & Advice?

Tax planning and advice documentation includes all advice received by your company on tax policy, structure and its implications on your business.

It includes advice on:

• Structure: Applicable tax regime, filing processes, tax planning related to your company across jurisdictions
• Returns: Individual or group tax returns to be filed by your company
• Regulations: Tax terms and conditions, regulations applicable to your company across jurisdictions
• Disputes or Complaints: Tax related disputes or complaints filed against your company

It also includes an explanation of the tax implications of the current legal or operational structure of your company’s business.

Why is Tax Planning & Advice important for business today?

Tax planning and advice documentation enables your company to:

• Review advice received on tax structure, returns, regulations and disputes by your company in the past
• Assess the tax implications of the legal or operational structure of your company
• Estimate the financial expenses related to tax counsel received by your company across jurisdictions
• Evaluate the impact of ongoing or closed disputes on your business
• Comply with the tax terms and conditions and regulations applicable to your company
• Formulate strategies and implement advice received by experts to manage your company’s tax process in an efficient way
• Determine which tax structure is applicable to your company across jurisdictions

Why is Tax Planning & Advice important for an event tomorrow?

Tax planning and advice documentation is important for an event tomorrow, as it helps:

• Evaluate the nature and type of tax advice received by your company and its effectiveness
• Assess the strengths and capabilities of your company’s in-house tax team and evaluate the circumstances which required third-party counsel
• Analyze your company’s capability to manage tax processes by evaluating the implementing the advice received
• Determine the costs incurred by your company on the advice received by third-party experts and assess credibility and credentials
• Assess the potential risk in the current tax structure

Pros of addressing Tax Planning & Advice

• Assists your company in tax planning, regulatory compliance and management of tax disputes
• Supports the introduction of rigorous internal processes to manage tax liabilities of your company
• Provides accountability of third party expert advisors on their advice
• Reduced potential for making adjustments to the tax structure that might be in conflict with expert advice previously obtained
• Faster for potential investors to conduct tax due diligence

Cons of not addressing this topic

• Increased potential for decisions to made that conflict with advice previously received
• Increase in risks of tax disputes, fines and litigation
• Restriction on your company’s ability to efficiently deal with and manage tax disputes or complaints.