The ability to balance tax obligations with business activities, as well as ethical, societal, and sustainable development-related expectations, defines an organisation’s approach to tax.
At inFidi we recognise that taxation is one of the most important enablers of domestic resource mobilisation. Tax contributions are about much more than simply raising revenue, it is inextricably linked to the process of nation building. Any organisation that demonstrates their commitment to sustainable tax, is equipped to establish and build trust in the economies in which they operate.
Our passion is to enable a business to place tax in the context of its purpose, values and sustainable business strategy.
The cornerstone of a sustainable tax function is a strategic tax governance framework. It is also a key driver to build trust with stakeholders.
To establish a sustainable and coherent approach to tax governance, the governing board requires a framework to bring it all together. Such a framework typically consists of various building blocks:
- It is key to ensure that a company’s purpose, values, culture and strategy permeate through the business, including the tax function.
- Effective oversight of tax is required to inform top-level decision-making. It is essential adopt appropriate policies and processes and have access to real-time information, to ensure that tax is considered throughout the value chain of the organisation.
- Certainty of the company’s appetite for tax risk and appropriate robust tax risk management must be embedded in the business, aimed at identifying, mitigating and alleviating tax risks.
We can work with you to strategically re-evaluate your approach to tax and help identify and highlight key priorities in your tax governance agenda. We have extensive experience to:
- Design and implement tax governance structures, tax strategic plans, tax policies, and tax risk measurement parameters.
- Determine tax risk and design, implement and assess tax control frameworks, including appropriate tax controls to address the identified tax risks.
- Optimise the tax function through key enablers to strategically and comprehensively transform itself to deliver incremental value,while simultaneously reducing tax risk to the organisation.
- Integrate tax in the larger assurance and governance structures of the organisation.
There are visible trends globally and locally that indicate the important role of tax governance not only to create shareholder value but moving towards providing enduring value to stakeholders and sustainable participation in societies.
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Tax has become integral to the environmental, social and governance (ESG) considerations of doing business. It is expected that companies have an appropriate tax governance regime and are able to report on its effectiveness.
Being socially responsible includes being a transparent taxpayer on a variety of matters, such as tax strategy, governance and risk management initiatives. Furthermore, companies that are able to report on non-financial tax indicators and their contribution in the economies in which they operate,demonstrates leadership and transparency in terms of how they are meeting their obligations to society. It makes sound business sense to communicate a company’s objective of long-term value creation to shareholders and other stakeholders.
Trust is crucial to productive relationships. The approach a business takes to engage with stakeholders on tax has the potential to influence both its reputation and position of trust. Organisations can consider taking a proactive approach to stakeholder engagement, seeking to influence and shape the future of tax in ways that balance the taxpayer interest and the needs of the economy.
Truth, accountability and responsible actions lead to trust.
We can work with you to help tell your tax story by:
- Giving context to your company’s tax position and providing valuable insights into the tax strategy you are following, the governance measures you have put in place and the economic contribution your business has made.
- Providing value tax reporting to external stakeholders through public reports and internal stakeholders e.g. the Audit Committees and the Board.
- Developing a tax stakeholder engagement strategy.
We take into account local and global legislation, reporting standards and guidelines,such as those provided by the United Nations, including the Sustainable Development Goals, King IV Report on Corporate Governance, the Principles for Responsible Investment, the Global Reporting Initiative and the Sustainability Accounting Standards Board.
Business leaders need to manage a fine balance between profit and purpose. Acting responsibly and having sustainability and transparency as key tax objectives are becoming one of the key performance indicators for businesses.
Globally there is a significant effort towards establishing frameworks or concrete guides on responsible and transparent tax behaviour. Key to sustainable tax is appropriate training to up-skill the tax and finance professional,enabling them to adapt and be agile in an environment of constant change.
We keep abreast of global and local influencing factors and offer learning solutions to challenge conventional thinking, change your perspective and open your mind to new ways.
In our training curriculum we critically examine the responsibility of the progressive tax function in society and how this role might be fulfilled through practical know-how on tax governance,transparency and stakeholder engagement in the contemporary tax world.
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Where there is disruption, agility is about perspective... ultimately, you have to zoom out!
We adopt a mindset of constantly changing perspectives as we realise that tax is increasingly perceived as a key factor in sustainability, and that greater tax governance and transparency is a key differentiator to build trust.
- Unconventional thinking – seeing the big picture and the future of sustainable tax.
- Intuitive reasoning – in a landscape of constant change and evolution.
- Cognisance – knowing there is no “one size fits all” approach.
Our aim is to positively influence and contribute to the sustainable tax agenda.
We offer specialised yet cost effective services to help you deliver on your brand promise and mandate to be a responsible and resilient taxpayer.
For a further discussion on tax governance, transparent tax communication and tax stakeholder engagement, enter your message below:
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