These days, enterprises operate internal policies for nearly everything. Such policies formalize rules, practices and procedures in specific areas, ranging from Human Resources to Risk Management. A Tax Policy is similar.
By putting a Tax Policy in place, an enterprise clarifies rules, practices and procedures governing the enterprise’s tax matters. This ensures that all employees know what to do when it comes to tax matters and management knows what goes on within the enterprise. It ensures risks are minimized and tax laws are complied with.
In this short article, we explain what a Tax Policy is and when you need one. We also highlight what should be included in a Tax Policy and provide tips on how to start. [Read more…]