Our approach The KPMG survey was published on the Intermet in December 2003 and senior tax personnel from major financial organizations around the world were invited to take part. Just under 100 responded responsibility for different taxes within the organization preparation of a strategy for tax and the Board's involvement appetite for risk and the adoption of risk management techniques; the issue of independent review of the tax department; interaction of the tax department with any front office tax function compliance processes. Our analysis of the results comments on strategy, risk management and operations and for each of these main areas we identify suggested industry best practices. We do stress, however, that different organizations will of course take different views on what they consider optimal performance Figure 1: Geographical responsibility of the tax Of the 96 respondents, 34 had global responsibility Regional (i e Pan-national but not global) for tax, 33 regional, and Single countries)only 29 national 36% Base: All respondents (96 Figure 2: Location of respondents Ultimate Holding Companies 18% Europe, Middle East Africa 69 worked for corporations whose ultimate holding Americas company was based in the 72% Asia-Pacific EMA region, 10 ASPAC. Figure 3: Primary Business 11% Sector of Banking 9 regarded banking as Insurance heir organizations primary business sector, Investment management 21 insurance, and 16 Other financial investment management and 'other financial 2004 KPMG International. KPMG International is a Swiss cooperative of which all KPMG firms are members. KPMG International provides no services to clients Each member firm is a separate and independent legal entity and each descnbes itself as such All rights reserved.2 © 2004 KPMG International. KPMG International is a Swiss cooperative of which all KPMG firms are members. KPMG International provides no services to clients. Each member firm is a separate and independent legal entity and each describes itself as such. All rights reserved. Our approach The KPMG survey was published on the Internet in December 2003 and senior tax personnel from major financial organizations around the world were invited to take part. Just under 100 responded. Questions covered: „ responsibility for different taxes within the organization; „ preparation of a strategy for tax and the Board’s involvement; „ appetite for risk and the adoption of risk management techniques; „ the issue of independent review of the tax department; „ interaction of the tax department with any front office tax function; „ compliance processes. Our analysis of the results comments on strategy, risk management and operations and for each of these main areas we identify suggested industry best practices. We do stress, however, that different organizations will of course take different views on what they consider optimal performance. Figure 1: Geographical responsibility of the tax department Of the 96 respondents, 34 had global responsibility for tax, 33 regional, and 29 national. Figure 3: Primary Business Sector of respondents’ Companies 59 regarded banking as their organization’s primary business sector, 21 insurance, and 16 investment management and ‘other financial’. Figure 2: Location of respondents’ Ultimate Holding Companies 69 worked for corporations whose ultimate holding company was based in the EMA region, 10 ASPAC, and 17 in the Americas