Foreword Regulation and wider awareness of corporate governance issues are forcing groups to confront all aspects of risk in their business Tax is not immune from this. Increasingly, tax is coming under scrutiny as an area of risk that needs to be understood and managed, while multinational businesses are having to deal with ever more complex tax legislation. At the same time national governments are looking for ways to protect their domestic tax revenues and tax authorities are becoming more robust in their approach to tax collection and enforcement Against this background, KPMG has commissioned this internet-based survey of global, regional and national heads of tax. The survey focuses exclusively on the financial services sector and looks at attitudes to and trends in, tax risk management We should like to thank all respondents for their participation in the survey. They have provided valuable insights into the progress that many of the world's leading financial services businesses have been making in this emerging area. Equally they have shown there is still work to be done in improving the way that tax risk is identified and managed and in getting tax risk firmly on to the board room agenda Thiis B Hugh von Bergen Jane McCormick KPMG Meijburg Co KPMG LLP (UK) KPMG LLP(UK) Industry Leaders, Global Financial Services Tax practiceForeword Regulation and wider awareness of corporate governance issues are forcing groups to confront all aspects of risk in their business. Tax is not immune from this. Increasingly, tax is coming under scrutiny as an area of risk that needs to be understood and managed, while multinational businesses are having to deal with ever more complex tax legislation. At the same time national governments are looking for ways to protect their domestic tax revenues and tax authorities are becoming more robust in their approach to tax collection and enforcement. Against this background, KPMG has commissioned this internet-based survey of global, regional and national heads of tax. The survey focuses exclusively on the financial services sector and looks at attitudes to, and trends in, tax risk management. We should like to thank all respondents for their participation in the survey. They have provided valuable insights into the progress that many of the world’s leading financial services businesses have been making in this emerging area. Equally they have shown there is still work to be done in improving the way that tax risk is identified and managed and in getting tax risk firmly on to the board room agenda. Thijs Brans Hugh von Bergen Jane McCormick KPMG Meijburg & Co KPMG LLP (UK) KPMG LLP (UK) Industry Leaders, Global Financial Services Tax practice