Streamlining Tax Operations

A tax function’s capability to provide value depends on how well it is able to modify to the constantly evolving regulatory alterations at present, while contributing to a firm’s business strategy.

Often, most corporate tax activities are not able to address the operational incompetence. Increasing regulatory needs and restricted resources indicate that tax divisions are under constant pressure.

Progressive tax departments are performing an in-depth current state evaluation that delivers a roadmap of distinct actions, cost, and comparative significance of the tax functions to reflect enhancing efficiency.

These evaluations take into account the existing operational condition, organizational culture, and an aptitude for change.

The tax scenario is becoming complex as firms are expanding their sales & operational reach into other domains and facilitating mergers & acquisitions.

Information required for the tax functions is normally decentralized and stored in systems customized for financial & management reporting. This requires a substantial initiative to not only revamp the information for tax purpose but also comprehend the position of different tax instructions.

The pressure from globalization, increasing the requirement for efficient utilization of resources, and expanding focus on business synergy is forcing business/tax stakeholders to modify their approach towards tax operations.

The progress of tax operations is a continuous process, be it an outcome of strategic alteration as requirements emerge and circumstances transform. The questions surrounding tax operations revolve around normal operations, development in global tax governance, efficient utilization of tax data analytics, and international risk management competencies.

In the recent past, severe economic circumstances facilitated several business transformations that had an indirect effect on tax operations.

Currently, risk and existing business preferences are critical factors influencing tax operations. Tax stakeholders are concerned with the tax risk and it is one of the most important priorities.

The factors influencing the regulatory and risk environment are as follows:

In-depth emphasis on peer tax rates.
An increase in control by tax authorities.
Change in international business models.
A boost in the requirement for organizing the international capital.
Discussion on corporate governance and tax avoidance.
Uncertain tax legislation.
Critical regulatory environment.
Leadership emphasis on decreasing tax.
Enhanced importance of reputational risk.

Tax authorities also felt that quality impacted global tax compliance/reporting and was the number one concern. The other factors – tax cost and the capability for value addition were also key issues.

In other words, tax authorities wouldn’t be able to accomplish the expected outcomes by functioning normally, instead, they have to change their operations. However, the process of modifying the tax structure, while maintaining service quality is complex.

Efficient tax firms can maintain performance in a volatile business environment since they are excellent at change management. They have a robust leadership team, efficient resources/tools/technology, clear communication, effective service delivery methods, business analytics, and performance standards.

In order to cater to complex requirements, several tax activities are accepting a hybrid operating method, complementing the efforts of internal corporate tax personnel with an interface of top-notch internal/external sources.

Two critical features of tax operating models are tax centers of excellence (COEs) and shared service centers.

Centers of excellence are specific, delivering a distinct service. For e.g., the creation of indirect tax returns/statutory reporting. On the other hand, shared service centers are multi-dimensional and consist of many tax controls.

There aren’t any customized solutions. Distinct solutions are exclusive to specific tax department requirements. For instance, using internal human resources would be appropriate if there exists an adequate current scale via a delivery network, security threat, and data management.

However, it won’t be a binding solution – the tax personnel from a specific sector could leverage current service center to manage special tax segments, while a firm could use the current finance & accounting methods to perform “traditional tax assignments”.

A robust internal tax system would enable an organization to manage tax operations effectively while displacing internal personnel for specific functions.

Co-sourcing gives an organization the opportunity to use the tax expertise that would not be available internally. It also provides the opportunity to shift the organization’s resources to some other use.

The offshoring of tax functions/processes provides the following advantages:

Lesser costs.
Internal personnel can emphasize high-value functions.
The possibility of establishing a relationship with global personnel.
The scope for leveraging time zones.

Organizations emphasize many critical architectures that assist efficient implementation and viable performance. They provide transparent vision/mission/objectives.

The Folly of Money and the Ungodliness of Nations

Leaders who purport to be doing the work of the people are instead lining their own pockets and achieving status that suits their ego. This is the way of the world and democracy feeds into it. After my reincarnation and with knowledge of the extreme corruption and the depth of misconceptions that make the world the realm of 666 astounds me. The inability of people to test things is a source of amazement and the reason they are successful.

With the Australian elections now over and a hug parliament likely the recriminations of politicians against their opposition is horrendous. Instead of blaming their poor governing kills the Prime Minister targeted the campaign of the other parties and nominated the facts they produced as lies.

The elections in the USA are shaping up to be similar in their character with the blame game already taking aim. While money is at the heart of the world’s problems it is also the target of these politicians. Who is the best financial manager and who can create wealth for the people seems to be high on the list of many voter’s priorities.

What they are missing, however, is that money is an invention and highly manipulated by economists who learn the skills through tertiary education courses. Spiritual power, on the other hand, is not learned but something we are born with. That means that the Spirit is the only guide and everything that happens occurs on its watch.

In the Old Testament prophecies there is no room for money and it is never mentioned because it was the work of Constantine, the Emperor who established the economy. In Revelation 13:13-18 he is described as the one who established the Catholic Church and who invented Jesus Christ. He stole the old term for ‘spirit’, which is ‘Jesus’ and gave it to his image, which is why it has power.

He forced everyone to worship his new god and he reinstated Mary, the Mother God of Babylon, as the Mother of God and the chief God over the world. It is the sun and the symbol that sits over all religions is the sun-star of Islam. It is from Babylon that they came about and Constantine has the number 666 (Revelation 13:18).

Because people are besotted with money and dream of an eternal life in the sky they cannot see or perceive their folly. The facts are everyone who has lived is back in bodies at this time (Isaiah 26:19) and reincarnation proves that heaven and hell are myths. There is only one real God and that is the Spirit of the universe (Isaiah 45:4-8) and it is now judging the world and removing the evil from it.

The Internet is the Mountain of God promised for the last days (Micah 4:1) and it is spreading the truth over the world. Everyone has access to it and God is speaking to them (Jeremiah 25:31,33) and explaining the controversy it has with the nations. Only the spiritual have the power to listen and learn from it as the rest will absorb the lies and stick with them.

Construction Bonds Establishing Secure Connections

This construction bond is the title given to a kind of surety bond that has been made to come into use by investors in projects related to construction. This step has mostly been taken to provide a certain kind of protection against a very severe kind of event taking place that can cause a certain kind of hindrance or failure in the completion of the project, the reason behind it being the insolvency of the builders or the inefficiency of the job to meet ends with the specifications of the contract.

Usually you will notice the existence of three kinds of parties in a construction bond, namely they are the party that has a hand behind the building of the project, the eventual owners and then finally you have the surety company that has got the back of the bond.

As for the types, this kind of bond contains three types; let us have a look at the list:

• THE BID BONDS

In situations where as the expected honor and respect for the bid by the principal which in this case might be the contractor is not met, this bid bond comes into the picture where it provides protection to the owner of the project. The obligee held under the existence of this bond in this case is the owner and he absolutely has the rights to sue the surety and the principal if he wills to in order to establish the enforcement of the bond. In case the principal refuses to extend any kind of honor to the concerned bid, then he takes the responsibility of being liable for any kind of additional costs that might surface.

• THE PERFORMANCE BONDS

This performance bond is used to provide a kind of assurance or rather guarantee by the contractor or the principal. This guarantee talks about the completion of the contract in full accordance with its respective terms. IF under any circumstances, the principal is seen to be facing defaults, the owner holds the right of calling upon the surety to ensure that the contract meets its completion. In that case, the surety will have no other choice but to hand over the contract to a new designated contractor.

• THE PAYMENT BONDS

This is the kind you head to when you need all your payments to be guaranteed, the payments that have been lying under the due tag to subcontractors and some other from the mentioned principal. The subcontractors and the suppliers are the ones who qualify as the beneficiaries for the payment bond. This bond proves to be of a tremendous benefit to the owner especially, the reason being that it comes as a substitute to the mechanic’s liens as a non-payment remedy.