Providing “turn-key” support to a client adopting tax monitoring

A team from the practice group is supporting a major mineral extraction company in adopting tax monitoring from 2025 in terms of building the risk management and internal control system (RM&ICS), preparing and approving the necessary forms at the stage of their adoption, as well as reporting forms for Q1 2025.

The objectives of our lawyers in this project include:

• assessing the current level of the RM&ICS, drafting a road map towards adopting tax monitoring from 2025;
• developing and obtaining approvals with respect to the model of organising the RM&ICS taking into account the current organisational structure and availability of resources;
• conducting an audit of tax and accounting reports, identifying tax risks, and compiling a register of these risks;
• the company’s risks determined for the purposes of tax monitoring;
• risks inherent in individual transactions and operations;
• corporate control procedures required for tax monitoring;
• assessing the level of organisation of the internal control system;
• information about arranging for internal control in the company;
• a matrix of risks and control procedures.
• developing the policy on the RM&ICS for tax monitoring purposes, the methodology of managing tax risks, the methodology of controlling procedures, and the methodology of monitoring, assessing and improving the RM&ICS;
• analysing the Internal Regulations (IR) prepared by the client that govern the RM&ICS;
• developing regulations on the procedure for conducting an internal audit;
• updating compulsory forms for adopting tax monitoring.