Cases

During the period October 2008 until March 2010 The Resource has developed and implemented a Tax Control Framework (TCF) at Fortis Bank Nederland, located in Amsterdam, Rotterdam en Utrecht. An experienced TCF manager of The Resource has assisted Fortis Bank as project manager and has provided support on average of two days per week during that period.

TCF Model

During the TCF development phase the project manager used templates for project working methods, TCF base documentation and control tools which are designed by The Resource Tax Interim & Projects. Base documentation and the various control and reporting tools have been tailored to the needs of Fortis Bank.  In consultation with the Tax Department of Fortis Bank the TCF documents were enhanced, and where possible, embedded in existing processes.

Activities

In cooperation with the Tax Department of Fortis Bank the following TCF activities have been performed:

• Making an inventory of existing activities, tasks and responsibilities, processes, tax documentation and business processes which are in scope of the TCF;
• Determining risks (from a tax technical and process point of view) taking into account  the likelihood that the risk will occur, materiality and risk tolerance, based on a risk matrix;
• Determining minimal required procedures and control tools based on the desired -in control- situation and risk analysis, fitting into the business risk and control framework of Fortis Bank;
• Preparing a TCF memorandum (framework covering all procedures, processes and control tools);
• (Further) developing, preparing and optimising of procedures and control and reporting tools (checklists, questionnaires, key control matrix, etc.);
• Embedding the TCF into the organisation through instructions, information meetings and trainings;
• Testing of procedures and controls during the quarterly closing process and tax return preparation;
• Determining final version of Tax Control Framework;
• Presentation to tax authorities.

The TCF has been gradually implemented in 2009 and because of the dynamic character it will be continuously maintained by the Tax Department of Fortis Bank.