Management defined tax strategies ruling and opinion

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management defined tax strategies Ruling and Opinion Support Submit tax position and analysis on behalf of the company to solicit a local ruling Provide a tax opinion based on KPMG’s analysis Tax Analysis and Research Research and report global tax law updates and significant rulings that affect commodity businesses Analyse potential tax impact and remediation strategies considering new or evolving tax legislation Tax Incentives Advisory Review the business plan and activities and advise the incentive(s) best suited for the company to consider. Propose refinement of the company’s business plan to enhance the likelihood of a successful incentive application. Assist the company in incentive application and negotiation strategy formulation. Assist the company to put in place appropriate internal controls and procedures to monitor the progress in implementing their proposed business plan and complying with the terms and conditions of the incentive award(s). Tax requirements associated with commodity activities are complex, unique to specific national jurisdictions, and susceptible to change. Without sufficient up-front consideration for and deep knowledge of relevant tax considerations, a routine or seemingly advantageous transaction can create significant financial risk and compliance costs. Given the significant exposure and the onerous operational requirements associated with issue or transactional analysis, leading organisations are turning to external support with deep geographic resources and specialisation. S T R A T E G Y C O N C E P T I M P L E M E N T A T I O N Commodity & Energy Risk Management Model Development, Validation & Remediation Operations Tax Accounting Regulatory Internal Audit Forensics & Investigations Governance, Roles & Policies Hedging & Risk Strategy Credit & Collections Risk Reporting & Management Information Systems 8 | Commodity and Energy Risk Management
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Accounting KPMG Service Activities Accounting Implementation Assist management to develop processes for the application of new or revised accounting pronouncements Assist management to perform an impact analysis and evaluate alternative implementation activities, as applicable Assist management to identify business and functional requirements, perform current state gap analysis, and prioritise implementation recommendations Hedge Accounting and Technology Support Review and summarise existing derivative positions Categorise derivatives as explicit or embedded options in accordance with SFAS 133 and IAS39 guidance Identify alternative methods applied by industry participants to calculate and evaluate hedge effectiveness (e.g. dollar offset, regression, etc.) Establish models and related assumptions to calculate hedge effectiveness Establish models to calculate proxy transactions as appropriate Support derivative accounting system selection and business and functional requirements definition
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