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19 Jul 07 Tax risk governance

In a speech by the Commissioner of Taxation, Michael D’Ascenzo, to the Australian Institute of Company Directors on 18 July 2007, the Commissioner emphasised the significant contribution large business makes to Australia's tax system and the ATO's role in assisting large business to pursue good governance. In addressing the ATO's strategies for maintaining its relationship with large business, the Commissioner highlighted a number of tax risk governance issues (e.g., tax performance at odds with economic performance, companies with low profits or persistent losses relative to their market share) and Tax Office compliance strategies (e.g.,  reviewing mergers and acquisitions activities as well as the remuneration and incentives of company directors as part of its high net worth individual compliance program).

For a copy of the Commissioner's speech, go here

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