Do you need a formal tax risk management strategy?

Quietly, the risks associated with taxes have emerged as a big issue. A new study by KPMG International has found that companies around the world are facing increased pressure to manage tax risks. The study says the focus on tax issues started with Sarbanes-Oxley but has since spread to Europe (via the U.K.'s Combined Code and a new law in France) and more recently Asia (via new laws in Australia and Japan). At more companies, tax issues are appearing regularly on boardroom agendas, though the issues are still seen as too specialized for a lot of board time; only a third of boards have recently provided strategic guidance on tax issues. In the U.S., less than a third of companies have a formal tax risk strategy. So this is an area where we might see some more activity. It is certainly a competitive issue, but it is a compliance issue as well. So it is best seen as complementary with existing work.  

For more:
- here's an article from Tax News