9.9 - Manage taxes
PCF ID: 10736 | Elements: 13 | Metrics Available: Y | Benchmarkable: 2
Definition
Estimating the organization's periodic tax liabilities. Ensure that appropriate taxing authorities receive tax return filings and payments when due.
Overview
This process group covers manage taxes within the broader context of Manage Financial Resources.
Process Hierarchy
Processes
| ID | Process | PCF ID | Sub-elements | Metrics |
|---|---|---|---|---|
| 9.9.1 | Develop tax strategy and plan | 10765 | 3 | N |
| 9.9.2 | Process taxes | 10766 | 7 | Y |
9.9.1 - Develop tax strategy and plan
PCF ID: 10765
Definition: Setting targets for periodic tax liabilities. Assess the tax impact of various activities such as the acquisition or disposal of fixed assets or a deliberate change in number of employee.
| ID | Activity | PCF ID | Tasks | Metrics |
|---|---|---|---|---|
| 9.9.1.1 | Develop foreign, national, state, and local tax strategy | 10927 | 0 | N |
| 9.9.1.2 | Consolidate and optimize total tax plan | 10928 | 0 | N |
| 9.9.1.3 | Maintain tax master data | 10929 | 0 | N |
9.9.1.1 - Develop foreign, national, state, and local tax strategy
Definition: Developing a tax strategy for foreign, national, state, local administration. Set up tax strategies for foreign trade in imports and exports and at national, state, and local level.
9.9.1.2 - Consolidate and optimize total tax plan
Definition: Combining and enhancing a rational analysis of a financial condition or plan from a tax perspective in order to align financial goals through efficient tax planning.
9.9.1.3 - Maintain tax master data
Definition: Maintaining a master file about the rational analysis of a financial condition or plan from a tax perspective in order to align financial goals through efficient tax planning.
9.9.2 - Process taxes
PCF ID: 10766
Definition: Processing the taxes of the organization in line with the regional taxation structure, including corporate, property, excise, and service taxes.
| ID | Activity | PCF ID | Tasks | Metrics |
|---|---|---|---|---|
| 9.9.2.1 | Perform tax planning/strategy | 10930 | 0 | N |
| 9.9.2.2 | Prepare tax returns | 10931 | 0 | N |
| 9.9.2.3 | Prepare foreign taxes | 10932 | 0 | N |
| 9.9.2.4 | Calculate deferred taxes | 10933 | 0 | N |
| 9.9.2.5 | Account for taxes | 10934 | 0 | N |
| 9.9.2.6 | Monitor tax compliance | 10935 | 0 | N |
| 9.9.2.7 | Address tax inquiries | 10936 | 0 | N |
9.9.2.1 - Perform tax planning/strategy
Definition: Creating and implementing strategies for taxes to be paid or collected by the business.
9.9.2.2 - Prepare tax returns
Definition: Preparing and submitting tax reports for every employee to the tax department in order to show the tax paid and deducted from their salaries in the year.
9.9.2.3 - Prepare foreign taxes
Definition: Preparing reports about paid or accrued foreign taxes to an overseas country.
9.9.2.4 - Calculate deferred taxes
Definition: Calculating the income that has been realized when the tax on that income has not.
9.9.2.5 - Account for taxes
Definition: Managing the organization's financial accounts for the purpose of taxation. Prepare and maintain the tax paid by the organization to the country they have business in.
9.9.2.6 - Monitor tax compliance
Definition: Checking and correcting the tax policies according to the rules and regulations set by the organization.
9.9.2.7 - Address tax inquiries
Definition: Addressing any tax queries by any regulatory or government authorities. Review historical records related to taxation within the organization in order to respond to queries.
Change Summary (v7.2.1 vs v6.1.1)
Changes indicated by:
+XXXXX- New element added-XXXXX- Element removedcXXXXX- Element changedNEW- Newly introduced
Complete Element List with Definitions
All 13 elements
| ID | Name | Definition |
|---|---|---|
| 9.9 | Manage taxes | Estimating the organization's periodic tax liabilities. Ensure that appropriate taxing authorities r... |
| 9.9.1 | Develop tax strategy and plan | Setting targets for periodic tax liabilities. Assess the tax impact of various activities such as th... |
| 9.9.1.1 | Develop foreign, national, state, and lo... | Developing a tax strategy for foreign, national, state, local administration. Set up tax strategies ... |
| 9.9.1.2 | Consolidate and optimize total tax plan | Combining and enhancing a rational analysis of a financial condition or plan from a tax perspective ... |
| 9.9.1.3 | Maintain tax master data | Maintaining a master file about the rational analysis of a financial condition or plan from a tax pe... |
| 9.9.2 | Process taxes | Processing the taxes of the organization in line with the regional taxation structure, including cor... |
| 9.9.2.1 | Perform tax planning/strategy | Creating and implementing strategies for taxes to be paid or collected by the business. |
| 9.9.2.2 | Prepare tax returns | Preparing and submitting tax reports for every employee to the tax department in order to show the t... |
| 9.9.2.3 | Prepare foreign taxes | Preparing reports about paid or accrued foreign taxes to an overseas country. |
| 9.9.2.4 | Calculate deferred taxes | Calculating the income that has been realized when the tax on that income has not. |
| 9.9.2.5 | Account for taxes | Managing the organization's financial accounts for the purpose of taxation. Prepare and maintain the... |
| 9.9.2.6 | Monitor tax compliance | Checking and correcting the tax policies according to the rules and regulations set by the organizat... |
| 9.9.2.7 | Address tax inquiries | Addressing any tax queries by any regulatory or government authorities. Review historical records re... |
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