As your business expands, your tax governance processes should also evolve to match the size and complexity of your business.
It's good practice to review of all tax policies and procedures every two to three years to ensure that the business doesn't outgrow its processes and procedures.
Make sure the resourcing and capability of your internal finance and tax function and your professional tax advisers are keeping up with business growth. Record keeping systems should also be reviewed.
For more simple businesses, a review may find that increasingly complex tax issues require an increase in the budget for external tax advice.
For a more complex business, years of rapid business growth may mean the finance team’s resources are focused on accounting and treasury functions, with limited resources available for tax. A periodic review of key tax governance measures would identify if more resources are needed to manage tax risks.
As your business expands, your tax governance processes should also evolve to match the size and complexity of your business.