TEI releases Corporate Tax Department Survey.

• Position: Recent Activities ...

The preeminent association of in-house tax professionals worldwide has published a comprehensive survey of corporate tax departments. Tax Executives Institute's 2011-2012 Corporate Tax Department Survey--a compendium of summary results, analysis, third-party commentary, and an online stratification tool that can be used to create customized tables of results--enables tax executives to benchmark more effectively and efficiently. The 2011-2012 publication updates a similar survey conducted in 2004-2005 revealing critical changes and emerging trends. Founded in 1944, TEI has 7,000 members who work for companies in the United States, Canada, Europe, and Asia.

The report pairs cutting-edge research with TEI's unparalleled access to chief tax officers worldwide, with more than 500 companies participating in the 67-question survey. The product of two years of research and analysis, the Survey results offer vital data that will enable tax executives to benchmark more effectively and efficiently.

TEI President Carita R. Twinem explained that the online tool can be "sliced and diced to produce data by company size, tax department size and budgets, and industry. The result is an invaluable array of benchmarking information for TE! members and others." Ms. Twinem, who is Vice President-Tax for Spectrum Brands Holdings in Madison, Wisconsin, added that the written commentary includes articles on three key subjects: risk management, the use of software, and changes in controversy activities. One of the articles--by Randy Robason of Grant Thornton--is reprinted in this issue.

Founded in 1944, TEI has 7,000 members who work for companies in the United States, Canada, Europe, and Asia.

Major findings of the study include:

* Performance Management: The most common measurement used to evaluate the tax department's performance was "lack of surprises" (72%). Other measures included the results of audits (cited by 60%), meeting compliance deadlines (59%), cash taxes (57%), effective tax rates (53%), measurable tax project objectives (53%), and staying within the department budget (51%). Big increases in evaluation measures were seen for cash taxes (48% used in 2004, 57% today) and economic profit/value added (9% used in 2004, 34% today).

* Significant Deficiency/Material Weakness: Fourteen percent (14%) reported that the company received a significant deficiency or material weakness from its financial statement auditors with respect to tax in the past 5 years...