Refinery Valuation & Tax Operations
This workflow template illustrates the yearly valuation of refinery facilities based on property value, comparable facility values, production capacity and expected cash flow. This workflow includes initial refinery valuation, tax value negotiation and final tax payment. Purchase and download this template in PDF, PowerPoint (PPT) and Visio (VSD) formats. You can customize it to fit your own organization, or simply use it to better understand Refinery Valuation & Tax Operations processes.
Related KPIs : Cycle Time: Preliminary Tax Calculation, Effective Tax Rate, Tax Penalties Paid as a Percentage of Taxes Paid
What is Refinery Valuation & Tax Operations?
The Refinery Valuation & Tax Operations process involves coordination between accountants, facility management personnel, corporate tax management staff and tax authorities to accurately value individual refineries in preparation for annual property tax payments. There are multiple methods that can be used to perform refinery valuations, including cost-based approach, income approach and sales comparison approach. The tax assessor typically dictates which method should be used. After the valuation has been completed, validated and reviewed internally, a negotiation with the tax assessor begins to determine the exact tax value of the refinery. Once that value has been determined, property tax filings are prepared by the company and submitted to the appropriate authorities.
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