Tax risk management
Unfortunately, many taxpayers have found in practice that running a business involves tax risk. It should be remembered that such a risk is not only the need to pay the outstanding tax with interest, but in the case of taxpayers who are legal persons – also penal-fiscal liability incurred by persons responsible for tax settlements, as well as by the taxpayer himself.
Effective risk management
The most severe consequences usually have risks that are unknown. Identifying tax risks is the best way to eliminate them as part of the risk management process.
Our experience shows that the areas of risk that we can identify and effectively manage are:
- ordering tax settlements, in particular in connection with potential tax audits,
- IT systems designed to support the taxpayer in the tax calculation process,
- internal circulation of documentation in the enterprise,
- the process of making declarations and the process of issuing invoices,
- liability of management board members and persons responsible for tax settlements.
Risk management tools
Tax risk management in the above areas is not only periodic reviews of tax settlements but also the implementation of tax procedures taking into account the specificity of the company, which aims to minimalize tax risks.
An extremely effective way of managing tax risk are the binding interpretations of tax law. In the hands of experienced advisors, these instruments can effectively limit huge areas of potential tax risk.
Our advising on minimizing penal fiscal liability also includes the preparation of procedures limiting the probability of occurring of irregularities in tax settlements and the risk of penal-fiscal liability incumbent on individual persons managing the enterprise.
We also periodically organize and conduct training courses for our Clients’ accounting departments, which are also a way to reduce the risk of irregularities in current tax settlements.