Tax risk is the likelihood that a company or entrepreneur will be negatively impacted by decisions taken in respect of taxation. This can include additional taxes, fines, penalties or other punitive measures from the regulatory authorities.
Why identify tax risks:
- The primary goal is to avoid fines from the regulatory authorities
- To provide guarantees of the economic security of a company in respect of taxation
- To develop methods and techniques to deal with tax risk
- To create an action plan aimed at reducing the risk level
Entrepreneurial activities are accompanied by tax risks arising from non-compliance with tax legislation. The prevention and identification of tax risks is a priority for any company that seeks to protect itself from the adverse consequences of non-compliance.
The VALEN team has extensive experience in the field of accounting and tax consulting and can provide a full range of services related to identifying tax risk.