Effective fiscal management entails conducting a comprehensive monitoring of the fiscal and policy environments, both locally and internationally. It is therefore key to establish adequate tax risk management systems, taking into account the most renowned accounting standards worldwide.
On the other hand, it is also advisable to develop collaborations between businesses and tax agencies in each country where companies have operations, helping to detect fraudulent practices and find adequate solutions.
Currently, the BEPS project (Base Erosion Profit Shifting), launched in 2013 by the OECD and G20 countries, has developed 15 actions that companies will have to comply with to bring international tax avoidance to an end (e.g., Aligning Transfer Pricing Outcomes with Value Creation; Measuring and Monitoring BEPS; Transfer Pricing Documentation & Country-by-Country Reporting etc.).
At VVR, we collaborate with our clients towards implementing each of the actions, tailoring our assistance to their needs in the pursuance of our main objective — to get the right tax compliance solution at all times.
Nowadays, many companies outsource certain functions of their fiscal departments in order to minimise the impact potentially posed by economic sanctions, resulting from not having properly managed fiscal risks entailed by non-compliance with the regulatory framework, potentially affecting their income. We are convinced that, after mapping the strengths and weaknesses of a company, this will notoriously minimise its risk exposure.