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TAX PLANNING IN THE SECURITY OF BUSINESS
18.10.2023 19:50
[2. Економічні науки]
Автор: Tetiana Mykolaivna Kravchenko, Master`s student, Vadym Hetman Kyiv National Economic University, Kyiv
Tax is an integral part of business and effectiveness of its management it is essential. Tax planning is an important annual activity that, in addition to tax management, provides a better understanding of business strengths and opportunities for future management decisions.
Currently, the realities of doing business in Ukraine, especially in conditions of martial law, are not attractive for citizens or non-residents to establish a new business. Quite often effective and useful ideas turn out to be unprofitable in current economic environment. However, it should be noted that most of them can be adapted even to today`s circumstances. This can be achieved by means of tax planning and business optimisation. Equally important is proper strategic and ongoing business planning.
One can define several terms of tax planning across the vastness of online resources. Tax planning is an element of tax management, forming the basis for making optimal management decisions in the field of taxation [1]. Also tax planning is considered as a system of actions, measures and plans aimed at finding legitimate ways to reduce the tax burden in conditions of present and in future [2].
The statements of scientists regarding the content of tax planning also vary. For example, Y.B. Ivanov, O.M. Tishchenko, G.M. Dorozhkina and V.V. Karpova consider tax planning as a process that represents a component part of state tax management, a set of measures and methods of organising tax relations in order to ensure the formation of the revenue part of the budget and the impact of taxes on the development of production and social sphere [3]. A similar approach is used by the researcher Suprunenko S. that understands tax planning as a set of tools, methods, techniques, methods and means of information and analytical support, with the help of which state bodies and business entities implement tax mechanism on a legislative basis and coordinate powers and functions in the tax sphere at constant economic and political changes[4].
Among the aspects of tax planning in business security one can distinguish minimization of tax burden, consideration of legislative restrictions, protection from tax risks, international tax planning, consideration of strategic goals. More detailed description is provided in Table 1.
Table 1
Aspects of tax planning
The strategy of tax optimisation is focused on solving the following tasks: a) ensuring sustainable development and strengthening the financial safety of the company in the strategic period; b) obtaining additional competitive advantages as a result of reducing the tax burden and (or) shifting it to later periods; c) forming the image of a conscientious taxpayer, using only legal ways of managing tax payments and not subjecting investments of owners and investors to additional tax risks [5].
Also, tax planning risks are not insignificant. In order to minimize them, one should resort to forecasting. Forecasting is a process that assumes the future reflection of reality. Although the forecast determines the parameters of development with sufficient accuracy, but reveals alternatives, positive and negative trends, contradictions and establishes the conditions under which the solution of the set tasks is provided [1]. In spite of this among the risks we can single out such risks as legal, reputational, tax audits, changes in legislation, loss of financial stability, disproved efficiency.
As a result, it should be noted that tax planning in business security is aimed at ensuring the financial security of the enterprise, minimizing risks, compliance with legislation and maximizing financial efficiency. The main objective of tax planning is to optimise tax payments, minimize tax losses for a particular tax or a set of taxes, increase the volume of working capital of the enterprise and, as a consequence, increase the real opportunities for further development of the organization or improve its efficiency. By means of reducing the tax burden and finding the most rational ways to reduce tax liabilities, organizations get additional opportunities to maximize the profitability of financial and economic activities and further effective development of production.
Refrences
1.Tax planning and the basics of tax optimisation: a textbook / edited by Y.V. Samusevych, A.V. Vysocina. Sumy: Sumy State University, 2021. 346 P.
2.Tax planning - preservation of business assets. URL: https://zkg.ua/podatkoe-planuvannya-zberezhennya-aktyviv-dlya-biznesu/ (accessed 11.10.2023).
3.Problems of development of tax policy and taxation : monograph / Y.B. Ivanov, O.M. Tyshchenko, H.M. Dorozhkina, V.V. Karpova and others; edited by Prof. Y.B. Ivanov. Kharkiv: INZHEK PUBLISHING HOUSE, 2007. 448 P.
4.Suprunenko S.A. Tax planning as a means of harmonisation of relations between the state and business entities. Economic analysis. 2013. Т.13. P.194-200
5.Vlasova O.E. Tax security in the system of measures to ensure economic security of business entities Bulletin of Transport and Industry Economics. 2015. Issue 49.
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Науковий керівник: Криштопа Ірина Ігорівна, доктор економічних наук, професор,Київський національний економічний університет імені Вадима Гетьмана
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