Using a tax clause as an element of ensuring the economic security of the corporation

Abstract

Importance: financial reporting of corporations involves the disclosure of information about risks affecting cash flows, access to financing, cost of capital, and others. Failure to comply with legislation entails the emergence of legal risks, one of which is tax risk associated with violations of tax legislation by taxpayers and counterparties. Purpose: to study the possibility of eliminating, when interacting with counterparties, unfavorable events that entail a tax risk of loss of resources and threaten the economic security of the corporation. Research design: ensuring the economic security of a corporation involves studying external threats and risks, which, in particular, are interactions with counterparties. Exercising caution when choosing counterparties and confirming the possibility of fulfilling the terms of contracts is ensured by checking the economic activities of the counterparty, based on information from public sources of the Federal Tax Service of Russia: accounting (financial) statements, tax arrears, and other information. Results: the economic security of the corporation is ensured by the correct formation of contracts with counterparties, which helps reduce risk. When the Federal Tax Service authorities check the tax base, the agreement may be recognized as not concluded in whole or in part, or reclassified as another type of agreement. Minimizing the risk when concluding contracts allows the inclusion of additional conditions in the terms of the contract - tax clauses that help resolve additional issues, compensate for property losses and damages from unlawful actions of counterparties and ensure the economic security of the corporation.