Financial Education - Tax planning and International Financial Reporting Standards

in Project HOPElast month

Hello friends, every entrepreneur knows that all tax planning aims at minimizing the tax burden derived from the exercise of a business activity or the holding of a patrimony by choosing the most efficient course of action among all the legally possible alternatives.

Source ( Vir )

For some experts in business management, tax planning must know and interpret the legal framework according to the national regulations and the International Financial Reporting Standards (IFRS), in order to avoid penalties for non-compliance, fraud and evasion in the payment of the corresponding tax.

For this reason, this administrative tool must avoid abusing legal forms, not complying with the legislation, or being contrary to the jurisprudence, in order to be able to face any eventuality that may arise before the courts.

The above definitions highlight some important common elements: the determination of objectives or goals, decision making and projection into the future, it is evident then, with all the above, that within the dynamism of organizations in terms of their internal and external behavior.

Source ( Compasswealthpartners )

This situation requires an analysis of these needs in order to act with flexibility and agility if you want to be at the forefront of a competitive and changing world.

Transformational leadership and contextual performance
are the main factors that most influence organizational culture.

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To an extent I stop believing in tax payment because it actually looks like the government are not using the tax as they should for the growth of the standard of living of people

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