УПРАВЛІННЯ ПОДАТКОВИМИ РИЗИКАМИ ПІДПРИЄМСТВА ЧЕРЕЗ ІНСТРУМЕНТ СТРАХУВАННЯ

Abstract

The introduction of the newest tax risk management approaches has become more and more critical for Ukrainian enterprises. This paper analyzes and summarizes international experience in tax risk management and defines trends in this area. The author presents several recommendations for improving fiscal relations using an insurance coverage mechanism. The article also emphasizes the changes in tax relations determined by the development of information technology, as well as new opportunities and challenges associated with these processes. The methods used worldwide to manage these processes are analyzed in order not only to mitigate tax risks but also to implement necessary changes required to make tax function more efficient in a company. Given the complexity of tax regulations and the development of new instruments for managing tax risks, the author proposes to consider and put into practice the US experience, where, as a way of providing transparency and consistency in accounting for income tax liabilities, Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" (FIN 48) was adopted in 2006 by the FASB. Practical foreign experience of insurance coverage for tax risks, uncertain tax positions, and the potential development of such insurance in Ukraine are outlined. It is noted that the essence of tax risk insurance is to cover possible financial losses incurred by a business entity as a result of changes in tax legislation or an unformed approach of court practice. It is determined that there are certain inconsistencies in the sectoral legislation regarding the absence of rules governing tax risk insurance. At present, the national legislation does not define tax risk insurance as an independent class of insurance (or its component), which reduces its effectiveness. The development of tax risk insurance in Ukraine could become an effective tool to help minimize business risks of monetary liabilities to the budget. The authors argue that there is a need for high-quality transformation in the transparency of business, accounting, financial, and tax reporting within relationships with tax authorities. In addition, it is determined how the implementation of the Standard Audit File (SAF-T) could affect the taxpayer's cooperation with the government and insurers in assessing tax risks.