Tax Risk Management at the Enterprise of the Energy Sector

Abstract

The main organizational and methodological approaches in developing a program of corporate tax risk management at the enterprises of the energy sector of the Russian Federation are considered. It needs to be noticed that tax risks are an integral part of the overall risk management system of the enterprise. Controlling those risks is crucial for the stable operation of energy enterprises and their economic development. The main aspects of tax risks for the state and business are systematized, which show their strong correlation and interconditionality to ensure, on the one hand, tax revenues to all levels of budgets (federal, regional and local), and, on the other hand, to develop entrepreneurial activity. The conclusion was drawn about the feasibility of developing a Tax Risk Management Program at the corporate level, which should be correct under the current legislation and comply with the strategic and operational goals of effective entrepreneurial development of the enterprise of the energy sector. An organizational and functional structure of such a Program has been proposed, it consists of five main successional sections: Section 1 - Forming the information field of the main financial and economic activity parameters; Section 2 - Identification, systematization and ranking of the enterprise’s tax risks; Section 3 - Justification of management activity to reduce the impact of tax risks; Section 4 - Calculation of the main financial and economic performance indicators in accordance with the implementation of management procedures for the tax risk regulation; Section 5 - Assessing the results and making management decisions on the development of activities under the influence of tax risks. A methodological description is given, and organizational procedures for the implementation of each Program section are defined. The proposed organizational and methodological approaches to the development of corporate Tax Risk Management Program make it possible to provide flexible coordination of risk management. Taking into account hierarchical and multi-purpose mechanism of the energy enterprises, these approaches allow achieving operational and strategic goals, and can be used for the enterprises of the energy sector of the Russian Federation of different organizational and legal forms to prevent or reduce the negative impact of tax risks.