Analysis of Tax Risks and Its Management

The master's thesis is devoted to the analysis of tax risks and its management, which are now becoming one of the most important priorities in companies’ activities due to the constantly changing requirements of tax legislation, its ambiguous interpretation and the use of various tax minimization methods by companies. The aim of this work is to develop information and methodological support for the analysis, assessment and management of tax risks. The first chapter of the work includes a review of approaches to the definition of tax risks, factors causing them and different tax risk classifications. Besides, it involves a comparison of approaches to accounting and reporting of tax risks in accordance with Russian and International standards. The second chapter of the work is devoted to the investigation of existing methods of tax risk assessment and analysis, on the basis of which an improved methodology for assessing and analyzing of tax risks was established. Moreover, approaches used in practice for managing tax risks and evaluating the effectiveness of this system were reviewed in this chapter of the work. Furthermore, a mechanism to form a tax risk management system and a procedure for evaluating its effectiveness were developed. In the third chapter of the work, using the data of “Mebelprom”, LLC, the approbation of the tax risk analysis and assessment methodology developed in the previous chapter was made. Besides, the effectiveness of the existing tax risk management system in the considered company was evaluated and recommendations were given to improve this system.