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24 April 2014

Tax Planning: new risk to Corporate Reputation?

In an increasingly globalized world, in which companies operate in many countries with different legislations, corporations need to face an increasingly complex taxation, since they need to comply with several policies and rules that, sometimes, can even be contradictory.

In addition, due to the economic and social context, in recent years we have witnessed how the public opinion is more concerned about the tax practices of the companies operating in our country, regardless of their origin. What is the reason behind this “permanent social control” on tax revenue obtained from companies? Have citizens become experts in business taxation? How can we minimize the impact that a tax-related legal process has on the reputation of a company?

This document, drafted by the department of Communication and Litigations of LLORENTE & CUENCA in collaboration with the law firm Cuatrecasas, Gonçalves Pereira, analyzes these and other questions related to tax planning of large firms and highlights the importance of preventing this risk to minimize its impact on the reputation. Both tax planning professionals and those responsible of managing the relationship of a firm with its stakeholders must face an important challenge to show that the companies are always part of the solution on the issue of economic contribution, even when it may seem otherwise.

Moreover, exclusively talking about risks is not sufficient, since in this context companies also have the opportunity of raising awareness about the important tax contribution they make and the positive impact this entails on public finances.

Luis Miguel Peña, Senior Director of Communication and Litigations of LLORENTE & CUENCA.

 

 

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