Tax Risk Management - the legal team and the tax team and their interaction in transactions to avoid tax risk


Transaction always have hidden risks - tax is one of those risks, and a careful tax risk management strategy will change this.

Legislation such as Sarbanes-Oxley (SOX 404) places the CEO and the CFO in a position where once they have signed off the financial statements and those financial statements have not been properly checked in accordance with the standards put forward by Sarbanes-Oxley and have not been properly audited in order to determine whether there are any material weaknesses, those individuals can face very lengthy prison sentences.

It is here that the legal departments and the tax departments play a very important role in ensuring that each transaction and each potential uncertain and contentious tax issue has been properly researched, probably considered and finally properly implemented along the lines of what is suggested in this article.

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