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Finance and Credit
 

A methodology for internal tax control system organization

Vol. 22, Iss. 21, JUNE 2016

PDF  Article PDF Version

Received: 22 March 2016

Received in revised form: 9 April 2016

Accepted: 28 April 2016

Available online: 15 June 2016

Subject Heading: Financial control

JEL Classification: H21, H26

Pages: 24-38

Chukhnina G.Ya. Volgograd State Agricultural University, Volgograd, Russian Federation
g0703@mail.ru

Vladimirova K.V. Volgograd State Agricultural University, Volgograd, Russian Federation
vladimirova.kseniya@yandex.ru

Subject The article considers the theoretical and practical principles of internal tax control organization.
Objectives The study aims to develop a methodology for internal tax control organization that would be applicable to any economic entity.
Methods The article discloses methods of applying various procedures when organizing the internal tax control function. We use simulation to present the algorithm of internal tax control creation and operation. We also designed and illustrated a systems approach to the organization of internal tax control using the analysis of its constituent elements.
Results We provide our own unique interpretation of the internal tax control concept, present an original method of internal tax control organization, which allows management of businesses to avoid errors in assessing taxes and paying penalties to tax authorities. The paper describes an algorithm of creating and implementing the internal tax control function, identifies major problems of its organization. We also provide our own interpretation of tax optimization as a tool to control the amount of tax liabilities as part of tax security aimed at tax burden minimization and penalty prevention, and focus on basic ways of tax risk elimination.
Conclusions The mechanism for building a system of internal tax control will enable economic entities to optimize current payments to the budget, reduce tax burden, and accurately assess and mitigate tax risks.

Keywords: internal tax control, tax planning, tax optimization, tax risks, reporting

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