CONCEPTUAL FUNDAMENTAL PRINCIPLES AND POSSIBILITIES FOR HIGH-QUALITY TAX RISK MANAGEMENT AS AN EFFECTIVE MECHANISM TO HEDGE THE RISK OF BUSINESS PROSECUTION IN RUSSIA (ON THE EXAMPLE OF PJSC (PAO) SEVERSTAL)
( Pp. 11-17)

More about authors
Snegovaya Irina L. kand. ekon. nauk, ispolnitelnyy direktor
The national institute of strategic development, management of risks and efficiency
For read the full article, please, register or log in
Abstract:
The article is devoted to the problem of business «prosecution» risk in Russia in cases of tax evasion. It underpins that taxpayers shall use hedge instruments to provide safety measures from within-named risk through timely developed own effective tax risk management system. The reason for the preparation of the article is a reaction to the news in the Russian mass media concerning certain warnings about specific nature of doing business in Russia and about business climate in the country. The article, on the example of the Russian PJSC (PAO) Severstal which used offshore territories to pay dividends, considers the nature of these warnings. As a result of a profound research, the article issues factor analysis of tax risks realization by the company in conjunction with qualitative risk management capabilities, affecting, inter alia, the reliability of accounting information provided to the public by the company. In the methodological aspect of the article, the official data of the Russian judiciary and the USA Internal Revenue Service (IRS) is used. Based on the analysis, genesis and the nature of tax relations, the conclusion is that the world economy agents, including those in Russia, as taxpayers, shall use hedging method to rule out business «prosecution» risk. It is, so far, the only available mechanism to maintain their own interests. The management and owners of companies shall use their own resources to timely develop qualitative system of tax risks management capable of providing reasonable assurance in the event of «prosecution» on the fact of tax evasion. Consequently, there is a direct correlative relationship and dependence between the qualitative system and the risk of business prosecution.
How to Cite:
Snegovaya I.L., (2017), CONCEPTUAL FUNDAMENTAL PRINCIPLES AND POSSIBILITIES FOR HIGH-QUALITY TAX RISK MANAGEMENT AS AN EFFECTIVE MECHANISM TO HEDGE THE RISK OF BUSINESS PROSECUTION IN RUSSIA (ON THE EXAMPLE OF PJSC (PAO) SEVERSTAL). Economic Problems and Legal Practice, 2 => 11-17.
Reference list:
Severstal predupredila o riskakh dlya biznesmenov v Rossii//VEDOMOSTI: ezhedn. internet-izd. 2017. 16 fev.URL: http://www.vedomosti.ru/business/articles/2017/02/16/678030-severstal
Severstal predupredila o riskakh dlya biznesmenov v Rossii po nalogovym delam//VEDOMOSTI: ezhedn. internet-izd. 2017. 16 fev.URL: http://www.vedomosti.ru/business/articles /2017/02/17/ 678073-severstal-presledovaniya-biznesmenov
Franklin D. Roosevelt. 80 - Message to Congress on Tax Evasion Prevention. June 1. 1937. URL:http://www.presidency.ucsb.edu/ ws/ pid 15413
Kucherov I.I. Ugolovnaya otvetstvennost za uklonenie ot uplaty nalogov . NALOGOVYY VESTNIK. URL: http://www.nalvest.com/nv-articles/detail.php ID 29311
IRS. Committed to Stopping Offshore Tax Cheating; Remains on Dirty Dozen List of Tax Scams for 2017. URL: https://www.irs.gov/ uac/newsroom/irs-committed-to-stopping-offshore-tax-cheating-remains-on-dirty-dozen-list-of-tax-scams-for-2017
IRS. Criminal Investigation Press Releases - Current Year. URL: https:// www.irs.gov/uac/criminal-investigation-press-releases-current-year
Reshenie Arbitrazhnogo suda goroda Moskvy po delu № A40-113217/16-107-982 ot 31 oktyabrya 2016 g.; Postanovlenie Devyatogo Arbitrazhnogo Apellyatsionnogo suda goroda Moskvy № 09AP-44501/201 ot 7 oktyabrya 2016 g. URL: http://kad.arbitr.ru/ Card/25668b3d-a940-4cc3-b523-c56d91fd5bec
Ukazanie TSentral nogo Banka Rossiyskoy Federatsii ot 07.08.2003 g. № 1317-U O poryadke ustanovleniya upolnomochennymi bankami korrespondentskikh otnosheniy s bankami-nerezidentami, zaregistrirovannymi v gosudarstvakh i na territoriyakh, predostavlyayushchikh l gotnyy nalogovyy rezhim i (ili) ne predusmatrivayushchikh raskrytie i predostavlenie informatsii pri provedenii finansovykh operatsiy (ofshornykh zonakh)
Prikaz Ministerstva finansov Rossiyskoy Federatsii ot 13.11.2007 g. № 108n Ob utverzhdenii Perechnya gosudarstv i territoriy, predostavlyayushchikh l gotnyy nalogovyy rezhim nalogooblozheniya i (ili) ne predusmatrivayushchikh raskrytiya i predostavleniya informatsii pri provedenii finansovykh operatsiy (ofshornye zony)
TSentr raskrytiya korporativnoy informatsii. Kartochka kompanii PAO Severstal . Godovye otchety. URL: http://www.e-disclosure.ru/portal/files.aspx id 30 type 2
Punkt 70.3. Polozheniya o raskrytii informatsii emitentami emissionnykh tsennykh bumag, utverzhdennogo TSentral nym Bankom Rossiyskoy Federatsii 30.12.2014 N 454-P
Ofitsial nyy sayt TSentral nogo Banka Irlandii. ULR: http://www.centralbank.ie/regulation/securities-markets/prospectus/Pages/approvedprospectus.aspx DisplayID 38684
Keywords:
Russia (Russian Federation), prosecution, business, the business climate, evasion, taxes, PAO "Severstal", offshore (offshore), Cyprus, BVI, tax authorities, the court, risks, hedging, USA, fraud, tax law, imperative, reporting, tax legal, the risk-based, quality, effective, management, risk management system (RMS).


Related Articles

FINANCE, CASH CIRCULATION AND CREDIT, ACCOUNTING AND ANALYSIS Pages: 166-168 Issue №2286
Approaches to financing, crediting and insurance of investment and innovation projects
funding lending insurance investment projects innovative projects
Show more
14. OTHER Pages: 182-184 Issue №3543
Concept and signs of the administrative decision of activity law-enforcement bodies
management management decision signs of management decisions
Show more
14. Administrative law; Administrative process Pages: 178-181 Issue №10621
ADMINISTRATIVE REGULATION OF IMPROVING THE EFFICIENCY OF APPLICATION OF PROJECTS OF THE STATE-PRIVATE PARTNERSHIP IN THE SPHERE OF ROAD CONSTRUCTION IN RUSSIA
PPP road construction risks the principles of effective management
Show more
14. MISCELLANIOUS Pages: 270-273 Issue №17852
Organizational, economic and regulatory implementation of the priority development trends of regional industrial agriculture
agro-industrial complex priority areas of development management state regulation
Show more
4. CIVIL LAW, INTERNATIONAL PRIVATE LAW, HOUSING LAW, FAMILY LAW, CIVIL PROCEDURE, ARBITRATION PROCESS Pages: 179-182 Issue №10864
Consideration of disputes by the courts on the rights of the child
the court the rights of the child the debate about the place of residence of the child the child's relationship with grandparents the divorce of the spouses
Show more
15. FINANCE, CASH CIRCULATION AND CREDIT, ACCOUNTING, FINANCIAL AND ECONOMIC FORECASTING Pages: 183-185 Issue №4029
Ways of improvement of tax administration and operation of inter-regional inspection FNS of Russia
taxes taxation largest taxpayers interregional tax Inspectorate
Show more
5. Criminal; Criminal enforcement law Pages: 208-211 Issue №8598
Conditionality criminal law to counter fraud in the sphere of computer information
the criminal and legal norm fraud computer information conditionality introduction
Show more
10. CRIMINAL LAW AND CRIMINOLOGY; CRIMINAL ENFORCEMENT LAW 12.00.08 Pages: 220-223 Issue №16787
Criminal responsibility for fraud in the field of crediting in the Russian Federation
fraud credit fraud embezzlement criminal liability Russian criminal law
Show more
10. Financial law; Tax law; Budgetary law; Information Law; Administrative law; Administrative process Pages: 163-166 Issue №2833
Improving the performance of government functions through the messages of the President of Russia
act the state performance the norm Parliament
Show more
18. ECONOMIC SECURITY AND RISKS MANAGEMENT Pages: 173-182 Issue №10025
THEORETICAL AND LEGAL UNDERPINNINGS OF ECONOMIC SECURITY OF THE RUSSIAN FEDERATION AS A COMPONENT OF THE STATE NATIONAL SECURITY
economic security national security Russia (Russian Federation) USA China
Show more