Tax Disputes & Rulings

What are Tax Disputes & Rulings?

A tax disputes and rulings list identifies tax disputes between your company and tax authorities across jurisdictions.

A tax disputes and rulings list records the details of all the tax disputes related to your company, including:

• Timeline: Start and end dates of each tax dispute, including details of tax year
• Type and Nature: Type of tax under dispute and nature of each dispute
• Status: Current status of each tax dispute, i.e., ongoing or resolved
• Identity of Tax Authority: Names and contact details of relevant tax authorities across jurisdictions
• Value Under Dispute: Tax value involved in each tax dispute
• Resolution Method: Methods adopted by your company to resolve tax disputes

Why are Tax Disputes & Rulings important for business today?

A tax disputes and rulings list enables your company to:

• Evaluate the impact of an ongoing or a closed tax dispute on your company’s financial health
• Assess the frequency and nature of tax disputes related to your company across jurisdictions
• Evaluate the time required to resolve tax disputes by jurisdictions
• Formulate internal processes and strategies by identifying reasons behind past tax disputes
• Mitigate the risks and liabilities of any non- compliance of tax guidelines across jurisdictions

Why are Tax Disputes & Rulings important for an event tomorrow?

A tax disputes and rulings list is important for an event tomorrow, as it helps:

• Evaluate the costs incurred and time spent by your company to resolve each dispute
• Assess the reasons behind each tax dispute
• Evaluate the effectiveness of resolution methods adopted by your company to resolve previous tax disputes
• Determine the current status of each tax dispute related to your company

Pros of addressing Tax Disputes & Rulings

• Predict potential disputes that may arise in the future by analyzing historical trends
• Facilitate introduction and implementation of internal processes and strategies to avoid and manage tax disputes
• Communicate the status and progress on each dispute to your stakeholders and accounting teams
• Mitigate the potential for current or future disputes

Cons of not addressing this topic

• Increase in resource waste due to potential lengthy legal processes
• Limit on your company’s ability to track the status, amount and nature of each tax dispute
• Impact on financial risks due to lack of business processes to mitigate tax disputes
• Impact on your company’s reputation and potential for negative publicity.