Tax planning is one of the most important components of financial planning (financial management) of the organization.
The essence of tax planning is that every taxpayer has the right to use legal means, methods and ways to minimize their tax liabilities. Tax planning can be defined as the planning of financial and economic activities of the organization in order to minimize tax payments. It can be individually directed and wear targeted and applied in the financial and economic activities of a wide range of businesses.
The main objectives of tax planning is to optimize tax payments, tax minimization of losses in a particular tax or combination of taxes, increase the volume of working capital and, as a result, increase the real possibilities for the further development of the organization, to improve its efficiency. By easing the tax burden by finding the most efficient way to reduce the tax liabilities of the organization gain additional opportunities to maximize the profitability of the financial and economic activities and to further effective development of production. Stages
Component parts (stages) of the tax planning are:
- definition of the main principles;
- problem analysis and objectives;
- definition of the basic tools that can be used by the organization;
- establishment of the scheme;
- implementation of financial-economic activity in accordance with the proposed scheme.