The PricewaterhouseCoopers survey on Tax Risks in India is a comprehensive study of tax risk management trends and perceptions among busineesses in India. With responses received from over eighty businesses across industry verticals ranging from manufacturing, IT/ITeS to BFSI and services sector, some of the key findings of the survey are as follows:
- Tax risks considered as the fourth most important risk in the entire gamut of risks
- Management of tax risk still an ad-hoc process, and if carried out on a case-to-case basis, unlinked manner, it may pose a much greater risk at a later stage
- Image damage and loss of investor confidence are the key reason for organisations across sectors to manage tax related risks
- Most organisations remain moderate to conservative when it came to approaching courts for dispute resolution
- Documented tax risk management policy and effective operative controls are areas where most organisations lag behind
- Organisations also face challenges in managing operational aspects like documentation and tracking regulatory changes
- CFO continues to shoulder the responsibility of tax management policy and planning with the finance and tax departments looking after execution and monitoring
PwC Tax Risk Survey
