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Tax risk as an integral part of business risk

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Today, there are more than 40 approaches to risk classification, with a description provided for more than 220 types of risk. In order to identify risks affecting the financial condition of the company, the authors will present new insights in the risk classification. As a starting basis, we take the idea of distinguishing the three regular types of the company’s activity: operating, financial and investment activity, as adopted in accounting and applied financial analysis. Many researchers do not assign tax risk to a separate category in the current approaches to risk classification, while identifying it with financial risks and losses. However, tax risk is inherent in the three areas of the company – operating, financial and investment areas. The authors found that tax risk is indirectly inherent in the regulatory framework, with the tax risk indications increasing the tax authorities’ interest in the taxpayer. Still, the very concept of tax risk is not available, while in the economic literature its definitions are sufficiently varied. The authors identified the following groups of risks: operational, financial, investment and tax risks.

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