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Financial and tax Compliance in the business field, from a regulatory aspect

Financial and tax compliance

As we already know, Compliance is presented as a fundamental tool so that any company mitigates or eliminates all possible risks under strict control and in any matter that may affect it, within its legal framework in which it is encompassed by the development of its economic activity. However, on this occasion we are going to analyze financial and tax Compliance from a regulatory aspect.

As has been discussed in our Blog previously about the figure of Tax Compliance, he Tax compliance we can define it as that series of measures and policies carried out within the organization in order to control risks that may occur in relation to tax matters and in a purely administrative area since, if the quantitative limit established in the Penal Code is exceeded, we would find ourselves in the area of Criminal Compliance.

Tax Financial Compliance

Main features

Thus, the most characteristic regulations to take into account in relation to Tax Compliance are:

In a purely fiscal area (remember, a tax is part of the taxes along with rates and special contributions), we could highlight the following regulations that will regulate and develop through the Regulation the elements of each tax:

Corporate Tax (IS):

Value Added Tax (VAT):

Personal Income Tax (IRPF):

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We must take into account many other regulations in the field of Tax Compliance and depending on the tax to be treated: ITPAJD, Capital Gains (IIVTNU), Special taxes (alcohol, fuel, tobacco, plastic, etc.), non-income tax. residents, IBI, ISD, etc.

For his part, the Financial compliance We can define it as that part of Compliance that is dedicated to the control and monitoring of financial risks through the implementation of policies, measures, guidelines or other laws.

Financial compliance

In the business field, Financial Compliance is aimed at compliance with economic regulations and financial that could affect the company in the area of its business development, such as, for example, money laundering, corruption, tax avoidance, competition, etc., therefore sharing matters with other areas of Compliance and being closely linked to tax compliance.

Thus, in a strictly financial sector, we can highlight the following regulations:

Therefore, in the development of financial and tax Compliance it is important to have experts in these matters, either en casa or in an outsourced manner, so that the company has controlled its risks in a matter that is increasingly demanding at a regulatory level.

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