Transparency of taxes and fees paid is becoming a priority on the corporate agenda as environmental, social and governance (ESG) standards evolve in this direction, the Organization for Economic Co-operation and Development (OECD) and the EU introduce transparency measures, and investors and customers take this aspect into account their business decisions. In addition, states use tax incentives to encourage fiscally responsible behavior.
Lack of fiscal transparency can lead to an increase in fiscal risk and the likelihood of a tax audit with an unfavorable outcome, as well as loss of funding due to the reorientation of investors to more “responsible” companies. Likewise, consumer decisions may be affected by a loss of confidence in a company’s fiscal behavior. Long-term damage can also occur in terms of reputational risk.
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The article is signed by Daniela Dinu, Director of PwC in Romania, and Alaia Popa, Senior Manager of PwC in Romania
Article supported by PwC Romania
Source: Hot News RO
Anna White is a journalist at 247 News Reel, where she writes on world news and current events. She is known for her insightful analysis and compelling storytelling. Anna’s articles have been widely read and shared, earning her a reputation as a talented and respected journalist. She delivers in-depth and accurate understanding of the world’s most pressing issues.