Manuscript Number : SHISRRJ24780

Taxation Law Compliance and Corporate Governance: Utilizing Business Analytics to Develop Effective Legal Strategies for Risk Management and Regulatory Adherence

Authors(5) :-Adeyinka Lawal, Bisayo Oluwatosin Otokiti, Sibongile Gobile, Adeola Okesiji, Odunayo Oyasiji

Taxation compliance and corporate governance are fundamental to sustainable business operations, ensuring legal adherence, financial transparency, and ethical responsibility. In an era of increasing regulatory complexity, businesses must navigate evolving tax frameworks while mitigating compliance risks. This paper explores the interplay between taxation law compliance, corporate governance, and business analytics, emphasizing their collective role in fostering regulatory adherence and risk management. The study first examines the legal and regulatory framework governing tax compliance, highlighting key principles, jurisdictional variations, and enforcement mechanisms. It underscores the consequences of non-compliance, ranging from financial penalties to reputational damage. Corporate governance emerges as a critical factor in shaping tax strategies, with board oversight, ethical considerations, and responsible tax planning influencing regulatory adherence. The paper further delves into the role of business analytics in tax risk management, showcasing how data-driven decision-making, predictive analytics, and artificial intelligence enhance compliance efficiency. Advanced monitoring systems and automation tools are explored as essential mechanisms for proactive compliance management. Findings indicate that an optimal tax strategy necessitates a balance between corporate governance, ethical tax responsibility, and technological advancements. Businesses integrating predictive analytics and real-time monitoring systems into their compliance frameworks are better equipped to navigate regulatory challenges. The study also highlights the importance of transparency in tax reporting, the ethical implications of tax avoidance, and the need for cross-sector collaboration between regulatory bodies and corporations. Policy recommendations emphasize the need for enhanced tax transparency, digital compliance infrastructure, and risk-based audits by regulators. Businesses are encouraged to strengthen governance structures, adopt AI-powered tax compliance tools, and engage in ethical tax practices. Organizations can optimize compliance, reduce legal risks, and contribute to a fair and efficient tax ecosystem by implementing these strategies.

Authors and Affiliations

Adeyinka Lawal
Managing Counsel, Adept LP and Consultants, Nigeria
Bisayo Oluwatosin Otokiti
Department of Business and Entrepreneurship, Kwara State University, Nigeria
Sibongile Gobile
Independent researcher, South Africa
Adeola Okesiji
Independent Researcher, Calgary, Alberta, Canada
Odunayo Oyasiji
Independent researcher, Calgary, Alberta, Canada

Tax Compliance, Corporate Governance, Business Analytics, Predictive Tax Risk Management, Regulatory Adherence, Ethical Tax Strategies

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Publication Details

Published in : Volume 7 | Issue 6 | November-December 2024
Date of Publication : 2024-12-12
License:  This work is licensed under a Creative Commons Attribution 4.0 International License.
Page(s) : 134-161
Manuscript Number : SHISRRJ24780
Publisher : Shauryam Research Institute

ISSN : 2581-6306

Cite This Article :

Adeyinka Lawal, Bisayo Oluwatosin Otokiti, Sibongile Gobile, Adeola Okesiji, Odunayo Oyasiji, "Taxation Law Compliance and Corporate Governance: Utilizing Business Analytics to Develop Effective Legal Strategies for Risk Management and Regulatory Adherence", Shodhshauryam, International Scientific Refereed Research Journal (SHISRRJ), ISSN : 2581-6306, Volume 7, Issue 6, pp.134-161, November-December.2024
URL : https://shisrrj.com/SHISRRJ24780

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