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If you've landed on this page, chances are you are considering embedding sustainability into your business practices (tax-) efficiently. By adopting taxation into your sustainable strategy, it opens doors to investment opportunities in sustainable ventures such as renewable energy projects and sustainable development. Instead of navigating the ever-evolving complexities in-house, we offer our experience and expertise in a cost-efficient manner.
New legislation, codes of conduct, and anti-avoidance initiatives demand a recalibration of tax strategies. Governments worldwide are incorporating tax measures to incentivize ethical practices, fair compensation, and societal contributions. The importance of identifying and managing these opportunities and risks is evident. Companies are facing challenges such as:
Our Sustainable Tax team recognizes that aligning with sustainability objectives may disrupt your accustomed business operations. However, we are adept at assisting businesses in integrating ESG (Environmental, Social, and Governance) principles with “green” tax compliance, strategy, and opportunities. Our goal is to not only helping you comply with evolving regulations such as the Corporate Sustainability Reporting Directive (CSRD) and European Sustainability Reporting Standards (ESRS) but also to ensure your business makes a meaningful impact in the realm of corporate social responsibility.
Our one-stop-shop approach addresses diverse challenges, from navigating intricate reporting requirements to managing implications of the Carbon Border Adjustment Mechanism (CBAM) and ensuring compliance with the EU's Deforestation Regulation (EUDR). Beyond compliance, we excel in optimizing tax benefits through strategic investments in sustainable assets and initiatives.
We understand that embracing sustainable development goals can be a shift from your traditional business practices. Let us guide you through this journey, crafting a tax strategy that not only complies with regulations but also seamlessly aligns with your commitment to sustainability.
Would you like to get a better understanding of the impact of sustainable tax on your company? And would you like some assistance to take the first step from theory to practice? We can help.
As part of a company’s corporate social responsibility, ESG standardization is introduced through regulation for benchmarking, recognizing both incentives ("carrots") and taxation, penalties, and reporting requirements ("sticks"). Incentives include tax benefits and positive recognition for transparent ESG reporting. Yet, you should not solely rely on avoiding penalties for non-compliance as well as taxation and reputational consequences for poor ESG practices.
As ESG disclosures become standardized, they facilitate more rigorous comparisons of corporate performance across diverse criteria. This enables stakeholders to draw insights not only on financial performance but also on a company's purpose and social responsibility. Additionally, ESG reporting provides companies with insights into their standing relative to peers and competitors, aiding in strategic positioning and benchmarking efforts.
Challenges also arise in meeting your stakeholder expectations amidst the evolving regulatory landscape. Beyond compliance, embedding ESG into your culture enhances efficiency, attracts business, and secures lasting benefits. In a competitive labor market, an ESG-focused culture boosts your productivity and talent retention. Go beyond regulations to build a better, resilient future. Conduct culture assessments for sustainable benefits, balancing both regulatory "carrots" and "sticks," including taxation and reporting requirements.
Beyond traditional sustainability and tax services, we provide expertise in emerging areas that shape the sustainable tax landscape:
At Grant Thornton, we understand that corporate social responsibility and ESG (Environmental, Social, and Governance) considerations go beyond compliance - they shape the future of responsible business practices. Our one-stop-shop approach connects ESG and sustainability with compliance, ensuring your business is well-positioned to create a positive impact. Whether you seek assistance with the 'carrots' of sustainability benefits or the 'sticks' of compliance obligations, our integrated services empower your business for a sustainable future. Please contact us for more information.
