Since a financial crisis usually means incurring losses, it almost always impacts tax reporting.
This means depicting the crisis properly in tax reporting. But more crucially utilising the tax and tax rebate potential that losses bring in their wake in the restructuring process. In short, using tax as a lever to turnaround.
However, tax regulations can also have the opposite effect, inhibiting if not completely obstructing turnaround.
Here Morison concentrates on minimizing the negative impact of tax legislation.
