As financial controller at a manufacturing company you have been advised by a
colleague that the sales director is unlawfully declaring fuel benefits as the tax
value is high. This has been creating higher profit margins and if declared those
margins will go down. There is potential that this could push the company into
insolvency, which would result in job losses for 300 employees. You have
the other directors aware of the situation but they have expressed a wish not to
disclose the misleading tax bill. You are aware that by declaring this information
to the tax authorities, as required by law, that the organisation may have to
declare insolvency and those 300 employees could lose their jobs.
What would you do? Provide practical justifications for your response. what do you do?