Planning for regulatory compliance simply means applying for permits in a fashion which is timelier. The company on planning the compliance must make a framework which all the employees must follow. The planning for compliance is very similar to tax planning. The procedures involved in tax planning are in fact a very good analogy as a programme for the companies to develop in the environmental compliance area.
By making an environmental compliance plan, the company can reduce or avoid problems which arise due to noncompliance. Planning on compliance has certain benefits, though not all these benefits are quantifiable., they are tangible and can help benefit the company under tax laws. Many companies develop a compliance plan which has the element of saving, i.e., “pollution prevention” and switching to non-hazardous materials. The company can even save on switching by simply reducing the use of hazardous materials. Some other benefits include, economic benefits and cost savings. As mentioned above, if the framework laid
down of the compliance is followed by the companies, then it can help in improving the employer’s relationship with one another. The company can also gain substantial advantage over its competitors.
The environmental laws of companies are complex in the present world and are seen to be increasing its complexity in the coming days. These laws cannot just vanish on wishing so. Therefore, it is rational on any company that seeks to maximise profits also follow the regulations, that’s when these companies will gain its aimed profits. The problem of non - compliance can be avoided if the company uses the aspects that have also been applied in the fields of tax planning etc. by following the regulatory compliance, the company can also benefit in the economy of the company and also cut down costs and gain profits. This can all
be achieved by those companies who present themselves with the compliance process.