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Tax Audit
A tax compliance audit is a special audit carried out by a Tax firm to verify whether a company has calculated and filed its corporate income tax correctly in accordance with all applicable regulations. At the conclusion of the audit, a special tax compliance audit report is issued to the tax office.
The audit procedures undertaken for a tax compliance audit differ from financial statement audits in that most of the work focuses on reviewing expense vouchers and verifying the Company’s compliance with income tax laws and regulations.
A tax compliance audit is not compulsory for most companies. Nevertheless, the government grants a number of significant incentives to companies who hire CPA firms to carry out such audits:
- Companies for which a tax compliance audit report is filed along with the corporate income tax return are entitled to use a more favorable formula to calculate the maximum tax-deductible amount for entertainment expenses.
- When a tax compliance audit report has been filed together with a tax return, tax officers are required to address their initial questions to the Tax firm before approaching the company for additional information.
Our Approach
The TaxGuider team conducts interim audit and tax reviews prior to the end of the year. We discuss our findings with the client’s management and, if any violation of tax regulations is detected, we advise the client to file for rectification prior to the end of the year.
EXPERT GUIDANCE
Our team of legal and accounting professionals helps you through every step of the registration and accounting process.
TRANSPARENT PRICING
Tax Guider Offers clear and affordable pricing with no hidden fees. Every fee is made clear at the beginning.