Tax compliance reviews
It entails periodic detailed review of business financial statements and records with an objective to ensure all transactions are recorded appropriately, tax resulting from these transaction has been properly recorded and paid when due. Possible taxes include Value Added tax (VAT), Withholding Tax (WHT), Pay As You Earn (PAYE), Customs & Excise duty, Fringe Benefit tax (FBT), Instalment tax and Advance tax. Such review would also include review of statutory obligation arising from employment income earned by employees to ascertain that they are correctly calculated and timely remitted. They include National Social Security Fund (NSSF), National Hospital Insurance Fund (NHIF), National Industrial Training Authority (NITA), Higher Education Loans Board (HELB) and Pension contributions.
With tax compliance reviews, businesses are provided with an upper eye that reconfirms and assures that the financial information and reports prepared by an in-house accounting and finance department are not materially misstated, presents a true and fair view of the business status, are tax-risk free and the business is taking full advantage available opportunities to minimize tax exposures. At the same time, the reviews provide a training opportunity for the finance department, highlights instances of non-compliance and sphere-heads clean up exercises.
As an award winning firm of chartered accountants our mission is to provide information, analysis and advice that enables business owners to build better businesses, make more money and achieve their goals.
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