Tax Acts, standards and rules impose many compliance requirements on companies to comply with myriad of issues either as direct or indirect tax payments. Tax audits and investigations would require taxpayers and practitioners to apply both taxation and accounting knowledge in order to be compliant with the various requirements and Acts. Companies need to adhere to the income tax compliance procedures as required by taxation laws, guidelines, rulings and other regulations. Otherwise, it can create elements of risk to these enterprises.
These risks can range from low to extremely high, depending on the quality of work and accuracy of information as contained in the company accounts. Potential problems arising from poorly prepared tax computations will have a high possibility of a business being subjected to further special tax audit exercises or even lead to a tax investigation on the company and its directors.
- Obtain a sound knowledge of income tax laws and regulations pertaining to corporate income taxes
- Focus on critical areas relating to tax computations
- Gain insights into the general tax audit processes and how to plan for tax audit exercises
- Understand how you can carry out the fieldwork in tax audit of the various taxes imposed on a business entity
- Learn how to deal with tax audit / Investigation teams
- Learn how to prepare for audits and investigations
Lectures supported by PowerPoint presentations, exercises, discussions and application of legal issues derived from tax cases.
- Tax Audit Framework
- Objectives of tax audits
- Classes of audits
- Factors that could trigger audits
- Preparing for tax audits
- Taxpayer’s rights and responsibilities in a tax audit
- rights and responsibilities in a tax audit
- Negotiation with the tax authorities
- Finalization or settlement of a tax audit issues
- Audit penalties
- Defending the taxpayer’s position in respect of tax audit findings
- Tax audit appeals - should it be done?
- Tax Investigation Framework
- Objectives of tax investigations
- Factors that could trigger an investigation
- Risks taxpayers’ face in an investigation
- Informants and information sources
- Areas in financial statements carrying risk of investigations
- Preparing for a potential investigation
- Taxpayer’s rights and responsibilities in an investigation
- Finalization or settlement of an investigation
- Defending the taxpayer’s position in respect of tax investigation findings