Taxation

The responsibility for the smooth operation of the tax function demands a significant amount of time input, attention and great foresight from the management in order to meet the challenges posed by the tax compliance requirements. Failure to devise purposeful and result yielding strategies to efficiently manage the tax function imposes challenges which could rather impair optimum performance rather than encourage growth. The need therefore to employ all available resource means to ensure optimum compliance must be encouraged.
You may note that our engagement to provide the tax compliance services run year on year subject only to the renewal of terms of work and fee charge. Other services which we shall introduce later will be the subject for separate fee negotiations.
Our Approach
a) Income tax Act 2015 (Act 896) as amended imposes onerous tax responsibilities on the tax payer. Failure to comply with the requirement of the tax law invokes stiff penalties.
b) Keeping pace with the VAT Act 870 requires great caution since this law has indeed expanded the VAT scope.
c) Again the new Custom Act introduces huge challenges to businesses entities which then demand that business concerns need to structure their outlook to meet the challenge.
• The responsibility to accurately report the tax liability in all cases is a function reserved for management.
• Self-compliance and transparent reporting supported by the law are the first areas which provide the basis for accurate reporting of the tax liability. This gives rise to no need to over report or under report. No need also arises to necessarily incur penalties or to create unfavourable suspicions for the Revenue to react to.