Tax Audit

1. What is tax audit?
Tax audits involve a visit by the Inland Revenue Board (IRB) officer to business owners ("tax payer") corporate premises to review tax payer's operation, financial records and other supporting documents which substantiate the position taken in the tax return.

2. What is the aim of tax audit?
Tax audit is required to ensure that tax payers report the correct amount of income and pay the right amount of tax which is computed in accordance with the tax laws and regulations. For the government, it works as an enforcement tool ensuring that the Self Assessment System is strictly complied with to prevent any loss of revenue of the government.

Role of Tax Accountant

Financial tax accounting is a branch of accounting that helps to keep financial records of the company’s transactions. This is usually done by an accountant who follows standard guidelines to record transactions and summarizes data for financial statements. Financial Tax Accounting is the recording, interpretation and reporting of financial transactions. Every business has to keep a proper record of financial tax accounting, which is a branch of accounting.

It is one of the most important areas in the economy. To maintain the smooth functioning of your business operations, adequate knowledge of the different tax accounting methods is important so that they apply the appropriate procedures for the type and size of their business.