- Tax settlement is a crucial and mandatory phase for businesses nowadays.
- So, what is tax settlement? What needs to be prepared, and what should be considered when conducting the corporate tax settlement process?
- Tax settlement is the process of determining figures related to the taxes that businesses must pay.
- Depending on each individual business, tax settlement can be done either every 5 years or annually.
- The purpose of tax settlement is to calculate and settle Corporate Income Tax, Value-Added Tax, and Personal Income Tax owed by the business.
Our TASK:
- Support the audit process by thoroughly preparing the accounting ledger system and documents.
- Conduct a comprehensive review, double-checking the accuracy and completeness of all accounting documents.
- Address any outstanding issues and risks that have been identified through a standard review.
Details of Tax Settlement
• After declaring and settling for your annual corporate income tax, the Tax Agency will send an inspector to your company to check and verify if the declared data is correct.
• The Tax Agency will send a notice about 02 weeks in advance so you are able to prepare all the relevant documents and records.
• Documents that need to be presented to the inspector include invoices, papers and accounting books balanced in previous years, from the last settlement.
• In case you declare incorrectly leading to a reduction of the amount of tax payable, the inspector will recalculate the correct number and you will have to pay a fine for the difference.