Tax Compliance
This refers to the act of following and adhering to the tax laws, regulations, and requirements set forth by the government, ensuring accurate and timely filing of tax returns and payments.
Do all businesses pay and file similar taxes?
No. The type of taxes to be paid and returns to be filed depend on the type of business and the type of entity.
What are the consequences of non-compliance with tax regulations?
The business will suffer from penalties, fines or surcharges. It may also lead to reputational damage, legal actions, or audits, which can be costly and time-consuming for the business.
What are the benefits of being tax compliant?
Among others, a tax-compliant entity may enjoy the benefit of avoiding future legal issues, ensuring a smooth relationship with tax authorities, maintaining investor confidence, and contributing to the overall stability of the economy.
Reach us out to learn more.
"If you think that compliance is expensive, try non-compliance!"
Paul McNulty (former US Deputy Attorney General)
