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Deal with tax audit
Friday, 08 August 2014 00:00

The purpose of a tax auditor is to make sure the tax filings and tax imposed on the taxpayers are correct by reviewing the business transactions conducted by the taxpayer and providing the taxpayer with correction methods if there is any mistake in filings in accordance to the tax law.

A tax audit may strike fear into the heart of a taxpayer because it is common for the taxpayer to think that they won’t be spared without being required to pay more tax or a fine. As such, we would like share with you what and how to do during an audit.

1) It’s essential to understand how the opinions of the tax auditor(s) are different from yours by bearing in mind that the different view on the timing and circumstances of the fact(s) being audited will lead to the different view on the tax rules applied.

2) It’s important that your manners must be determined, honest and polite. Remember that it’s not wise to let the fear overwhelm you or confront the auditor with hostile behavior. It’s vital to be in a resolute but not stern manner when you believe that you are correct, yet be honest to admit your faults if any found.

3) Last but not the least, it’s important to be well prepared physically and mentally. A set of documents required to be prepared are the field tax returns, general ledger, subsidiary ledger and the supporting documents such as bills/invoices and company minutes etc. If necessary, consult your tax accountant for the method of preparing explanation documents before the tax audit.

 


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