COVID 19: TAX RISK MANAGEMENT – STRATEGIC COMPLIANCE REVIEWS
Mitigating tax risk is a strategic imperative for every taxpayer, especially corporates, where the fiduciary responsibilities of directors and prescribed officers are far reaching.
The announcements by President Ramaphosa provide little relief for medium to large companies to defer tax compliance filings and provisional tax submissions.
Cash flow for the fiscus now becomes an imperative and it may well be that disclosures in tax returns and adjustments in arriving at taxable income become a greater focal point for the South African Revenue Service.
Now may be the time that professional advice is sought, prior to filing the annual returns and provisional tax returns, to:
- assess the completeness of the information required and questions asked in the tax return;
- establish the completeness of information and schedules supporting material adjustments in the return as well as pertinent financial information; and
- take advice on the efficacy of the more material adjustments in the tax computation.
We have an experienced, multi-disciplinary team of tax professionals to assist corporates to meet their tax compliance obligations.