TAX AUDIT VS TAX HEALTH CHECKS.
What is a Tax Audit?
A Tax audit is an examination of your tax issues to verify whether your tax returns and tax deductions are accurate and in hand with the legislation requirements. It entails a verification and closer look at your tax affairs. There are generally different types of audits depending on what the tax regulatory authorities (ZIMRA) request on that particular time.
Tax Audits in our Zimbabwean context are done randomly and to any particular industry. They may reveal inaccuracies, incorrect treatment of transactions which affect the tax due hence it may result to penalties and interests.
Who are the target people for the audit?
Every business in the country can be audited with regards to Tax.
What is a Tax health Check?
It is a closer review of the tax affairs of a business, which intend to highlight potential weaknesses or risks arising from errors or omissions in the business records and tax systems, as well as identifying potential tax liabilities. This involves a tax expert who goes through the company systems and contrast them with the legislation.
Who needs tax health check?
Every Business needs it in order to be able to meet their obligations and avoid tax risks.
Be on the lookout be ready for audits hence contact us for Tax health checks for you to be equally ready. Stay alert with us.
Tax Expert Misfort tax consultancy
We are a consultancy company with experts in providing tax health checks to your organisation. We have experience and we have provided these services to different entities from Local board authorities, Manufacturing industry, Energy industry (Service stations) and Doctors.