Taxation
Background
Taxation management is a strategy where by a person manages its business and other transactions/activities in such a way so as to make maximum use of tax holidays, exemption, concession, rebates, tax credits, deductible allowances available under law and as a result is able to derive the legitimate benefits offered by the authorities. To achieve these objective, clear understanding of respective laws and professional expertise of their application is of utmost importance.
Tax management and planning is one of the complex areas of overall financial management since it involves complex and cumbersome laws and regulations.
The Challenge
Business owners face lots of challenges in meeting their tax obligations and avoid future complications in tax audits by authorities. As good citizens, all business owners has to pay their due taxes on accurate and timely basis to discharge their legal and social responsibilities. However, following are the challenges that needs to be addressed;
-
Less understanding of complex tax laws at individual and corporate levels
-
Identifying proper deductibles such as travel, entertainment, depreciation or other common expenses
-
Knowledge about suitable corporate and group structures
-
Lack in identification of available tax exemptions and tax holidays
-
Identifying and keeping track of available losses for carry forward and set off
-
Keeping up to date about fast changing tax laws
-
Understanding of tax implications of complex arrangements such as employment benefits and incentive plans
Solution by ABL
The company will offer to its clients various types of tax calculation and advice. Scope of such advice may include;
-
Assurance about taking into account all deductibles and tax holidays as per laws
-
Decisions regarding available choice between an employment and self- employment
-
Available choice of a business as sole proprietorship, partnership, private company or public company.
-
Studies of the effects of business mergers, amalgamation, winding up, liquidation, dissolution etc.
-
Making sure all deadlines are met
-
Performing all calculations, filing of returns and maintaining records as per laws