When do you expect an audit team from the authority to visit you for auditing purposes?

When do you expect an audit team from the authority to visit you for auditing purposes?

The authority has the right to conduct audits of companies at the time and place it deems appropriate. However, most of the time, the commission’s request to start auditing a company is for some specific reasons.

Moreover, one of the most important reasons is the presence of errors in the tax declarations. Accordingly, it would be best if you asked yourself the following questions:

  • Did you know that the penalty rate for sums owed to the authority and the delay in payment due to errors in calculating the tax in the declaration or the refund of input tax due to a wrong method is 5% before informing you of the audit and 50% after the audit, in addition to other fines?
  • Did you know that you are supposed to be ready to submit all the reports and documents for the submission procedure? If that is not available in the necessary time, this will expose you to fines.
  • Did you know that the authority informs the company of the audit results within ten working days from the end of the audit? The company has the right to know the documents on which the audit results or fines have been relied upon, according to a request submitted within 20 working days from the date of notification. In the event of an objection, a reconsideration request must be submitted to review the audit results within 20 working days from the date of notification?

Do not worry. You do not have full knowledge of dealing with any of the above procedures, and our tax agents will help you with it.

Why should you hire a tax agent now and not wait to get into trouble?

  1. The tax agent protects your company from exposure to fines, which could reach 300% of the principal amount.
  2. The tax agent studies your business and gets fully aware of the nature of the activity and the procedures followed. It also includes the accounts you have before facing the tax audit. It would be best to appoint a tax agent before the tax audit. So that they have the necessary time to respond correctly to every query raised in the audit
  3. The tax agent represents the company before the Tax Authority. They submit declarations and requests for recovery and represent the company in objections in all matters related to tax. They keep tax records in the manner requested by the authority and update the company files. A tax agent follows up on the submission times, follows up on receivables, and audits all transactions that affect tax accounts.

 **You should be sure that appointing a tax agent is no less important than the cost of insuring the company against fire or vehicles against accidents. For example, it is difficult for the company to work out the results if you do not provide insurance if an error occurs.

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