Minimizing Tax Risks
Tax audit services in Georgia are very important for businesses / companies in order to reassure and minimize tax risks. For whom it is important?
Tax Accounting Services
Company's tax accountants are conducting a crucial and very important role for the company to stay in compliance with local tax regulations. In order to comply with them - the accountants must always be informed with the latest tax changes and implement them in company policy as soon as possible. At the same time tax accountants are in constant analysis of tax implementation on company activities. All of this creates a huge pressure on tax accountants.
Therefore, tax accountants need tax audit services in order to have an alternative view from an independent party on particular tax related issues. This also makes them more comfortable while working in a company, where they know in advance that there will be other people involved in auditing jobs conducted, thus minimizing their burden.
Tax Audit for Managers & Shareholders
Managers / shareholders are interested in tax audit as it plays a pivotal role in minimising tax risks. Tax risks can trigger other risks such as:
- fines;
- administrative liability;
- criminal liability;
- reputation risks;
- bankruptcy;
- legal fees;
- ESG risk.
All these risks are super important for the sustainability of business and in case of their realization - they may damage the company in an unpredictable way. Thus, managers and shareholders are doing everything to minimize those risks, and one of the mechanisms is regular tax audit.
LTA’s Tax Consultants in Tbilisi
Tax Audit / Review Service normally includes:
- Inquiry of authorized persons of the client on all types of accounting transactions, tax methodology/policies used in the process of calculation of taxes and preparation of tax declarations, identifying material inconsistencies with the effective tax law.
- Tracking and reconciliation of figures used for calculation of declared taxes to the trial balance and other financial statements/documents of the company.
- Review of business trip documentation and other initial documents.
- Identifying material tax risks based on the above procedures, evaluating them by qualitative and quantitative nature and providing advice on their possible impacts.
In the audit process, the tax base of all types of taxes is checked, tax accounting and financial reporting audits are conducted, both for complex and individual taxes.
Our law firm in Tbilisi provides full legal tax audit services. including tax dispute management, tax residency, tax and customs consulting and company registration. Book our service today!
FAQs
What does Tax Audit Involve?
To make sure that tax regulations are being followed, a tax audit entails a careful examination and confirmation of a business's financial documents and tax returns.
Who needs tax audit services in Tbilisi?
Tax audit services are essential for tax accountants in order to get a fair assessment of their work and make sure that the company's tax policies are current and adhere to regional laws.
Company managers and shareholders should reduce the danger of fines, legal fees, and insolvency, among other tax-related issues that could harm the company's finances and reputation.
How does your company handle complex tax issues during the audit process?
Our company uses a systematic method to handle complicated tax matters, which includes: A thorough examination of the business's tax base and financial reporting, finding discrepancies with the tax laws as they stand.
strategic guidance on mediation and tax planning, providing expert advice on customs and tax residency matters to guarantee that each component of taxes is handled thoroughly.
