Tax / Tax audits and due diligence reviews
Tax audits (reviews) are a specific and highly efficient type of tax advisory. Their main objectives are: to verify whether taxpayers correctly perform tax obligations and whether they apply an appropriate methodology, to indicate potential irregularities, to identify potential tax risk areas, to propose solutions for curing such irregularities, and to point out actions that may be taken in order to eliminate or mitigate the risks identified.
Tax audits are not merely intended to verify correctness of the current and past tax settlements; they are also an efficient tool for verification of taxpayers’ operations to be directly reflected in their tax liabilities. In other words, an expected tax audit (review) result is also a tailored proposal of new solutions that will be more efficient than those applied by the taxpayer to-date. This, in turn, leads to producing a clear basis for the taxpayer making more effective business decisions. In consequence, tax audits create opportunities to improve the taxpayer’s financial results.
In a nutshell, tax audits may produce tax savings in two ways:
Following the fact that tax authorities are becoming increasingly professional in verifying correctness of prices used in transactions between related (personally or through capital) entities, we have established three additional types of tax reviews:
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