Audit & Taxation ServicesAuditors
followers of the Companies Act 1965 all limited companies must appoint Auditors within three (3) months after its incorporation. Appointment of Auditors The first is the responsibility of the Director and effect until the first General Meeting at which the declaration has to be presented in the audit.
Auditors approved is a person who possesses tetentu and has been approved as an auditor by the Ministry of Finance. Audited
by Section 167 of the Companies Act 1965, the directors are responsible for ensuring that the company keeps accounting records sufficient to explain the company's transactions. Accounts should be adequate to determine the financial position of the company and enable profit and loss account and balance sheet as a true and fair prepared to be audited. Transaction record (declaration) the company must be kept for at least seven (7) years.
The annual accounts must be audited abridged presented at the Annual General Meeting of the company prior to the lodgement of SSM with annual returns. Taxation
self-assessment system was introduced to the company from year 2001. Under this system of company directors is responsible for determining the tax liability of the company and make payments to the IRB.
Taxpayers should determine the correct tax liability and make payment to the IRB itself. This does not mean that the IRB will not examine tax returns. Some will be in the form of tax audit. Likely IRB will audit the company which is likely to make estimated tax low or no true and which are exposed to high-risk income.
The company should have a good record keeping system. This will help prove that any information provided is true and accurate when the audit by the IRB. A company start ups need to send estimated tax must be paid within 3 months from the date of starting a business and making payment to start the sixth year of assessment.
Company start-up operation can produce a reasonable amount of estimated tax for that year, but the difference between actual and estimated tax may not exceed 30% of the actual tax, which if it exceeds 30%, the excess will be subject to penalty.