Non-compliance by taxpayers with their indirect tax obligations may occur due to unintentional errors as well as intentional fraud and may consequently lead to penalties arising from the underpayment of taxes.
Commonly, the understanding of taxpayers’ obligations are:
The taxpayers may technically meet their obligations by adhering to the above, but compliance may be in question due to interpretational differences of the law. As a result, indirect tax compliance risk management needs to be put in place.
The indirect tax compliance risk management is a structured process for the systematic identification, assessment, ranking, and treatment of indirect tax compliance risks. In general, it is an iterative process that consists of well-defined steps to support taxpayers’ decision-making.
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