RS From problem to solution Audit of tax liabilities and amounts due to non-budgetary funds

Audit of tax liabilities and amounts due to non-budgetary funds

March 2012

Tatyana Vinokurova
Head of Subscription service
department ICLC

ICLC offers an increasingly popular service “Audit of tax liabilities and amounts due to non-budgetary funds” which focuses on assessing, reducing and preventing potential loss arising from risks associated with improper calculation of tax liabilities and amounts due to non-budgetary funds. These risks include fines, penalties and other sanctions which might be imposed by authorities.

  • calculation of tax bases on taxes most significant for the taxpayer;
  • accrual and payment of insurance contributions to extra-budgetary funds.

The assessment by ICLC specialists includes the following procedures:

  • analysis of tax payments and insurance contributions in the exercise of financial and business operations of a company; identification of potential risks;
  • defining circumstances, not identified by the company, resulting in tax and other liabilities;
  • analysis of the methods of calculating tax payments and insurance contributions, using benefits with consideration for a corporate structure and legal relations with counteragents;
  • checking correctness of preparing tax returns and calculations;
  • identifying reserves, including those with consideration for specifics of tax planning in holdings, which mean amounts of tax payments and insurance contributions that were overpaid due to insufficient elaboration of the changes made in the tax legislation, accounting policy for taxation purposes and lack of sufficient corporate support.
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Following the assessment top managers are provided with a report of identified violations as well as recommendations on their elimination, which will enable the company to decrease tax risks in the future.

Having assessed the identified violations and a general scheme of tax payments and insurance contributions, ICLC can propose an efficient scheme of taxation taking into account specifics of a client’s business.

We offer you both total analysis of the available taxation system of the company and optimization of separate, most problematic sectors in the current tax management system.