Tax Audit VAT Tax Health Check with Bulk data upload Taxmate

This Video provides guide on how to Generate Tax Audit and Tax Health Check Report from TaxMate after uploading your input data. This covers Value Added Tax – VAT Audit or Health Check and Due Diligence.

You would only need to provide information on Bank Statement, Purchases and Sales information, VAT payment and VAT filing information and the system will perform analysis and return with VAT under and over declaration, underpayment and interest and penalties. This module is linked to Corporate Income Tax where revenue under declaration is reported at Corporate Income Tax for tax assessment. The VAT audit report give you the follow: 1. VAT Revenue Assessment report which assesses revenue declaration, and VAT returns, Bank statement to recompute the VAT for the year and Analyse it with Actual VAT payments and returns filing dates to assess tax liability (exposures). 2. VAT compliance report which assesses the filing dates and expected dates to determine periods where there were non-compliance or late filing. It also assesses payment dates, recompute VAT payable and determines VAT payable, interest and penalties payable for each month of the year. 3. Bank statement Reconciliation – this assesses bank transactions, income from bank, analyse it with Revenue reported and other non-income credits on the bank statement to determine over and under declaration of income. This under declaration of income is transferred to both VAT assessment and CIT calculations for the appropriate taxes to be calculated. 4. Input Tax Reconciliation – this report assesses Purchases reported per the VAT returns, and Actual purchases per the financial statements to determine any over or under declaration of input tax. It proceeds to comment on steps to take.