WHAT IS VAT RISK AUDIT AND IT'S BENEFITS.
As per new VAT laws in every year ending audited annual financial report should be submitted to VAT commissionarate with in six months. If one can extant the time another six months after permission of commissioner but mandatory to submitting that.
Previously a businessman would submitted many document to the VAT office for so many purpose regarding flow the VAT rules. Such as monthly returns, mushok 4.3 and other related from as per VAT office requirements.
What happened in annual financial report?
A businessman man can see his financial condition, total assets, total liabilities, total revenue, cost of goods sold, admin overhead, sales and marketing overhead, financial overhead, net profits before tax and net profits after tax that will be allocated to the shear holder.
What can makes VAT RISK in annual financial report?
VAT means value added tax so in every day to day transection increase the value of product and every value increase has related with VAT. Hole the year a businessman had submitted that kind of data for VAT office and it's hole the year summary is annual financial report. So it is important for a businessman after prepared the annual financial report should checked with VAT related papers that was submitting time to time in VAT office. Before finalizing the financial report must be checked with VAT related papers. If one time the has summited in VAT office and find any mismatched with annual financial report and VAT related papers they can demanding due VAT with monthly interest and same amount will be given as penalty.