Regular tax health checks help identify compliance issues before they become problems. Use this checklist to assess your business tax health.
Registration and Filing
- Business license and tax registration up to date
- All tax returns filed on time
- Tax payments made by deadlines
- Registration changes reported promptly
Documentation
- All invoices properly issued and received
- Supporting documents for all transactions
- Bank reconciliations completed
- Contracts and agreements on file
- Documentation retention policies in place
Common Risk Areas
- Related-party transactions properly documented
- Employee vs. contractor classification correct
- VAT input credits properly claimed
- Expense deductibility verified
- Tax incentives properly applied
Internal Controls
- Clear approval processes for transactions
- Segregation of duties in financial processes
- Regular internal reviews and reconciliations
- Tax calendar with all deadlines
Recommendation: Conduct a tax health check at least annually, or quarterly for complex businesses.
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