Preparing and assisting the company in preparing tax returns and submitting them to the Tax Authority in accordance with the provisions of the law, preparing the tax file and coordinating with the Tax Authority. Attend the tax examination, internal committees, tax appeal committees, tax judicial disputes in the courts on behalf of the company, attend before the courts and the office of experts in disputes related to the dispute between the tax authority and the financier and submit defense memoranda at all stages of taxation
Key Features
- Tax Base: Generally calculated on the net profit after deducting allowable expenses from total revenue.
- Tax Rate: Varies across jurisdictions, often progressive, meaning higher profits attract higher tax rates.
- Tax Period: Typically annual, but some countries may have quarterly or semi-annual filing requirements.
- Tax Incentives: Many governments offer tax incentives to promote specific industries or regions, such as tax holidays, reduced rates, or investment allowances.
Impact on Businesses
- Profitability: Directly affects a company’s bottom line, influencing dividend payouts, reinvestment, and overall financial health.
- Investment Decisions: High tax rates can discourage investment, while tax incentives can encourage it.
- Competitiveness: Tax burdens can impact a company’s ability to compete domestically and internationally.
- Compliance Costs: Businesses incur costs for tax planning, record-keeping, and filing returns