We are living in an era of FOMO, fear of missing out, in which many carpetbaggers barrel into risky opportunities with the hopes of overnight riches.
It is said that, “…if people can get away with things, they will.”
Any business that’s run into trouble with the tax authority or had their tax return adjusted or audited can confirm the critical importance of tax compliance.
In some cases, tax compliance refers to the willingness of business owners to act in accordance with both the spirit and the letter of the tax law and administration, without enforcement by the tax authority.
Often the negative perceptions of the tax system, particularly the tax rate structures and government spending, encourage taxpayers to avoid and evade paying tax.
It is said that there is a direct correlation between tax rates and taxpayers’ willingness to comply and various studies have established the relationship between tax rates and the amount of tax evasion. The higher the level of taxation shows the greater the incentive to escape taxes.
Maintaining compliance with changing complex tax laws can be challenging, particularly when it comes to international organisations that do business globally.
The ongoing non-compliance behaviour across the world is a relative concern to tax authorities and has led to the establishment of the Global Forum on Transparency and Exchange of Information for Tax Purposes. This international body working on the implementation of global transparency and exchange of information standards around the world, is supported by more than 163 member countries.
Furthermore, the complexities involved in filing tax returns that do comply, are on the rise, causing more people to turn to tax professionals for assistance.
At SGN Konsult, we specialise in taxation and can help individuals and business owners navigate complex tax law, report appropriately and calculate the amount(s) owed to ensure that the correct amount of tax is paid on time.
The team of experienced professionals at SGN Konsult are well-versed in more specialised areas of taxation that could apply to companies, trusts and individuals. This includes various forms of tax, like income tax, value added tax, estate duty, inbound and outbound transactions within international taxation, as well as the income taxation of trusts and the resolution of disputes with the tax authority.
The SGN Konsult Team
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