Finance

Tax com­pli­ance involves being aware of and observ­ing the tax laws and require­ments set forth by gov­ern­ment offi­cials and oth­er Tax author­i­ties. A basic exam­ple here is the annu­al April dead­line for tax return fil­ing. Indi­vid­u­als who do not com­plete their tax return fil­ing by this date are con­sid­ered non­com­pli­ant. They risk leav­ing their tax return on the table as well as fac­ing fines or penal­ties. Busi­ness­es, on the oth­er hand, must align their account­ing, report­ing, and tax fil­ing process­es with a dif­fer­ent set of laws and reg­u­la­tions than those gov­ern­ing per­son­al tax fil­ing.
Our Tax Com­pli­ance Ser­vices include the fol­low­ing:

• Tax Report­ing and Sub­mis­sion – Prepa­ra­tion and fil­ing of tax returns cov­er­ing month­ly, quar­ter­ly, semi-annu­al, and annu­al income tax­es, val­ue added tax and oth­er per­cent­age tax­es, fringe ben­e­fits, with­hold­ing tax­es and doc­u­men­tary stamp tax­es, in accor­dance with exist­ing laws and reg­u­la­tions.

• Assis­tance in Tax Examinations/ Assess­ments – Help eval­u­ate the valid­i­ty of assess­ments, assist in deter­min­ing appro­pri­ate doc­u­ments and analy­ses to be sub­mit­ted.

• Tax Plan­ning — Eval­u­ate pro­ce­dures or prac­tices that may cause expo­sure to poten­tial tax lia­bil­i­ties and rec­om­mend alter­na­tive tax-effi­cient poli­cies and pro­ce­dures, and/or min­i­miza­tion strate­gies.

To help you meet the demands of main­tain­ing an effec­tive inter­nal audit func­tion, MBSI can pro­vide you with inter­nal audit ser­vices out­sourc­ing through the fol­low­ing mod­els:

• Full Out­sourc­ing – Exe­cu­tion of a full scope, risk-focused inter­nal audit plan out­sourced to MBSI. A des­ig­nat­ed com­pa­ny con­tact, who reports to the Audit Com­mit­tee or the Board of Direc­tors, acts as the liai­son with MBSI.

• Co-sourc­ing – Has a sim­i­lar over­all approach as the full out­sourc­ing mod­el, but the exe­cu­tion of the audit plan is shared between MBSI and the com­pa­ny. MBSI han­dles the spe­cial­ized areas or those that are more cost effec­tive to out­source. These areas might include finan­cial or oper­a­tional audit­ing, com­put­er secu­ri­ty audit­ing, and spe­cial inves­ti­ga­tions.