Tax levied on goods and services is a highly regular occurrence, appearing in multiple transactions during the day. At times, indirect tax could pose as quite a heavy, financial burden on a company’s cash flow management. Compliance to VAT regulations in different jurisdictions around Europe, especially since Malta’s accession to the EU, could prove to be quite a challenge, especially given the volatility and frequent changes to tax legislatures. When compliance is not met, heavy fines are issued, sometimes due to a slight overlook from the part of the bookkeepers.
Inefficiencies in VAT compliance, tax collections and refunds can lead to dramatic overhauls in companies and in extreme cases, a sheer collapse of the entire system. This is why it is essential for businesses to be at the helm of changes in directives and tax liabilities, and to be well prepared for government-issued VAT investigations. With ever increasing rates in cross-jurisdictional transactions and international trade, these investigations are becoming more frequent. This does nothing to facilitate the business’ task of ensuring compliance with different jurisdictions and changes in laws; in fact, it only makes the task more burdensome and stressful. This is especially relevant for small to medium enterprises that are attempting to carve a niche and to achieve a Competitive advantage, whilst keeping up with compliance issues.
Our team at TACS appreciates the sheer volume of work required of any business in this regard, and is here to facilitate the process. From assisting with VAT registration and preparing submissions of VAT returns, to optimising systems which process transactionsnso as to ensure correct indirect taxation on goods and services, we cover the whole spectrum. We know how uncomfortable it is when non-compliance issues are brought to the fore; dealing with tax authorities is never pleasant. We are here to make sure this never happens, with industry and tax specialists at your service, ready to help with health checks and tax planning. With experts in fields such as iGaming, maritime and yachting, electronically-supplied services as well as financial services, your tax matters will be dealt in the timely and efficient manner your business deserves.
As auditors, we can also assist you with the certification of computerised systems. This involves a thorough examination of a company’s computer systems to ensure reliability, security, and compliance with industry standards. The process includes assessing data integrity, system controls, and risk management protocols. We will evaluate the implementation of security measures to protect against unauthorized access or data breaches. Additionally, the certification verifies that the computerized systems meet regulatory requirements and adhere to established best practices. We can also assist you in certifying the system to obtain the EXCO number.
