PO16 - Tax compliance and verification
You make sure that individuals and entities comply with their tax obligations – on time, and in the spirit and letter of the law.
Performance objective elements
The five elements of each performance objective describe the tasks, skills and behaviours that trainees must demonstrate in order to achieve the objective.
a. Sceptically verify client submissions - and submit on time to the tax authorities.
b. Determine the incidence (timing) of tax liabilities and their impact on cash flow/financing requirements.
c. Explain tax filing and payment - and the consequences of non-compliance to clients.
d. Identify allowable claims, or the need to object to/appeal an assessment, in a timely way.
e. Communicate professionally in both routine and specific inquiries.
A. Communicates knowledge of the operation and scope of the tax system, obligations of tax payer, the implications of non-compliance and advises on tax planning.
B. Advises ethically on strategic tax plans and computes the tax liabilities of individuals.
C. Advises ethically on strategic tax plans and computes the corporation tax liabilities of individual companies and groups of companies.
D. Explains and computes the effects of value added tax (VAT) / goods and services tax (GST) and indirect tax on incorporated and unincorporated businesses and advises appropriately
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