Audit Shield Anniversary
It’s that time of year again when we invite you to participate in Audit Shield Insurance.
The Government continues to provide extra funding year after year to assist with combating the black market economy by picking up the tax dodgers which means additional resources are applied to review filed tax returns of any tax type.
The May 2018 Budget announced the allocation of funds to the Inland Revenue Department of $31.3m of operating spending over the next four years to ensure outstanding Company returns are filed and to analyse the potential to improve the tax compliance in specific industries.
If you are unlucky enough to receive a request for information, whether it relates to a return enquiry, investigation or review we will be able to assist and this is where Audit Shield kicks in. The invoice for professional fees relating to the time taken to respond to the request for information or participate in an audit will be covered by the insurance which could range from $400 – $4,000 depending on the complexity of the questions asked, information required or the timeframe taken to complete the request or audit.
Audit Shield is available to all clients, and while we hope that you never have to make use of it, we do recommend it.