Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,205,413 members, 7,992,368 topics. Date: Sunday, 03 November 2024 at 01:47 AM |
Nairaland Forum / Nairaland / General / Business / The Voluntary Disclosure Procedure (51 Views)
LASG Threatens To Seal Supermarkets Over Non-disclosure Of Price Tags On Product / Court Freezes 3 Firms’ Accounts Over Non-Disclosure Of Lifted Crude Oil / Disclosure Of Customer BVN Subject To Court Order, CBN Tells Banks (2) (3) (4)
(1) (Reply)
The Voluntary Disclosure Procedure by avishagpumenitz(f): 1:48pm On Sep 04 |
The voluntary disclosure procedure is intended to encourage business owners, self-employed individuals and individuals who have evaded tax (consciously or not) to arrange and submit the report to the Income Tax Authority properly and accurately and, of course, to pay the tax liability. Those who have committed tax evasion, by implementing a voluntary disclosure process, receive assurances that no criminal proceedings will be taken against themand in fact they benefit from unreported money laundering, non-criminal proceedings against them and the opportunity to turn over a new leaf and actually conduct their business in a proper and orderly manner. Taxpayers have the option of regulating improper conduct vis-à-vis state authorities (income tax and VAT). We at the CPA firm have handled hundreds of voluntary disclosures and can say from our experience that the very fact that a person comes on his own initiative and reports, the Tax Authority does not impose difficulties and criminal sanctions, this is a golden opportunity to report, pay tax liability, take the stone off your heart and move on with your business. What is tax evasion? Tax evasion (or tax evasion or tax evasion) is the taking of illegal measures aimed at reducing the amount of tax payment. Israeli law states that tax evasion is a criminal offense punishable by imprisonment, and this should not be taken lightly. In committing tax evasion, the person both breaks the law and commits a moral offense against the entire society by enjoying all public services without participating in their cost. Operation Voluntary Disclosure Procedure 2024 Following the growing state deficit as of October 7, it is in the interest of the state to increase its revenues, and therefore the Tax Authority decided to reinstate the voluntary disclosure procedure that was last in effect in 2019 and 2016. The state actually authorizes taxpayers in 2024 to report income that was not reported without prosecution and without criminal proceedings, the taxpayers will probably be subject to interest and indexation, it is estimated that state revenues will increase by about NIS 1 billion following the decision, so here is everything you need and want to know: Purpose of voluntary disclosure to tax authorities and conditions for filing As noted, the purpose of the voluntary disclosure procedure is to encourage tax evaders to file a report and pay their tax liability to state authorities. The voluntary disclosure procedure allows those who have committed tax offenses (companies and individuals) to correct their reports and pay their debt to state authorities, in addition to arrears and indexation interest, and in return the state undertakes not to take criminal proceedings against those applying for a voluntary disclosure procedure, provided that they meet the following conditions: The voluntary disclosure will be honest and complete, and the applicant (the taxpayer) will fully cooperate with the tax authority regarding the voluntary disclosure request. No previous examination or investigation was conducted in the taxpayer's file. The Income Tax Authority or any other governmental authority, the media or tribunals do not have preliminary information related to voluntary disclosure. The applicant (taxpayer) shall pay on time the full amount decided that he must pay. https://www.bshcpa.co.il/?p=829 |
(1) (Reply)
Chime Ifebuchechukwu Giland Is The CEO THENEWSGIST * / Get Daily Crypto/forex Signals And Say Bye To Poverty While Spending In Dollars / How Coworking Spaces Transform Professional Relationships And Grow Your Business
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 14 |