Tax and legal compliance are imperative for organizations performance. However, in developing countries it is a big challenge. Organizations waste much resources by non-compliance to tax laws which causes them to be charged huge penalties and fines. Compliance updates are imperative for keeping accountants, directors and individuals involved in financial functions of the organization. This course will therefore build and strengthen compliance behaviour by participating organizations.
Course Objective
This course responds to the challenges of ensuring sound tax management practices that will lead to realization of organizational goals and success and avoid unnecessary non-compliance fines and penalties.
Learning Outcome
At the end of the course, it is expected to;
- Equip participants with general knowledge to handle and manage tax matters
- Enhance skills and knowledge for proactive tax planning and management
- Enable participants to file returns timely
- Appreciate the various taxes laws and their application and management
- Equip participants with skills on how to proactively and legally minimize their tax obligations.
Methodology
Lectures, Discussion and Practical Preparation of Financial Statements.
Topics to be covered
Module 1: Tax risk management
- What is Tax Risk and why to consider it in business
- Why Tax Risk Management Important
- Tax risk management framework (risk control environment, risk assessment, control activities, information and Communication & Monitoring)
Module 2: Managing information needed by revenue authorities
- Identifying the records that should be maintained
- Statutory requirement for records management
Module 3: Withholding tax management
- Dividends
- Interests
- Rental Income
- Technical Services Fees
- Royalties
Module 4: Management of tax returns
- Types of Returns
- Due dates
- Challenges and Solutions
- The impact of effective returns management on organization performance
Module 5: Other statutory compliance
Module 6: Handling tax disputes
- Appeal and Objection
- Tax Revenue Appeals Board (TRAB) and Tanzania Revenue Appeal Tribunal (TRAT)
- Tax Revenue Appeals Tribunal Procures
Module 7: Tax planning
- Principles
- Forms of Tax Planning
- Tax avoidance and evasion
- Limitations of tax planning
Module 8: Transfer pricing
Module 9: VAT Management
- VAT accounting
- VAT Online Filling
- VAT refunds
- VAT recovery
- VAT reclaims
- VAT rules, Import VAT, and Vat exemptions.
Module 10: The link between accounting procedures and effective tax management
Module 11: Discussion sessions (Experience, Tax Case Studies)
Who should attend?
This course is designed for executives, professionals, tax practitioners, accountants, auditors & managers who aspire to make the difference in legal compliance, accounting and tax practices to achieve robust performance.
