ToI 2023 Challenges & Solutions

January 22, 2024
  1. What are the challenges in Tax on Income Preparation?

Generally, most of the small & medium sized companies have faced the same problems in Tax on Income Preparation as the following:

  • No the Financial Statements
  • Not update the taxes rules and regulations
  • Not familiar with the tax on income format
  • Lack of accounting adjustments knowledge
  • A lot of error in manual accounting
  • Lack of inventory management knowledge
  • Lack of cash management knowledge​
  • Lack of fixed asset management knowledge
  • Lack of sale management knowledge
  • Lack of cost management knowledge
  • Lack of payroll management knowledge
  • Less experience in the specific industry
  • Not maintain the records properly

2. How to overcome those challenges in Tax on Income Preparation?

Actually, owner/top management should pay attention the below recommendation from our tax and accounting expert:

  • Using accounting system for bookkeeping
  • Generating the financial statements on time
  • Having enough staff to manage the company accounts
  • Putting the Company’s internal control in place
  • Having a clearly reporting line communication
  • Having files management guideline/system
  • Updating the new tax regulations
  • Completing the tax form correctly and file the tax on time
  • Outsourcing the tax and accounting jobs with professional accounting firms if you don’t have enough accountant