Tax
Tax is a compulsory financial charge or some other type of levy imposed upon a taxpayer (an individual or legal entity) by a governmental organization in order to fund various public expenditure.A failure to pay, along with evasion of or resistance to taxation, is punishable by law.Taxes consist of direct or indirect taxes and may be paid in money or as its labour equivalent. The first known taxation took place in Ancient Egypt around 3000–2800 BC.Most countries have a tax system in place to pay for public, common or agreed national needs and government functions.Some levy a flat percentage rate of taxation on personal annual income, but most scale taxes based on annual income amounts.Most countries charge a tax on individuals income as well as on corporate income. Countries or subunits often also impose wealth taxes, inheritance taxes, estate taxes, gift taxes, property taxes, sales taxes, payroll taxes or tariffs.In economic terms, taxation transfers wealth from households or businesses to the government. This has effects which can both increase and reduce economic growth and economic welfare.
Accounting
What is Accounting. Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business. Accounting also refers to the process of summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities. Accounting is extremely important for recording the financial transactions in a business. Without accounting, you cannot display the financial health of your business to your stakeholders. Accounting is pivotal for various aspects and plays a crucial role in preparing the compiled financial statements.
Payroll & HR
The term payroll actually refers to the list of employees that receive compensation from a company.However, most companies generally use the term to refer to the money that is paid to the employees or the records that detail how much each employee has made. Payroll may also refer to the company, department, or software that is used to process paychecks and taxes or to the process of calculating and distributing employee paychecks. Processing payroll is a very important function of any business and necessitates an understanding of current regulations, detailed tax knowledge to ensure proper withholding and filing, and a highly organized system that can be relied upon to pay each employee the right amount of money. For many organizations, using payroll systems or outsourcing payroll can help to mitigate stress and minimize errors.
Transfer Pricing Documentation
The Transfer Pricing Report provides news and analysis on U.S. and international governments’ tax policies regarding intercompany transfer pricing. The report helps companies structure their operations to ensure compliance while avoiding double taxation. Operationalizing transfer pricing policies is a big challenge for many multinationals. TheAdvisor has developed a structured and scalable framework for improving transfer pricing implementation and building integrated systems and processes across tax, business units and operations. Our flexible approach can help you develop sustainable practices to execute, monitor and report intercompany transactions.
Business Reengineering Process
Business Process Reengineering is also known as Business Process Redesign, Business Transformation, or Business Process Change Management. Business Process Reengineering (BPR) began as a private sector technique to support organizations fundamentally rethinking how they work on businesses that are able to improve services to customers, cut operational costs and become world-class competitors. The main key in redesigning is the development of information systems and networks. Large organizations are increasingly using this technology to better support innovative business processes.
Corporate restructuring
Corporate restructuring refers to the act of reorganising the legal ownership, operational, or other structures of a company for the purpose of serving the needs of its stakeholders there are a number of key tax issues that often impact corporate restructurings. The most frequent are : Debt forgiveness, disposal and acquisition of debt portfolios, corporate disposal and reorganisations, bank loan restructurings, tax attributes, settlement of taxes during winding up.