MaxProf performs a confidential review of the client’s transactions on a contingency basis for a prescription period of 5 years. Our approach is to review the treatment of VAT to ensure the correct application of the relevant provisions of the VAT Act, the compliance thereof, optimal recovery of input tax, appropriate declaration of output tax and to identify any potential exposures.
The methodology used is a line-by-line transactional review supported by our proprietary software, developed in-house. By employing this all-encompassing approach, we ensure that the client derives the maximum revenue potential.
During the review period, we submit progress reports, tailor-made close-out reports, recommendations on findings and recommendations are backed by adequate supporting documentation pertaining to the VAT amounts recovered and source documents to substantiate the claim and expedite the VAT refunds.
Our Accounts Payable reviews follow a systematic approach by verifying every transaction that has been processed through the Accounts Payable and Cash Book systems.
The process allows MaxProf to identify, record and recover:
- Duplicate, erroneous and overpayments
- Settlement discounts and rebates
- VAT paid to non-vendors
- Non-compliant tax invoices
- Price overcharges
MaxProf provides assistance with registration for the mandatory levy and calculation of royalty percentages and amounts payable. This includes the reconciliation of submissions made and the final liability calculation.
Carbon Tax Reviews includes a detailed assessment of the underlying Greenhouse Gas Emission (GHG) inventories as applicable to the Carbon Tax Act No 15 of 2019, Customs and Excise Amendment Act No 13 of 2019, and associated regulations. MaxProf provides a sound foundation to review allowances and other mechanisms that affect the net carbon tax payable which includes securing carbon offsets, rebates, and exemptions from the carbon tax.
VAT vendors that carry on eligible activities in specific categories and industries may qualify for diesel refunds. We perform the necessary due diligence on behalf of our clients and make applications in terms of SARS’ requirements. Where clients are already registered for diesel rebates, we identify and recover prospective claims and investigate assessments on historic claims.
MaxProf regards training and skills transfer as an integral part of our value-added services to our clients. Our training is CPD accredited and comprises theoretical and practical components as dictated by the needs of the clients.
The publication aims to provide relevant information on Tax Industry trends, legislation, VAT audit challenges and solutions. Our articles contain technical information on complex VAT and other Tax matters which will provide valuable insight to our clients. The technical articles can be found here.
Direct taxes refer to levies imposed directly on individuals and businesses and are calculated based on income, profits, or assets. The primary forms of direct taxes include income tax, which is payable by individuals and companies on their earnings, and capital gains tax, levied on the profits made from the sale of assets. Additionally, estate duty and donations tax are applicable to transfers of wealth. MaxProf scrutinize the tax computation with the focus on accuracy and compliance.
