Reverse Audit
of Tax
Customs Duty
Secure Untapped Savings
Although our world is interconnecting more than ever before, trade among companies continues to largely be defined by borders and customs duty or tariff payments resulting from international trade barriers and regulations imposed. With tighter budgets and limited financial resources navigating through these ever-changing intricate regulations creates a great challenge for exporters who wish to remain profitable and competitive while compliant with customs authorities. Penalties for non-compliance are high. Therefore, in order to keep goods moving, companies are mainly pre-occupied with compliance than with tracking changes in tariff rates on products to verify whether their duty payments are accurate and not overpaid.
Identify and recover overpaid duty on
misclassified products imported and offset
additional customs compliance costs
Today, companies are realizing that implementing a Reverse Audit strategy to identify and recover overpaid duty on misclassified products imported is an effective method to offset additional customs compliance costs and be more profitable.
Canadian Sales Tax
Secure Untapped Savings
Much like organizational changes, government regulations and legislation are inevitable. The fact is that within an organization government laws are not adequately communicated and this creates operational challenges for companies which result in tax compliance failures in the form of overpayments of sales taxes and/or duplicate payments.
Identify compliance system failures in the
form of overpayments in sales taxes paid
or duplicate payments, and improve bottom line
These overpayments erode bottom line and decrease cash flow.
Companies understand that the key to continuous growth and success comes with implementing a Reverse Audit strategy after an organizational or frequent legislative change which ensures that all eligible refunds are captured retroactively.
Furthermore, it brings to light exposures identified during the audit that companies may have in their tax accounting, in order to make them compliant, thus avoiding costly government assessments, penalties and interest.