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Home > Checklist for Risk Assessment in Tax Clearance process of Internal Revenue Commission, Papua New Gui

Checklist for Risk Assessment in Tax Clearance process of Internal Revenue Commission, Papua New Gui

Identify the taxpayer and verify their Tax Identification Number (TIN).

Gather basic information about the taxpayer’s business activities.

Review the taxpayer’s previous tax compliance history.

Collect and review financial statements for the last three years.

Examine bank statements and transaction records.

Assess the completeness and accuracy of tax returns filed.

Confirm that all required tax returns have been submitted.

Check for outstanding tax liabilities or payments.

Review any prior assessments or audits conducted on the taxpayer.

Identify potential risk factors such as industry type and size of the business.

Evaluate the complexity of the taxpayer’s financial transactions.

Assess any red flags such as significant fluctuations in revenue or expenses.

Schedule a meeting with the taxpayer to discuss findings and concerns.

Gather additional information or documentation as needed.

Clarify any discrepancies or issues identified during the review.

Determine the overall risk level of the taxpayer’s compliance.

Document findings and recommendations for further action.

Prepare a report summarizing the risk assessment results.

Establish a timeline for addressing any identified issues.

Plan for potential audits or additional compliance checks if necessary.

Monitor the taxpayer’s compliance status and update records accordingly.

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