A new client has asked for advice on the documentation that will be required for the...

A new client has asked for advice on the documentation that will be required for the preparation of their tax return in PNG? What advice would you provide and what value documents would be needed. (250-260 words)

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Answer

The tax return specifies certain documents that should be lodged where applicable including audited financial statements, a copy of any management agreement in place, and copies of certain lodged withholding tax annual reconciliations. As Papua New Guinea has a full assessment system, the taxpayer may also wish to lodge certain other documents that may assist with the assessment of the tax return.

Tax returns and all supporting documents should be in the English language. An application for approval may be made to retain records in a language other than English.

Directors’ report, company formation information and an auditor’s report must also be presented. Where, in complying with generally accepted accounting practice, the financial statements do not give a true and fair view of the matters to which they relate, the directors of the company shall add such information and explanations as will give a true and fair view of those matters.

ekkarill92 answered 2 years ago

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