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The National Revenue Agency (NRA) is a specialized state body. As such, it establishes, secures, and collects public receivables. In this regard, tax officials conduct revisions and inspections. These are done based on certain criteria and risk analysis.
Possible reasons leading to an inspection of your commercial enterprise by the NRA include:
The company you manage is registered for the purposes of the VATA. For some reason, it is found that you have missed the deadline for submission of the monthly declaration and journals under the VATA.
You conduct trade within the European Union and have exceeded the thresholds for reporting under the “Intrastat” system, but have not submitted the information required in this regard within the deadline.
You are paying a fee, appointment of a natural person, dividend, but have failed to submit the declaration about the due tax for the elapsed quarter.
You have appointed staff under an employment contract, and therefore have a monthly obligation to provide information about insurable earnings, social security contributions, and tax, but have failed to do so.
The company you manage conducts sales of goods and services, for which clients pay mostly in cash. The cash register turnover is monitored through a remote connection with the NRA. An indication of improper commercial behavior is low turnover throughout the month and its significant increase at the end of the month, as well as absence of turnover throughout the day and accrual at the end of the day.
Staff you work with is only appointed under a part-time contract in order to reduce payable social security contributions and tax. The company concludes a large number of works contracts. These are predominantly with a high amount of compensation. In order to avoid paying taxes, they are agreed with workers with a disability over 50%.
You have commercial agreements for the purchase of goods with companies registered in countries in the European Union, such as Greece, and in a third country, such as Turkey. You are satisfied with the quality of the goods and happy with the prices. The documents you receive from your commercial partners, however, feature information that differs from the actual paid prices for delivery. You make payments in cash, for which you do not have a document, and thus find yourself with a large amount of cash in hand for accounting purposes. When drawing up annual accounting statements, this amount, which does not exist in reality, is declared as available. This way, you flag the problem to the NRA, and they are very likely to follow up with an inspection due to the fact that the company has ended the financial year with an unusually high amount of cash in hand.
You have declared a large inventory of goods in the company’s statements for the financial year. Compared to the amount of income from sales, this amount of inventory looks unreasonably high. This causes suspicion about sales conducted without issuing a document. For this reason, an inspection initiated by the NRA will lead to the physical counting and comparison to accounting data.
Now that you know some of the reasons for your commercial enterprise to be inspected by the NRA, take measures to eliminate them. Together with the accountant you have entrusted with the preparation of your accounting documentation, analyze each business situation and prepare the documents required under tax law. Apply proven solutions to reduce taxes. Periodically, on an ongoing basis, monitor the amounts of the financial result for accounting purposes, uncollected receivables, available cash and goods, unpaid liabilities, payable taxes. Take timely action to resolve irregularities, and you will have peace of mind with regard to the accuracy of your company’s accounting reports.
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