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Message: <blockquote data-quote="taxacco83" data-source="post: 24153350" data-attributes="member: 568955">For a Company Opening of a tax file is mandatory. There is no option. After opening Tax File (In audit firm language this is known as getting TIN) every year you have to submitted Audited Financial Statements to the Department Of Inland Revenue.Advantages1) This is mandatory for companies and if you open up a tax file just after the company incorporation you can annually file the tax returns with audited financial statements.  if you keep silence without opening tax file, one day you have to submit audited financial statements for all previous years. you may have to pay penalty for late submission of audited reports and penalty on non payment of taxes on time.2) Mandatory for dealing with government departments EX:  imports / tenders3) Recognition on obtaining bank loans.Disadvantages1) Have to file Company tax returns annually together with audited financial statements</blockquote>

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