With the below listed, hereby we would like to highlight the latest news distributed by the National Revenue Agency in regards to the declared petty cash availabilities into the Balance sheets of the companies, published their Financial reports for year 2016.
Kindly be aware, that If the amount stated in the financial statement as a petty cash availability is not in fact disposable and there is a lack of proof for spending the money or other circumstances leading to the actual cash unavailability, the NRA will conclude that this is a case of hidden profit distribution under CITA.
We would strongly recommend to double check with your accounting provider about the declared petty cash balances and If that is the case of your company, there is still a chance to change the circumstances. What you have to do as a Manager is to perform an internal audit in order to detect any discrepancy there might be in the financial documentation. In case there is an accounting or any other source of error revealed regarding hidden distribution of profits in previous periods, an amended tax return should be submitted by 30th September 2017.
Should you need further support on the matter, please, do not hesitate to contact us and we will be happy to assist!