Tax Compliance consists of outsourcing the service to a company that specializes in Accounting and Tax Matters, with the purpose of diligently complying with the company’s tax obligations through the acquired service, which enables mitigating the risks due to contingencies with the Tax Administration.
It is important to highlight that nowadays it is common for companies to outsource certain activities that are not part of the Core Business, deriving such responsibility to a third-party specialist on the matter, enabling the company to focus on its main activities so these activities are the ones that generate value within their organizations.
When a company is in the process of territorial expansion, it must consider within its strategy the tax requirements of that country, which on many occasions can be cumbersome and could distract from the company’s target, whereby through the outsourcing of the Tax Compliance service, the responsibility of complying with each of the tax requirements established by the tax authorities to the company is taken care of.
The company in charge of providing the Tax Compliance service organizes, plans and complies with each of the tax requirements, for which it designs a tax scheme according to the company’s target, sector, size, among others.
Likewise, the responsible company transfers a staff of professionals specialized in tax matters for the execution of the tasks and activities that allow the timely fulfillment of each of its tax requirements.