TAX AUDIT

REPORT

MEMBERS :
Flor Bustamante
Guillermo Herrera
Alan Martinez
Manuel Moraga

TAXPAYER : Zenteno Y Vásquez Cía. Ltd. / Distribuidora Toy Ltda.

SUBJECT: Portfolio Title
SECTION: 003D
TEACHER GUIDE : Juan Emilio Llanao Curinao

Content
Introduction..........................................................................................................................................
Concept.................................................................................................................................................
Aim.......................................................................................................................................................

School of Administration and Business1 | P a g e

www.duoc.cl
Scope....................................................................................................................................................
Tax Audit Risk.....................................................................................................................................
Tax Audit Process................................................................................................................................
ANALYSIS OF THE CASES..............................................................................................................
Background Delivered By The Company For The Audit.......................................6

..............................................................................................................................................................
DETERMINATION OF THE TAXABLE PROFITS FUND 12-31-2013....................................
Balance Sheet of the company business year 2014............................................................................
Determination of Aggregates, based on the Income Tax Law...........................................................
Tax Profits Fund.................................................................................................................................
Form 22 of the company corresponding to Tax Year 2015...............................................................
Control Environment Evaluation Questionnaire in the tax area.........................................................
VAT audit Distributor Toy Ltda........................................................................................................
Audit Presentation...............................................................................................22
COMPANY KNOWLEDGE.............................................................................................................
Background Provided by the Company for the audit They are:.........................................................
1. TAX AUDIT PERIOD...........................................................................23

School of Administration and Business2 | P a g e

www.duoc.cl
 2. OBJECTIVES OF THE TAX AUDIT....................................................23
3. SCOPE OF THE AUDIT.......................................................................23
We conclude with the following recommendations to the Administration:.......................................
Background provided by the administration Sales Book...................................................................
Purchase Book....................................................................................................................................
Withholding Book..............................................................................................................................
Remuneration Book............................................................................................................................
Declared Form....................................................................................................................................
Rectification of the Sales Book..........................................................................................................
SALES BOOK................................................................................................32
Proportional VAT calculation.........................................................................................................
Rectification of the Purchase Book....................................................................................................
Remainder Calculation:..................................................................................................................
Analysis F29.......................................................................................................................................
Withholding Book.............................................................................................................................
Monthly declaration and simultaneous payment of tax Form 29.............................................
AUDITORS PROPOSAL FORM 29..............................................................................................
Conclusion..........................................................................................................................................
Suggestions.........................................................................................................................................
Biography...........................................................................................................................................

Introduction

Currently, the incorrect application of tax regulations can lead to the determination of tax
penalties that not only affect the company's economy but also its corporate image and its
valuation in the eyes of potential investors. Due to the above, it is necessary for
companies to carry out an evaluation of the tax aspects in a specific period with the
objective of establishing liabilities or contingencies that arise from the incorrect application
of the formal requirements established by the Law.

School of Administration and Business3 | P a g e

www.duoc.cl
The audited company is "Zenteno y Vasquez Cia. LTDA", with the fantasy name “TOLCAD
LTDA.” Rut No. 76,996,800-0, began its activities on September 1, 2013, the main
activities reported to the SII are associated with the marketing of industrial machinery and
spare parts, also acting as an investment company, its commercial address is Calle Blas
Caña 4215, commune of Estación Central. It is made up of two partners, Mr. Emilio
Zenteno Díaz with a 60% share of the corporate rights and Mr. Marcos Vásquez Solís with
a 40% share of the company. It is noted that the income tax return presented by the
company was objected by the SII Therefore, the primitive antecedents are reviewed to
identify the differences and make the corresponding rectification.

Concept
The tax audit is a systematic process that uses a set of techniques and procedures
designed to verify compliance with the formal and substantial obligations of taxpayers, as
well as determine the tax rights in their favor. It is carried out taking into account the tax
regulations in force in the period to be audited and the generally accepted accounting
principles, to establish a reconciliation between the legal and accounting aspects and thus
determine the tax base and the taxes that affect the audited taxpayer.

When carrying out the Tax Audit, the Financial Statements, accounting books and records,
and all supporting documentation of the economic and financial operations that are directly
related to the taxes generated by the economically active entity are verified.

This Audit is important because it allows us to know more accurately the real tax situation
of the company and the possible existing contingencies.

Aim
For this audit, our objective is to evaluate compliance with tax obligations related to the
Income Tax declaration, of the primitive information provided by the company, identify the
differences and generate a report to carry out a Rectification of the AT2015 Declaration.
which must be presented to the Internal Revenue Service. THE IBS indicates in its Letter
of Observations differences in the Tax Base of the First Category Tax (RLI) as well as in
the determination of the Tax Profits Fund Registry, as well as the determination of the FUT
Registry.

School of Administration and Business4 | P a g e

www.duoc.cl
The Company provides us with the following background information and support, to carry
out the requested Tax Audit and which correspond to the information determined and
presented in the recent AT 2015 Income Operation. It is also reported that the company
has implemented accounting under IFRS. It is reported that the AT2014 income
transaction declaration is being contested, so you must consider this tax period as well
and audit the declarations of the two AT2015 partners.

Scope
It is aimed at the review of the RLI and tax base of Article 21, as well as the determination
of the FUT registry, for the rectification of the AT2015 Declaration that is presented to the
SII In addition, the respective form 22 corresponding to the period. Also, the AT2014
declaration will be analyzed, because the SII He has it contested. Assessment of risks and
possible tax contingencies. Assessment of the company with respect to its tax situation
and conclusions and recommendations on the tax aspect.

Tax Audit Risk

The risk that errors, irregularities and other illegal aspects are not detected that have a
significant impact on the client's tax situation and that could lead to the payment of fines,
negative determinations and even pressure from the taxpayer.

Tax Audit Process

Planning: The client's control environment is evaluated in terms of regulatory compliance
to define the tests to be carried out and their scope. In addition, information surveys are
carried out regarding main operations and how to document them. Finally, risks and
contingencies are detected.

Execution: Conducting compliance testing and substantive testing. And documentation of

findings and quantification of contingencies detected in planning and corroborated by the
tests carried out.

Completion: Issuance of the Report regarding the observations found as a result of the
execution.

School of Administration and Business5 | P a g e

www.duoc.cl
ANALYSIS OF THE CASES
Background Delivered By The Company For The Audit

After carrying out the audit, an RLI proposal is prepared with the new adjustments under
current regulations.

School of Administration and Business6 | P a g e

www.duoc.cl
Analysis, observations and recommendations period 2013

Based on the observations, the treatment that corresponds to the determination of the
Taxable Net Income is found in a timely manner and under the legal framework, yet it
contains inconsistency in the useful life of the fixed asset that was being used.

CM CM
Accumulated Depreciation
Fixed Asset Value Good Fixed Depr.Acu Credit 33Bis Book Value Useful life
depreciation for the Year
Asset m.
computer
equipment 12.000.000 - -480.000 -160.000 11.360.000 72
Totals 12.000.000 - - - -480.000 -160.000 11.360.000 72

 OBSERVATION: 33 bis can be occupied with an equivalent to 4% of the value

of the physical assets of the fixed asset acquired new or finished (maximum 33
bis 50 annual UTM), in turn the useful life of the computer equipment is 6 years.
which should be modified.

School of Administration and Business7 | P a g e

www.duoc.cl
  It is recommended to generate a modification in the taxable net income by
modifying the tax depreciation to apply the corresponding taxes according to
the legal framework

DETERMINATION OF THE TAXABLE PROFITS FUND 12-31-

2013

 OBSERVATION: By virtue of verifying the correct process by the control of

taxable profits, and under the legal framework, the difference in the value of net
income is compared due to the use of depreciation of the year and its tax
 It is recommended to restructure the net income and tax value with credit rights
of the taxable net income, modifying the tax depreciation to apply the
corresponding taxes according to the legal framework.

School of Administration and Business8 | P a g e

www.duoc.cl
 OBSERVATION: When the liquid income changes, the declarations have
taxable reservations, and under the legal framework,

School of Administration and Business9 | P a g e

www.duoc.cl
  It is recommended to modify or update the balances with credit reduction 33 bis
for the comfort of our client to present the boxes to modify

WITHDR
AWALS
Withdrawal Monetary
Partners Amount Date Factor
Correction
Emilio Zenteno $ 14.000.000 30-12-2013 1,0 $ 14.000.000
Marcos Vasquez $ 10.000.000 30-12-2013 1,0 $ 10.000.000
total $ 24.000.000 $ 24.000.000

The declaration issued in Code 226 of the F. 22 as shown, generates a difference

between what was withdrawn and what was declared.
Withdrawals or Distribution Charged to FUT in the year. 226 25.000.000

Declaration of liabilities.
STATE OF SITUATION

JANUARY 1 TO DECEMBER 31, 2013

BALANCE INVENTORY RESULT
ACCOUNTS DEBITS CREDITS S
DEBTOR CREDITORS ASSET PASSIVE LOSSES PROFITS

SUBTOTAL 365.496.165 365.496.165 187.158.039 187.158.039 116.098.700 86.558.039 71.059.339 100.600.000

PROFIT FOR THE YEAR 29.540.661 29.540.661

TOTALS 365.496.165 365.496.165 187.158.039 187.158.039 116.098.700 116.098.700 100.600.000 100.600.000

The declaration issued in Code 123 of the F. 22 as shown, generates

a difference between what was withdrawn and what was declared.
Total Liabilities. 123
106.907.145

It is recommended that the administration rectify what was previously declared, all by
virtue of a correct tax determination

School of Administration and Business10 | P a g e

www.duoc.cl
 Balance Sheet of the company business year 2014
Razón Social: Zenteno y Vasquez Cia. Ltda.
RUT N°: 76.996.800-0
Dirección: Calle Blas Caña 4215 - Estación Central
Giro: Comercialización maquinaria industrial y repuestos

ESTADO DE SITUACIÓN
01 de Enero al 31 de diciembre 2014

CUENTAS DEBITOS CREDITOS SALDOS INVENTARIO RESULTADO

DEUDOR ACREEDOR ACTIVO PASIVO PERDIDAS GANANCIAS
Efectivo y Equivalente Efectivo 736.926.974 721.646.195 15.280.779 15.280.779
Otros activos financieros corrientes 20.765.000 0 20.765.000 20.765.000
Inventarios 282.400.000 210.000.000 72.400.000 72.400.000
Deudores comerciales y otras cuentas por cobrar 667.698.520 602.350.000 65.348.520 65.348.520
Activos impuestos por recuperar corrientes 9.226.620 1.881.000 7.345.620 7.345.620
Retiros 174.000.000 24.000.000 150.000.000 150.000.000
Activos por impuestos corrientes 56.160.000 51.915.300 4.244.700 4.244.700
Plantas Propiedades y Equipos 57.200.000 5.700.000 51.500.000 51.500.000
Otros Activos No Corriente 10.500.000 6.360.000 4.140.000 4.140.000
Participación en empresa asociadas 35.000.000 0 35.000.000 35.000.000
Plusvalía 15.000.000 0 15.000.000 15.000.000
Otros pasivos financieros corrientes 3.500.000 10.000.000 6.500.000 6.500.000
Cuentas por pagar comerciales y otras cuentas 236.094.700 393.475.039 157.380.339 157.380.339
Otras provisiones a corto plazo 6.203.539 39.723.929 33.520.390 33.520.390
Provisiones por Deterioro Deudores Comerciales 0 4.350.000 4.350.000 4.350.000
Provisiones por beneficios a los empleados 0 2.800.000 2.800.000 2.800.000
Pasivos por Impuestos corrientes 85.151.201 90.688.520 5.537.319 5.537.319
Otros pasivos financieros no corrientes 30.600.000 66.375.000 35.775.000 35.775.000
Capital emitido 0 30.000.000 30.000.000 30.000.000
Ganancias (pérdidas) acumuladas 0 5.540.661 5.540.661 5.540.661
Costo de venta 210.000.000 0 210.000.000 210.000.000
Gasto de administración 88.345.000 0 88.345.000 88.345.000
Costos de distribución 6.047.400 0 6.047.400 6.047.400
Otros gastos, por función 14.050.000 0 14.050.000 14.050.000
Costos financieros 1.674.300 0 1.674.300 1.674.300
Deterioro Deudores Comerciales 4.350.000 0 4.350.000 4.350.000
Detertioro PPE 1.700.000 0 1.700.000 1.700.000
Pérdida VNR Nic 2 3.200.000 0 3.200.000 3.200.000
Gasto por impuestos a las ganancias 33.520.390 0 33.520.390 33.520.390
Ingresos de actividades ordinarias 0 477.308.000 477.308.000 477.308.000
Otros ingresos, por función 0 32.800.000 32.800.000 32.800.000
Participación en las ganancias de asociadas 0 12.400.000 12.400.000 12.400.000
SUBTOTAL 2.789.313.644 2.789.313.644 803.911.709 803.911.709 441.024.619 281.403.709 362.887.090 522.508.000
GANANCIA DEL EJERCICIO 159.620.910 159.620.910
TOTALES 2.789.313.644 2.789.313.644 803.911.709 803.911.709 441.024.619 441.024.619 522.508.000 522.508.000

1. Determination of RLI (Taxable Liquid Income) as of 12/31/2014 ( AT.2015 ), of the company;

School of Administration and Business11 | P a g e

www.duoc.cl
Razón Social: Zenteno y Vasquez Cia. Ltda.
RENTA LIQUIDA IMPONIBLE al 31 de Diciembre de 2014
UTILIDAD SEGÚN BALANCE 159.620.910
AGREGADOS Monto Factor Act. Monto Act.
Deterioro Deudores Comerciales 4.350.000 1,000 4.350.000
Detertioro PPE 1.700.000 1,000 1.700.000
Pérdida VNR Nic 2 3.200.000 1,000 3.200.000
Gasto por impuestos a las ganancias 33.520.390 1,000 33.520.390
Depreciación del Ejercicio 3.900.000 1,000 3.900.000
CM PPM 139.280 1,000 139.280
Gastos sin Respaldo 7.500.000 1,051 7.882.500
Sueldo esposa del socio Marcos Vasquez 3.000.000 1,000 3.000.000
Multas fiscales 1.170.000 1,025 1.199.250
TOTAL AGREGADOS 58.891.420
DEDUCCIONES
Corrección Monetaria Capital Propio - 2.025.818 1,000 - 2.025.818
Depreciación Tributaria - 3.900.000 1,000 - 3.900.000
Participación en las ganancias de asociadas - 12.400.000 1,000 - 12.400.000
TOTAL DEDUCCIONES - 18.325.818
SUBTOTAL 200.186.512
DESAGREGADOS Monto Empresa 35% socio
Gastos sin Respaldo - 7.882.500 X
Sueldo esposa del socio Marcos Vasquez - 3.000.000 X
TOTAL DESAGREGADOS - 10.882.500
RENTA LIQUIDA IMPONIBLE 189.304.012
IMPUESTO DE PRIMERA CATEGORÍA 39.753.843

BASE IMPONIBLE ARTÍCULO 21 7.882.500

IMPUESTO ÚNICO ARTÍCULO 21 2.758.875

Analysis: in the process of determining Taxable Net Income, observations were detected.
Based on the Income Tax Law, the Administration is recommended to follow the correct
procedure of the Standards, and to rectify the calculations proposed, based on the articles
subsequently to be presented.

School of Administration and Business12 | P a g e

www.duoc.cl
Determination of Aggregates, based on the Income Tax Law
Detail of facts not reported within the determination of Net Income .

 Expenses without documentation correspond to an

electronic Fee Bill lost for a mining feasibility study
consultancy, paid in March.
(a) Added to the RLI.
Expense
Expense Value Factor
Value
Updated
$ 7.500.000 1,044 $ 7.830.000

 As of August 1, 2014, partner Zenteno was given a contract for a fixed monthly business salary of
$1,900,000.
Salary Gts Difference CM Total A -
Mon Stop CM factor
Monthly Refused Expenses Disaggregated
th
Refused
August $ 1.900.000 $ 1.742.677 $ 157.323 2,20% $ 3.461 $ 160.784
September $ 1.900.000 $ 1.747.348 $ 152.652 1,90% $ 2.900 $ 155.552
October $ 1.900.000 $ 1.758.837 $ 141.163 1,10% $ 1.553 $ 142.716
November $ 1.900.000 $ 1.775.233 $ 124.767 0,0 $ - $ 124.767
December $ 1.900.000 $ 1.780.539 $ 119.461 0,0 $ - $ 119.461
TOTALS $ 9.500.000 $ 8.804.634 $ 695.366 - $ 7.914 $ 703.280
 Accepted expense Art. 31 No. 6
 Excess must be imputed as disaggregated with Tax according to Art. 21

1. Partner Vásquez's wife was hired on July 1, 2014, as a secretary with a fixed monthly salary of
$500.000

Monthly salary Salary as of 12/31/2014

$ 500.000 $ 3.000.000

Adjustment Updated by CM table for Fiscal Year 2014

Total
Monthly Updated
Mon CM factor Aggregate
th salary Amount
and Des.
July $ 500.000 2,5% $ 12.500 $ 512.500
August $ 500.000 2,2% $ 11.000 $ 511.000
September $ 500.000 1,9% $ 9.500 $ 509.500
October $ 500.000 1,1% $ 5.500 $ 505.500
November $ 500.000 0,0% $ - $ 500.000
December $ 500.000 0,0% $ - $ 500.000
TOTALS $ 3.000.000 $ 38.500 $ 3.038.500

Remunerations paid to the taxpayer's spouse will be added to the net income.

Rejected Expense Art. 33 LIR

School of Administration and Business13 | P a g e

www.duoc.cl
Staff training by Sence for an amount of $2,000,000 was entered as a training expense
(other miscellaneous expenses by function), complies with all
The requirements to be used as credit have the DJ and approval of the Supervisory
Body.

Credit to Discount
Training
Annual Remuneration Rec. of the Amount
Amount Impto. of 1st AND
Added to the
$ 53.900.000 $ 2.000.000 1% $ 539.000

Background revealed by the administration, and determined according to their behavior as

Added to Taxable Net Income.

 Art. 31 LIR N°7

Determination based on 1% of annual remuneration
 Administration Expense Accounts are composed of the following form.
Date Detail Amount Treatment
Added to the RLI /
31-12-2014 Depreciation for the Year $ 3.900.000 - Treatment
31-12-2014 Employee benefits (Prov. Vacation) $ 2.800.000 - Added to the RLI
Added to the RLI /
-
31-12-2014 Rental Expenses for one year date 01-11-14 $ 3.600.000 Monthly Reverse
31-12-2014 Advertising expenses related to the business $ 5.100.000 -
is Disaggregated to
31-12-2014 Firefighters Donation in December $ 5.000.000 - the
RLI Art 31 N°7
31-12-2014 General expenses $ 1.845.000 -
Totals $ 88.345.000

The determination of the expenses added to the Net Income and not considered in the
declaration for the 2014 Tax Year, are governed by the provisions of the Income Tax Law.

School of Administration and Business14 | P a g e

www.duoc.cl
 School of Administration and Business15 | P a g e
www.duoc.cl
 Tax Profits Fund
Analysis of recognition of Tax Utilities funds. By virtue of correctly maintaining the profit
balances in the company.
The new Profit Fund Determined as of 12/31/2014 is observed and calculated. Which does not
consist of the following

Form 22 of the company corresponding to Tax Year 2015

Declaration Form No. 22, for Tax Year 2014.

Procedure: Rectify the F declaration using the calculations mentioned above. 22, with
objections from the SII

School of Administration and Business16 | P a g e

www.duoc.cl
 School of Administration and Business17 | P a g e
www.duoc.cl
 School of Administration and Business18 | P a g e
www.duoc.cl
1. GENERAL ASPECTS BUT OBSERVATIONS

Does the Company have an organized and YEAH

updated legal base?

Does the company have tax advisors? NO Control

Environment
Does the company have labor advisors? NO
Evaluation
Is the company a special taxpayer? NO Questionnaire in
the tax area
Are the personnel responsible for making and NO Constant training
reviewing the declarations of: income tax, based on new
withholdings at source, value added tax, and other regulations
taxes kept adequately informed and updated
regarding the legal provisions issued?

Are the tax obligation declarations reviewed by YEAH

qualified personnel other than the one who
prepared them?

The Company's chart of accounts includes YEAH The accounting

individual codes for each tax concept, for records are adequate
example:
 Income tax advances
 Income tax payable
 Withholdings at source made to third parties
classified according to withholding
percentages.
 Tax credit for withholdings at source of income
tax VAT audit
 VAT withholdings at source
Distributor Toy
Ltda.
 Tax credit for VAT withholdings at source
 VAT on sales
 VAT tax credit (on purchases)
 Other taxes
What has been the last year of a tax audit of the
Company?

Does the Company maintain claims of improper NO

payment pending resolution by the Internal
Revenue Service? School of Administration and Business19 | P a g e
www.duoc.cl
2. CONTROLS FOR THE PRESENTATION AND
PAYMENT OF TAX OBLIGATIONS
Audit Presentation
Executive Summary of the Audit of the Value Added Tax of the company
Distribuidora Toy Limitada month of March 2015

An audit of the Value Added Tax for the month of March 2015 was carried out for the company
Distribuidora Toy Limitada. The objective is to determine the correct calculation of the monthly
taxes because the Internal Revenue Service notified the company indicating that there are
discrepancies with the F29 presented via the internet on April 12, 2015.
The audit examination included the review of the following books:

 Purchase book for the period, March 2015

 Sales book for the period, March 2015

 Remuneration book for the month of March 2015

 Fee book for the period, March 2015

 Form March 29, 2015.

COMPANY KNOWLEDGE

The Distribuidora Toy Limited Commercial Company, Rut 76.666.666-6 began its activities on
April 1, 2011, its line of business is Toy Distribution and Passenger Transportation, its
commercial address is Calle Obispo Manuel Umaña N° 339, Estación Central commune . The
partners are Mr. David Santibáñez Ayala and Mr. Israel Rojas Ojeda.

Background Provided by the Company for the audit They are:

 Purchase book for the period, March 2015

 Sales book for the period, March 2015

 Remuneration book for the month of March 2015

School of Administration and Business20 | P a g e

www.duoc.cl
  Fee book for the period, March 2015

 Form March 29, 2015

1. TAX AUDIT PERIOD

Tax return to be paid in Form 29 for the month of March

2. OBJECTIVES OF THE TAX AUDIT

Audit objective is aimed at carrying out the examination of the company's tax compliance during
the month of March and determining F29 ratification if applicable.

3. SCOPE OF THE AUDIT

The scope of the Audit of the monthly taxes determined in Form 29 of the TOY Limited
Distributor company includes the analysis of the purchase, sale, fees and remuneration books for
the month of March 2015.

School of Administration and Business21 | P a g e

www.duoc.cl
Mister

General Manager of
Distribuidora Toy Limitada.
Present

Based on the review carried out on the Declaration and Simultaneous Payment of Taxes,
Form 29, corresponding to the month of March 2015, which consists of the Sales Book,
Purchase Book, Fee Book and Remuneration Book and taking into consideration the tax legal
framework. effective on said date, we inform you of the following:

Regarding the Tax Credits: You used the sum of $10,788,833 as the Tax Credit for the month
and the correct sum should have been $6,947,372. There is a difference of $3,841,461 -
declared too much.

Regarding Tax Debits: The declared amount amounts to the sum of $11,303,173. the correct
amount being $10,501,473; There is a difference of $801,700 declared too much.

Tax to Pay: Based on the above and in consideration of the differences detected in the VAT
Tax Credit, in the VAT Tax Debit, Based on what is stated in points 1 and 2 of this report and in
consideration of the differences detected both in the VAT Tax Debit and in the VAT Tax Credit,
in the second Category withholdings and the Single Tax for workers, we inform you that the
correct amount to pay for your Declaration and Simultaneous Payment of Taxes, Form 29,
corresponding to the period March 2015 amounts to $5,509,778 - The amount originally
declared was $2,318,613 - Therefore, the aforementioned monthly declaration must be rectified
by paying 3,191,165.

In our opinion, due to the effects of the matter described in the preceding paragraph, the
aforementioned tax review, as a whole, is not reasonable , in all significant aspects, of the tax
situation of the Company, for the March 2015 VAT tax period. , in accordance with current tax
regulations.

School of Administration and Business22 | P a g e

www.duoc.cl
We conclude with the following recommendations to the Administration:
Taking into account the errors detected, we suggest that the person who records in the
accounting the information used in the preparation of monthly statements should not be the
same person who prepares them, nor should the person responsible for validating and sending
said statements. That is, functions must be segregated.

Train the people who participate in the process regarding the Calculation and Determination of
VAT Proportional Credit and in general, regarding the provisions contained in DL 825 (Sales
and Services Tax)

Verify that the hiring of personnel is done in an ideal manner so that they have the necessary
skills for the position.

Have an external audit service or, failing that, have an internal auditor who verifies the
procedures and application of tax regulations to avoid errors in VAT Declarations.

Santiago, April 2015.

School of Administration and Business23 | P a g e

www.duoc.cl
Background provided by the administration Sales Book
RUT: 76.666.666-6

Line of business: Toy distribution and passenger

transportation Address: Calle Obispo Manuel Umaña
Nº339

Commune: Central Station

SALE BOOK MARCH 2015

DATE DOCUMENT CUSTO RUT EXEMPT NET VAT TOTAL

NUMBER MER
28/02/2015 F2800 TOY LTDA 76.742.200-4 4.500.000 855.000 5.355.000
02/03/2015 FEX 339 PROTEX SA 95.300.500-1 2.100.000 2.100.000
03/03/2015 ND 503 DIN SA 97.450.000-6 100.000 19.000 119.000
04/03/2015 F 2801 IMPORT FLEET SA 96.600.750-6 9.500.000 1.805.000 11.305.000
10/03/2015 F2802 HEIDY TOYS LTDA 77.120.000-0 7.200.000 1.368.000 8.568.000
12/03/2015 FEX 340 TELETON FOUNDATION 65.670.100-3 10.300.000 10.300.000
15/03/2015 F 2803 ALPINE FRAMES 13.285.396-4 1.167.000 221.730 1.388.730
20/03/2015 F 2804 MOLLE SPA 97.890.300-8 5.240.000 942.300 6.182.300
26/03/2015 F 2805 ZENTENO Y CIA LTDA 85.879.400-4 3.504.560 665.866 4.170.426
27/03/2015 NC 540 IMPORT FLEET SA 96.600.750-6 - - -

300.000 57.000 357.000

28/03/2015 F 2807 DANIELA GOLOZA 10.694.656-5 887.000 168.530 1.055.530
30/03/2015 F 2808 DUBLE SA 96.781.000-8 14.510.000 2.756.900 17.266.900
22/03/2015 NC 541 COMERCIAL SMURFS LTDA 76.119.340-2 - - -

200.000 38.000 238.000

31/03/2015 F 2806 TRANSFORMERS LIMITED 76.109.600-3 4.780.000 908.200 5.688.200
31/03/2015 10067-11349 SALES WITH TICKET 8.882.353 1.687.647 10.570.000
TOTAL SALES 12.400.000 59.770.913 11.303.173 83.474.086

School of Administration and Business24 | P a g e

www.duoc.cl
Purchase Book
PURCHASE BOOK MARCH 2015

CORREL
ACTIV DATE DOCUMENT SUPPLIER RUT DETAIL EXEMPT NET VAT TOTAL
E NUMBER
1 02/02/2015 FE 164400 DERCO SA 96.700.500-1 spare parts 1.050.000 199.500 1.249.500
2 28/02/2015 DIN 2324718 US IMPORTS merchandise 4.520.000 858.800 5.378.800
3 01/03/2015 FE 518711 CLARO SA 93.737.000-8 cell phone 401.000 76.190 477.190
4 10/03/2015 FE 516675 ENTEL SA 93.737.000-8 Internet 254.000 48.260 302.260
5 12/02/2015 NC 4579 EXPORTADORA ISIS SA 83,972,800-K merchandise - - -

31.000 5.890 36.890

6 16/02/2015 F 1684567 COMERCIAL CASA ROYAL SA 83.382.700-6 locators 711.400 135.166 846.566
7 18/03/2015 F 700598 COMERCIAL HASBRO LTDA. 76.107.839-9 merchandise 5.900.000 1.121.000 7.021.000
8 18/03/2015 F648001 DISNEY SA 83,972,800-K merchandise 3.792.920 720.655 4.513.575
9 18/03/2015 F 30131 POMPEYO LTDA. 77.138.570-2 vehicles 20.000.000 3.800.000 23.800.000
10 23/03/2015 F 281126 THE GOOD BOYS 96.671.750-5 services 115.000 7.000.000 1.330.000 8.330.000
11 25/03/2015 ND 4372 BCI FACTORING 98.379.200-0 interests 200.000 38.000 238.000
12 30/03/2015 FEX 3849 TAX AUDITORS LTDA 78.120.500-4 advisory 1.780.000 - 1.780.000
13 29/03/2015 F 141536 CHILECTRA SA 96.809.310-K electricity 506.000 96.140 602.140
14 30/03/2015 NC 5378 THE GOOD BOYS 76.107.839-9 services - 500.000 - - 595.000

95.000
15 31/03/2015 FE 195321 SHELL SA 96.005.600-4 benzine 1.045.920 5.679.010 1.079.012 7.803.942
16 31/03/2015 DIN 2346780 GERMAN IMPORT machinery 5.500.000 1.045.000 6.545.000
17 31/03/2015 F 4357 REAL ESTATE HOUSE SA 87.805.200-0 rent 1.800.000 342.000 2.142.000
TOTAL 2.940.920 45.425.310 10.788.833 71.661.863

Withholding Book
WITHHOLDING BOOK

SELLER OR LENDER INVOICE

CORRELATIVE DAY No. DOC TYPE NAME RUT DETAIL NET PAID VAT TOTAL CHARGED
WITHHELD
1 2 87 F.C. RUTH ARAYA V 12.902.022-9 Clothing Making 1.500.000 285.000 1.785.000

TOTAL 1.500.000 285.000 1.785.000

SELLER OR LENDER SERVICE TICKET AND FEES

ACTIVE
CORRE DAY No DOC TYPE NAME RUT DETAIL HONORARY RATE WITHHOLD TAX NET WORTH
L .
2 10 2089 B.H. DANIELA URRA P 17.542.863-1 Machinery 250.000 10% 25.000 225.000
Maintenance
3 15 1022 B.H. VANIA JEREZ A 9,993,316-K Legal advice 1.111.111 10% 111.111 1.000.000
4 30 267 B.H. MARIA RUZ L 16.320-930-6 Accounting Consulting 333.333 10% 33.333 300.000
5 30 189 B.H. DIEGO MERY Z 5.166.624-0 Technical Consulting 150.000 10% 15.000 135.000
6 31 1002 B.H. MEMO HERRERA N 15.033.262-1 employment advice 450.500 10% 45.050 405.450
7 31 3019 B.H. LUIS OSSA K 17.685.391-3 Embroidery 544.444 10% 54.444 490.000
TOTAL 2.839.388 283.939 2.555.449

School of Administration and Business25 | P a g e

www.duoc.cl
Remuneration Book

RUT: 76.666.666-6

Line of business: Toy distribution and passenger

transportation Address: Calle Obispo Manuel Umaña
Nº339

Commune: Central Station

Remuneration Book

COMMISSI TOTAL HOUSEHOLD MOBILIZA COLLECTI

No RUT NAME BASE SALARY GRATIFICATION TOTAL HAVE
ON BONUS TAXABLE ALLOWANCE TION BONUS ON BONUS
.
1 17.876.813-1 Alejandra Paz C. 450.000 50.000 89.063 589.063 - 40.000 60.000 689.063
2 17.783.188-3 Oscar Castiñeda P. 280.000 65.000 89.063 434.063 - 40.000 60.000 534.063
3 18.571.219-2 Jose Muñoz V. 250.000 - 89.063 339.063 17.016 40.000 60.000 456.079
4 18.330.087-3 Claudio Heva A. 360.000 - 89.063 449.063 - 40.000 60.000 549.063
5 4.315.289-0 Carlos Aguila L. 490.000 - 89.063 579.063 - 70.000 120.000 769.063
6 18.048.846-4 Luis Almendro H. 780.000 - 89.063 869.063 - 70.000 120.000 1.059.063
7 10.422.227-3 Nicole Cid F. 370.000 - 89.063 459.063 - 70.000 120.000 649.063
8 15.781.864-3 Juan Llanos C. 1.260.000 - 89.063 1.349.063 - 70.000 120.000 1.539.063
9 9.116.890-7 Francisca Meneses 330.000 72.000 89.063 491.063 - 70.000 120.000 681.063
10 17.675.999-2 Gala Alegria M. 920.000 - 89.063 1.009.063 - 100.000 150.000 1.259.063
TOTALS 5.490.000 187.000 890.630 6.567.630 17.016 610.000 990.000 8.184.646

TAX
UNEMPLOY ADDITION CCAF LOANS TOTAL LIQUID SALARY LIQUID TO
AFP HEALTH INP 2ND
MENT AL DISCOUNTS REACH ADVANCE PAY
CATEGOR
INSURANC ISAPRE
Y
E
66.387 41.234 - 3.534 - - - 111.156 577.907 250.000 327.907
50.091 30.384 - 2.604 - 12.800 45.120 141.000 393.063 50.000 343.063
38.212 23.734 - 2.034 - - - 63.981 392.098 190.000 202.098
48.364 31.434 - 2.694 - - 23.880 106.373 442.691 250.000 192.691
- 40.534 126.467 - - - - 167.002 602.061 300.000 302.061
97.943 60.834 - 5.214 4.946 - - 168.938 890.125 220.000 670.125
51.736 32.134 - 2.754 - - - 86.625 562.438 350.000 212.438
155.682 94.434 - 8.094 20.377 22.800 45.120 346.508 1.192.555 100.000 1.092.555
55.343 34.374 - 2.946 - - - 92.664 588.399 150.000 438.399
115.437 70.634 - 6.054 9.421 34.200 - 235.747 1.023.316 500.000 523.316
679.196 459.734 126.467 35.931 34.744 69.800 114.120 1.519.993 6.664.653 2.360.000 4.304.653

School of Administration and Business26 | P a g e

www.duoc.cl
Declared Form

School of Administration and Business27 | P a g e

www.duoc.cl
  Set of documents that contain the information obtained by the auditor in his review, as
well as the results of the audit procedures and tests applied; They support the
observations, recommendations, opinions and conclusions contained in the corresponding
report.
 Regarding the information provided by the administration, the following observations
were obtained:

 Dated 02/28/2015, F document no. 2800, Customer Toy Ltda, the invoice belongs to a dispatch guide
issued for the month of February.

 Dated 03/02/2015, FEX document no. 339, Client Protex SA, the exempt invoice consists of a transfer of
movable property.

 On 03/20/2015 F document no. 2804, Molle SPA Client, the VAT on the invoice was found to be
incorrectly calculated.

 Sales with tickets were found in conjunction with vouchers with

transbank.

 Through the

o DECREE LAW Nº 825, LAW ON SALES AND SERVICES TAX,

o Article No. 14, Calculation of 19% on the tax base
o Article No. 20 Tax Debit
o Article No. 57 P.Ts of debits and P.Ts of credit
o Internal Revenue Service

Rectification of the Sales Book.

SALES BOOK

BILLS
DATE DOC No. CUSTO RUT EXEMPT NET VAT TOTAL
MER
04/03/2015 F 2801 IMPORT FLEET SA 96.600.750-6 9.500.000 1.805.000 11.305.000
10/03/2015 F2802 HEIDY TOYS LTDA 77.120.000-0 7.200.000 1.368.000 8.568.000
15/03/2015 F 2803 ALPINE FRAMES 13.285.396-4 1.167.000 221.730 1.388.730
20/03/2015 F 2804 MOLLE SPA 97.890.300-8 5.240.000 995.600 6.235.600

School of Administration and Business28 | P a g e

www.duoc.cl
26/03/2015 F 2805 ZENTENO Y CIA LTDA 85.879.400-4 3.504.560 665.866 4.170.426
31/03/2015 F 2806 TRANSFORMERS LIMITED 76.109.600-3 4.780.000 908.200 5.688.200
28/03/2015 F 2807 DANIELA GOLOZA 10.694.656-5 887.000 168.530 1.055.530
30/03/2015 F 2808 DUBLE SA 96.781.000-8 14.510.000 2.756.900 17.266.900
TOTAL 46.788.560 8.889.826 55.678.386

EXEMPT INVOICES

DATE DOC No. CUSTO RUT EXEMPT NET VAT TOTAL

MER
12/03/2015 FEX 340 TELETON FOUNDATION 65.670.100-3 10.300.000 - 10.300.000
TOTAL 10.300.000 - - 10.300.000

SALES WITH TICKET

DATE DOC No. CUSTO RUT EXEMPT NET VAT TOTAL

MER
31/03/2015 10067-11349 SALES WITH TICKET 2.899.160 550.840 3.450.000
TOTAL 2.899.160 550.840 3.450.000

TRANSBANK VOUCHERS

DATE DOC CUSTO RUT EXEMPT NET VAT TOTAL

No. MER
31/03/2015 481 TRANSBANK VOUCHERS 5.983.193 1.136.807 7.120.000
TOTAL 5.983.193 1.136.807 7.120.000

DEBIT NOTES

DATE DOC No. CUSTO RUT EXEMPT NET VAT TOTAL

MER
03/03/2015 ND 503 DIN SA 97.450.000-6 100.000 19.000 119.000
TOTAL 100.000 19.000 119.000

CREDIT NOTES

DATE DOC No. CUSTO RUT EXEMPT NET VAT TOTAL

MER
27/03/2015 NC 540 IMPORT FLEET SA 96.600.750-6 - 300.000 - 57.000 - 357.000
22/03/2015 NC 541 COMERCIAL SMURFS LTDA 76.119.340-2 - 200.000 - 38.000 - 238.000
TOTAL - 500.000 - 95.000 - 595.000

EXEMPT NET VAT TOTAL

SUMS 10.300.000 55.270.913 10.501.473 76.072.386

School of Administration and Business29 | P a g e

www.duoc.cl
PROPORTIONAL VAT CALCULATION .
Given the information provided by the administration, the following detail is reported:
The Calculation obtained was due to the fact that the company contains 2 lines which are with
sales taxed with VAT and exempt sales.

The accumulated net sales affected until February 2015 amount to

$25,790,000 and exempt sales at $22,110,000.-

PROPORTIONAL VAT CALCULATION

MARCH 2015

SALES AFFECTED EXEMPT TOTAL

JANUARY TO FEBRUARY $ 25.790.000 22.110.000 47.900.000

MARCH $ 55.270.913 10.300.000 65.570.913

TOTAL ACCUMULATED SALES $ 81.060.913 32.410.000 113.470.913

PERCENTAGE 71,44% 28,56% 100,00%

Dated 03/23/2015, Invoice document No. 281126, corresponds to the celebration that the
company carries out for management for compliance with strategic goals.

Common use VAT will be used, because part of it does not give the right to tax credit and on
the other hand it does, since the celebration corresponds to both types of business,
according to art 23º no. 3 DL 825.

Dated 03/31/2015, Invoice document No. 4357, corresponds to a lease of the commercial
facilities and warehouse of the passenger buses.

Common use VAT will be used, because part of it does not give the right to a tax credit and
on the other hand, since the lease will be used for the distribution of toys and passenger
transportation, it corresponds to both lines, according to art 23. No. 3 DL 825.

Dated 03/31/2015, DIN 2346780, Supplier IMPORT GERMANY corresponds to imported

merchandise for a CIF value 8773.75 with a dollar parity of $626.87

School of Administration and Business30 | P a g e

www.duoc.cl
The import credit can be used, according to art. 23rd no.1 DL 825, at the same time
recalculating the import due to lack of the 6% ad valorem duty.

Dated 03/31/2015, electronic invoice document no. 195321, corresponds to the company's
fuel consumption for the month for passenger transportation.

VAT credit cannot be used for tax-exempt activities. Art 23º no. 4. DL 825.

Rectification of the Purchase Book.

SHOPPING BOOK
MARCH

Bill
UNRECOVERA
Correlat VAT
Date INVOICE BUSINESS NAME RUT DETAIL EXEMPT NET VAT BLE VAT TOTAL
ive COMMON
%
USE
6 42051 F 1684567 COMERCIAL CASA ROYAL SA 83.382.700-6 locators 711.400 135.166 846.566
7 42081 F 700598 COMERCIAL HASBRO LTDA. 76.107.839-9 merchandise 5.900.000 1.121.000 7.021.000
8 42081 F648001 DISNEY SA 83,972,800-K merchandise 3.792.920 720.655 4.513.575
9 42081 F 30131 POMPEYO LTDA. 77.138.570-2 vehicles 20.000.000 1.615.000 2.185.000 23.800.000
10 42086 F 281126 THE GOOD BOYS 96.671.750-5 services 115.000 7.000.000 950.152 379.848 1.330.000 9.775.000
17 42094 F 4357 REAL ESTATE HOUSE SA 87.805.200-0 rent 1.800.000 244.325 97.675 342.000 2.484.000
13 42092 F 141536 CHILECTRA SA 96.809.310-K electricity 506.000 68.682 27.458 96.140 698.280
TOTAL 115.000 39.710.320 4.719.814 2.825.147 1.768.140 49.138.421

DIN
UNRECOVERA
Correlat VAT
Date INVOICE BUSINESS NAME RUT DETAIL EXEMPT NET VAT BLE VAT TOTAL
ive COMMON
%
USE
2 42063 DIN US IMPORTS merchandise 4.520.000 858.800 5.378.800
2324718
16 42094 DIN GERMAN IMPORT machinery 5.830.000 1.107.700 - 6.937.700
2346780
TOTAL - 10.350.000 1.107.700 858.800 - 12.316.500

Bills
Electron
VAT
Correlat VAT
Date INVOICE BUSINESS NAME RUT DETAIL EXEMPT NET VAT IRRECOVERABLE TOTAL
ive % COMMON
USE
1 42037 FE 164400 DERCO SA 96.700.500-1 spare parts 1.050.000 199.500 1.249.500
3 42064 FE 518711 CLARO SA 93.737.000-8 cell phone 401.000 54.430 21.760 76.190 553.380
4 42073 FE 516675 ENTEL SA 93.737.000-8 Internet 254.000 34.477 13.783 48.260 350.520
15 42094 FE 195321 SHELL SA 96.005.600-4 benzine 1.045.920 5.679.010 1.079.012 7.803.942
TOTAL 1.045.920 7.384.010 88.907 1.314.055 124.450 9.957.342

Exempt Invoice
UNRECOVERA
Correlat VAT
Date INVOICE BUSINESS NAME RUT DETAIL EXEMPT NET VAT BLE VAT TOTAL
ive COMMON
%
USE
12 42093 FEX 3849 TAX AUDITORS LTDA 78.120.500-4 advisory 1.780.000 - 1.780.000
TOTAL 1.780.000 - - - - 1.780.000

School of Administration and Business31 | P a g e

www.duoc.cl
 Debit note
UNRECOVERA
Correlat VAT
Date INVOICE BUSINESS NAME RUT DETAIL EXEMPT NET VAT BLE VAT TOTAL
ive COMMON
%
USE
11 42088 ND 4372 BCI FACTORING 98.379.200-0 interests 200.000 27.147 10.853 38.000 276.000
TOTAL - 200.000 27.147 10.853 38.000 276.000

Credit note
UNRECOVERA
Correlat VAT
Date INVOICE BUSINESS NAME RUT DETAIL EXEMPT NET VAT BLE VAT TOTAL
ive COMMON
%
USE
5 42047 NC 4579 EXPORTADORA ISIS SA 83,972,800-K merchandise - 31.000 - 5.890 - 36.890
14 42093 NC 5378 THE GOOD BOYS 76.107.839-9 services - 500.000 - 67.868 - 27.132 - 95.000 - 690.000
TOTAL - - 531.000 - 73.758 - 27.132 - 95.000 - 726.890

UNRECOVERA
VAT
EXEMPT NET VAT BLE VAT TOTAL
COMMON
%
USE
SUMS 2.940.920 57.113.330 5.869.810 4.981.722 1.835.590 70.905.783

School of Administration and Business32 | P a g e

www.duoc.cl
Remainder Calculation:
Article 26: If the application of the rules contemplated in the preceding articles results in a
credit remainder in favor of the taxpayer, with respect to a tax period, said unused remainder
will be accumulated to the credits that originate in the tax period immediately. following. The
same rule will apply in subsequent periods, if as a result of these accumulations a remainder
remains in favor of the taxpayer.

Rem.
UTM UTM May Updated

Remainder 25,02 43.068 1.077.561

Summary
Exempt 2.940.920
Net 57.113.330
Recoverable VAT 5.869.810
Non-Recoverable 4.981.722
VAT
Total 70.905.783

Recoverable VAT 5.869.810

Previous remnant 1.077.561
Total ICF 6.947.372

School of Administration and Business33 | P a g e

www.duoc.cl
ANALYSIS F29
DECLARED TAX DEBIT 11.303.173
DOC No. DETAIL AGGREGATE DEDUCTIONS
Comparison of Sales Book v/s Form 29

2800 Toy Ltd Dispatch guide delayed previous 855.000

month
2804 Molle SPA Error in VAT calculation 53.300
2808 Duble SA Exempt mini bus invoice
Sums 53.300 855.000
TAX DEBIT ACCORDING TO AUDIT 10.501.473

DECLARED TAX CREDIT 10.788.833

DOC No. DETAIL AGGREGATE DEDUCTIONS
Comparison of Sales Book v/s Form 29

164400 Derco SA - Spare parts 199.500

2324718 Import USA DIN 28/02 - Commodity 858.800
518711 Claro SA - Cellular Use proportional credit 21.760
516675 Entel SA - Internet Use proportional credit 13.783
1684567 Royal House SA - Locators 135.166
30131 Pompeyo Ltda - Vehicles 2.185.000
281126 Good boys - Service Use proportional credit 379.848
141536 Chilectra SA - Electricity Use proportional credit 27.458
195321 Shell S.A. - Benzine 1.079.012
4347 Real Estate House SA -Lease Use Proportional Credit 97.675
4372 BCI Factoring - Interest Use proportional 10.853
credit
234678
German Import - VAT calculation error 62.700
0 Good boys - Service Use proportional credit 27.132
5378 Previous remnant 1.077.561
Sums 1.167.393 5.008.854
TAX CREDIT ACCORDING TO AUDIT 6.947.372

School of Administration and Business34 | P a g e

www.duoc.cl
Withholding Book
Given the information provided by the administration, the following information was
collected: In the month of March 2015, the following were recorded.
• 6 Fee Tickets received
• 1 purchase invoice to a taxpayer who is difficult to audit who sold exotic products
with full VAT withholding.
Information obtained by Internal Revenue Services: Said list corresponds to a single list of
taxpayers, from whom the withholding agents of rice, hydrobiological species, livestock, legumes,
wood and wheat must carry out the total withholding of VAT in the purchase operations of the
product for which each retainer has the quality of such, documenting the operation through
purchase invoices.

The total VAT withheld must be declared in Code 39 of Form 29.

WITHHOLDING BOOK

SELLER OR LENDER INVOICE

CORRELATIVE DAY No. DOC TYPE NAME RUT DETAIL NET PAID VAT TOTAL CHARGED
WITHHELD
1 2 87 F.C. RUTH ARAYA V 12.902.022-9 Clothing Making 1.500.000 285.000 1.785.000

TOTAL 1.500.000 285.000 1.785.000

SELLER OR LENDER SERVICE TICKET AND FEES

ACTIVE
CORRE DAY No DOC TYPE NAME RUT DETAIL HONORARY RATE WITHHOLD TAX NET WORTH
L .
2 10 2089 B.H. DANIELA URRA P 17.542.863-1 Machinery Maintenance 250.000 10% 25.000 225.000
3 15 1022 B.H. VANIA JEREZ A 9,993,316-K Legal advice 1.111.111 10% 111.111 1.000.000
4 30 267 B.H. MARIA RUZ L 16.320-930-6 Accounting Consulting 333.333 10% 33.333 300.000
5 30 189 B.H. DIEGO MERY Z 5.166.624-0 Technical Consulting 150.000 10% 15.000 135.000
6 31 1002 B.H. MEMO HERRERA N 15.033.262-1 employment advice 450.500 10% 45.050 405.450
7 31 3019 B.H. LUIS OSSA K 17.685.391-3 Embroidery 544.444 10% 54.444 490.000
TOTAL 2.839.388 283.939 2.555.449

School of Administration and Business35 | P a g e

www.duoc.cl
Monthly declaration and simultaneous payment of tax Form 29.
In conjunction with the modifications and recommendations delivered by the audit to the
administration, the movements of the sales book, purchase book, withholding book, and
remuneration book are recorded, disclosing the tax payable by the company.

Form 29 details the movements that the company obtained during the month of March 2015,
which is rectified within the corresponding period.

AUDITORS PROPOSAL FORM 29

School of Administration and Business36 | P a g e

www.duoc.cl
 School of Administration and Business37 | P a g e
www.duoc.cl
 School of Administration and Business38 | P a g e
www.duoc.cl
It contains the information collected by the work papers, of the movements generated by the
company in its sales and purchases in the period of March 2015.

TAX PAYMENT SUMMARY MARCH 2015

VAT FISCAL DEBIT (NET) 10.501.473

VAT TAX CREDIT (NET) 5.869.810
REMAINDER FROM PREVIOUS MONTH 1.077.561
REMAINING NEXT MONTH

ADDITIONAL VAT OF THE MONTH -

ADDITIONAL CF VAT OF THE MONTH -
REMAINDER FROM PREVIOUS MONTH
ADDITIONAL VAT TO PAY MONTH -

SINGLE TAX FOR WORKERS 32.464

WITHHOLDINGS 283.939
PPM 65.570.913 2,50% 1.639.273

TOTAL TO PAY 5.509.778

School of Administration and Business39 | P a g e

www.duoc.cl 5
1
Conclusion.

Finally, regarding the documentation delivered by the administration to the external audit,
and its analysis of the items carried out, under the laws established in Decree Law 824 of
the income tax, Decree Law 825 Law on sales tax and services, legal conceptual
framework, among others... it was revealed by the audit that it corresponds to a negative
opinion, due to having a high impact, that these do not adequately present the economic
reality of the audited company.

The process can be subject to a subsequent review by objective evaluators, so we can

conclude that, in this aspect, both processes also present a great difference with what is
declared in their taxes.

Suggestions
After reviewing the results of the audit carried out, the shortcomings that the company had
for the poor calculations of the results delivered must be identified, in addition to better
planning the procedure related to the calculation of Taxable Net Income, so as not to have
tax incidents, which can clearly affect the company.

Biography.
1. Decree Law No. 825, Law on sales and services tax.

2. Decree Law No. 824, Law on Income Tax.

Internal Revenue Service Website.

School of Administration and Business40 | P a g e

www.duoc.cl