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REPORT
MEMBERS :
Flor Bustamante
Guillermo Herrera
Alan Martinez
Manuel Moraga
Content
Introduction..........................................................................................................................................
Concept.................................................................................................................................................
Aim.......................................................................................................................................................
..............................................................................................................................................................
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
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.
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.
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.
Completion: Issuance of the Report regarding the observations found as a result of the
execution.
After carrying out the audit, an RLI proposal is prepared with the new adjustments under
current regulations.
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
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
Declaration of liabilities.
STATE OF SITUATION
It is recommended that the administration rectify what was previously declared, all by
virtue of a correct tax determination
ESTADO DE SITUACIÓN
01 de Enero al 31 de diciembre 2014
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.
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
Remunerations paid to the taxpayer's spouse will be added to the net income.
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
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.
Procedure: Rectify the F declaration using the calculations mentioned above. 22, with
objections from the SII
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:
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.
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.
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.
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.
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.
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 - - -
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
RUT: 76.666.666-6
Remuneration Book
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
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.
Through the
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
EXEMPT INVOICES
TRANSBANK VOUCHERS
DEBIT NOTES
CREDIT NOTES
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, 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.
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
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
Rem.
UTM UTM May Updated
Summary
Exempt 2.940.920
Net 57.113.330
Recoverable VAT 5.869.810
Non-Recoverable 4.981.722
VAT
Total 70.905.783
WITHHOLDING BOOK
Form 29 details the movements that the company obtained during the month of March 2015,
which is rectified within the corresponding period.
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.
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.