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    Organizational Polices & Procedures Sourounding The Preparation of Tax Returns

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    Stephen Pommells
    The document discusses organizational policies and procedures for preparing statutory and non-statutory tax returns, including consumption tax returns like GCT and SCT as well as payroll returns. It provides details on statutory returns that must be filed like the SO1 and SO2 forms, and covers non-statutory returns that are prepared voluntarily. Proper procedures should be followed like collecting information, establishing controls, and meeting filing deadlines in order to accurately report taxes owed.

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    Organizational Polices & Procedures Sourounding The Preparation of Tax Returns

    Uploaded by

    Stephen Pommells
    38 views18 pages
    The document discusses organizational policies and procedures for preparing statutory and non-statutory tax returns, including consumption tax returns like GCT and SCT as well as payroll returns. It provides details on statutory returns that must be filed like the SO1 and SO2 forms, and covers non-statutory returns that are prepared voluntarily. Proper procedures should be followed like collecting information, establishing controls, and meeting filing deadlines in order to accurately report taxes owed.

    Original Title

    STATUTORY

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    The document discusses organizational policies and procedures for preparing statutory and non-statutory tax returns, including consumption tax returns like GCT and SCT as well as payroll returns. It provides details on statutory returns that must be filed like the SO1 and SO2 forms, and covers non-statutory returns that are prepared voluntarily. Proper procedures should be followed like collecting information, establishing controls, and meeting filing deadlines in order to accurately report taxes owed.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    38 views18 pages

    Organizational Polices & Procedures Sourounding The Preparation of Tax Returns

    Uploaded by

    Stephen Pommells
    The document discusses organizational policies and procedures for preparing statutory and non-statutory tax returns, including consumption tax returns like GCT and SCT as well as payroll returns. It provides details on statutory returns that must be filed like the SO1 and SO2 forms, and covers non-statutory returns that are prepared voluntarily. Proper procedures should be followed like collecting information, establishing controls, and meeting filing deadlines in order to accurately report taxes owed.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 18

    STATUTORY

    &
    NON-STATUTORY RETURNS

    Organizational Polices & Procedures


    Sourounding the Preparation of Tax Returns
    Presenters: Merian Archer, Kareen Melbourne, Stephen Pommells
    Contents

    • Organizational Polices & Procedures, What are They?

    • Preparing/ Filling Statutory & Non Statutory Tax Returns

    – Consumption Tax Returns (GCT & SCT)

    – Payroll Returns
    Organizational Polices & Procedures, What are They?

    • Policy - is a set of guidelines and best practices put in

    place to protect the company, employees, and customers.

    • Procedures - is the specific methods employed to

    express policies in action in day-to-day operations of the

    organization.
    Organizational Polices & Procedures, What are They? (Cont'd)

    • Are designed to influence and determine all major

    decisions and actions

    • All activities take place within the boundaries set by

    them.
    Preparing/ Filling Statutory & Non Statutory Tax Returns - Intro

    • Preparing tax returns can be a time-consuming and

    complex process.

    • Following tax return procedures ensures that the TAJ

    accepts your return.

    • Becoming familiar with these procedures can help you

    avoid costly mistakes.


    General Procedures and Polices to Follow When Preparing
    Statutory/Non-Statutory Returns

    • Collect and/or update the relevant Information on returns


    – eg. employee personal info, invoices and reciepts
    • Establish Controls & Safegaurds (Polices)
    – Authorize/Control Access
    – Encourage Proper Filling Practices
    – Separate Duties
    – Audit
    – File a Tax Return Extention?
    General Procedures and Polices to Follow When Preparing
    Statutory/Non-Statutory Returns (Cont'd)

    • Keep in Mind the Following Dates:


    – Employee Pay Dates,
    – Tax Payment Due Dates,
    – Tax Filing Deadlines - $5,000 penalty can be charged for each month the
    return is late
    • Choose and Complete the Appropriate Form - SO1, S02, IT06,
    GCT, etc.
    • Based on the Return, Submit the Report the Relevant Authorities.
    – eg. Online - SO1, or to the "the Collector of Taxes" - SO2.
    • Save a Copy of the Tax Return for the Records
    Statutory Tax Returns

    • Statutory returns are the mandatory submission of


    financial and non-financial information to a government
    agency.
    • These Include Reports of the:
    – Income Tax
    – National Insurance Tax
    – NHT
    – Education Tax
    Statutory Tax Returns (Cont'd)

    • These are compulsory deductions that are taken by an

    employer from the employee’s salary or wages.


    Statutory Tax Returns

    • These Returns are Reported using the:

    • SO1 Form - EMPLOYER'S MONTHLY STATUTORY


    REMITTANCE PAYROLL DEDUCTIONS
    • and the SO2 Form - EMPLOYER'S ANNUAL RETURN
    SO1 Form - EMPLOYER'S
    MONTHLY STATUTORY
    REMITTANCE PAYROLL
    DEDUCTIONS
    SO1 Form
    • The employer is required to make a monthly remittance of
    all contribution to the Collectorate by the 14th day of the
    following month on a remittance card and must done
    online.
    • The amount should be sent to the Collector in currency or
    by certified cheque made payable to "the Collector of
    Taxes".
    • All cheques must be crossed; with address and telephone
    numbers written on the back.
    SO2 Form -
    EMPLOYER'S ANNUAL
    RETURN
    SO2 Form

    • this Form can be submitted any time after December 31st


    ( of the Calendar/Return year), but not later than the 31st
    day of March of the following year.
    • The employer prepares and submits Annual Return of all
    the deduction cards, and remittance card used during the
    year to the National Insurance Local Office.
    Non-Statutory Returns

    • These are deductions taken an employee’s pay at their request.


    – Examples of these are: Mortgages and Loans

    • These reports are prepared whenever demanded by the Secretary


    or by the Directors or their committees for submission to the
    shareholders, directors, employers or committee or sub-
    committees.
    • Non-statutory reports are prepared in order to help the board of
    directors or top executives.
    Non-Statutory Returns (Cont'd)

    • They Use it to take a quality decision for the effective

    control and management of business organization

    • These reports are not required under the provisions of

    any law.
    Statutary Returns for Self Employed Individuals

    • Stamp cards for self-employed persons are due on the

    last stamp date as mentioned on the card.

    • Stamp cards are issued each year with specific dates

    starting on the first Monday of April each year and ends

    on the last Monday of March in the following year.


    Conclusion

    • When done right, Statutory & Non-Statutory


    Reports helps to understand and report the amount
    of tax owed.
    • Helps provide Accurate and Precise managment of
    Income in relation to tax earned.

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