Is Your Business Legally Responsible For Submitting Financial Reports?

[Good-Person]

Financial reports are the type of documents that contain financial data of a company,. This may also involve financial information such as expenses, profits, revenues, etc. However, these reports could be used in order to analyse and start the process of tax audit. So, how can financial reporting help businesses?

 

[Grant]

Every business is. It's called paying business taxes. You're responsible for paying business taxes if you run a business, which means you also can mark down business expenses which help you out. You need to file how much you make and I think some businesses need to announce their losses as well.

 

[Kane]

In my home country, irrespective of business size and type all businesses are required to be registered (including online businesses) and all registered businesses need to submit financial reports to the in-land revenue department. However, my businesses are online and so far I have skipped the obligations.

 

[Heatman]

There's no way you can run any kind of business in my country without submitting your yearly financial reports to the in-land revenue department. This is the way they determine your business tax. Without submitting the financial report of your business, they will assume that you're trying to evade paying your taxes.