As a results of the rapid developments in regulations in the Kingdom including the changes in the zakat by-laws and prospected changes in the zakat regulations and companies regulations, it has became essential and sensitive to file the financial statements, and zakat and tax declarations with the various bodies within the statutory deadline to avoid negative impacts in case of missing such deadlines. Consequently, it is important for companies to ensure that adequate policies and procedures exist to prepare and issue the financial reports on a timely manner and without errors.
Maham has an integrated team with experience in the financial, accounting, and auditing as well as our specialization in zakat and income tax field, which can support the companies through the following:
- Perform an assessment of the current status by reviewing the accounting cycle and analyse the monthly and annual closing procedures to determine areas of weakness.
- Provide recommendations to improve and develop the accounting process to ensure timely preparation and issuance of financial reports with higher degree of accuracy.
- Provide recommendations to link the reports required to prepare zakat and income tax returns with other financial reports in order to reduce time and efforts to prepare and file zakat and tax declarations, withholding tax returns, and VAT returns within statutory time and without delay.
- Support the management in the implementation of our recommendations and provide on the job training for the company’s staff to ensure knowledge transfer during the implementation phase.