1. Illegal taxation:
-Failure to file tax returns may violate tax laws and regulations and involve tax evasion. The tax authorities may conduct a tax investigation on the company and impose penalties on tax evasion, including fines and late fees.
2. Legal liability:
-Bookkeeping and tax filing are the legal obligations of the company, and failure to fulfill the legal obligations may lead to legal liabilities. The company may face legal sanctions such as fines, suspension of business for rectification and revocation of business license.
3. Credit record is damaged:
-Failure to make bookkeeping tax returns may affect the company's credit record, thus affecting the company's reputation among banks, suppliers and other business partners, and further affecting the company's business and development.
4. Financial management confusion:
-Lack of bookkeeping and tax returns may lead to confusion in the company's financial management, making it difficult to accurately understand the company's operating conditions, profits and losses, assets and liabilities, and make scientific business decisions.
5. Unable to enjoy tax benefits:
-Some countries and regions may provide some preferential tax policies for tax paying companies, and failure to file tax returns with account books may result in companies not enjoying these potential tax reductions and exemptions.
To sum up, in order to avoid the above-mentioned potential problems, the company should establish a standardized financial system in time after online registration, and make formal bookkeeping and tax returns. It is best to hire professional accountants or tax professionals to ensure the financial compliance of the company.
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