Tax is a compulsory deduction of a certain amount from a person’s income, portion of profit, consumption of certain commodity as a contribution to state is known as tax which is paid in tax office. Tax agent services are the services which relates to representation of articles in the trade with the Commissioner of taxation within the taxation law. It ascertains as well as advises about obligations of individual within the law of taxation.
A registered tax agent is an expert holding a professional public training. A tax agent can either be a firm or be an individual. For the registration of tax agent service, if it is for an individual, the person must be at least 18 years of age with proper qualification and experience, a mentally sound person who can maintain professional indemnity insurance within the requirement. If it is for partnership, the company should not have been convicted for taxation offence and remaining are all of the mentioned qualifications for an individual as mentioned above. The applications are examined by the board of tax agent service. Every tax agent is provided with a number called, “registered agent number.” This ensures distinction among the tax agents.
The board of tax agent service contains administrative necessities linking the Board appointments and procedures. The board constitutes of seven members who are responsible for operation and investigation of applications for the purpose of registration. This board is appointed by Minister himself and the member must not be holding any office. Remunerations and allowances are paid according to the prescribed regulations. The board needs to report the minister regarding their maneuver annually and should maintain a record of tax agents. He holds the office only for the period specified in the appointment letter. Minister has the power to terminate the appointment of board member for any disobedience.
- Tax agent