In the Peruvian business environment, a SUNAT (National Superintendency of Customs and Tax Administration) audit can be a complex process if not properly prepared for. A tax audit becomes a key tool for anticipating potential issues, avoiding penalties, and ensuring regulatory compliance.
This article outlines the necessary preparations and considerations to approach a tax audit with confidence.
What is a tax audit?
A tax audit reviews and verifies the correct determination and fulfillment of a company’s tax obligations to identify potential errors, omissions, or risks before the tax authorities detect them.
This type of audit can be internal or external and is often complemented by a financial and an external audit, especially in companies that handle high volumes of transactions.
Relevance for a SUNAT Audit
An audit can result in:
- Significant financial penalties
- Tax assessments
- Late payment interest
- Legal liabilities
Preparing in advance through an audit consulting service can identify inconsistencies and correct them before they lead to bigger problems.
Key Steps to Prepare for a SUNAT Audit
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Keep your accounting organized and up-to-date
All accounting books must be up-to-date and correctly supported, which includes:
- Electronic accounting books
- Financial statements
- Payment receipts
Here is where the NIIF audit becomes crucial, as it ensures the proper filing of financial information.
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Verify that taxes have been calculated correctly
Check if the calculation of the following taxes is correct:
- IGV (General Sales Tax/VAT)
- Income Tax
- Withholdings and collections
A preventive tax audit can identify common errors.
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Document all your transactions
Every income or expense must be supported by valid documentation:
- Invoices
- Contracts
- Purchase orders
- Payment methods
The lack of supporting documentation is one of the main alerts for the SUNAT.
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Review your affidavits
Ensure that all your filed returns match your accounting records. Inconsistencies among systems are an immediate red flag for an audit.
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Assess tax contingencies
Identify potential risks such as:
- Non-deductible expenses
- Related-party transactions
- Inventory discrepancies
A good audit consulting firm can anticipate these scenarios.
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Have a prepared team
Specialists in financial, external, and tax audits will respond appropriately to any request from the SUNAT.
Common Errors During an Audit
Avoid these frequent mistakes:
- Failing to respond to requests on time
- Filing incomplete information
- Lacking supporting documentation
- Being unaware of current regulations
These errors can significantly increase penalties.
Benefits of Conducting a Preventive Audit
Implementing an audit before a tax enforcement provides several advantages:
- Reduction of tax risks
- Enhanced financial management
- Prompt regulatory compliance
- Greater peace of mind regarding the SUNAT
A tax audit is not only a control tool but also a key strategy for business sustainability. Properly preparing for a SUNAT audit can make the difference between a successful review and costly penalties.
At VAG Global by TPC Group, we have experience in financial, external, IFRS, and tax audits, as well as audit consulting, helping companies meet their obligations and optimize their management.