Business owners are often occupied with several matters relating to the company. A legal advisor gives legal consultations to companies and businesses. This can be time-consuming and stressful for the CEO.
It isn’t surprising to note that running a business takes increased focus, attention, and intelligence. However, there are important obligations that need to be carried out. Failure to comply with the regulations leads to consequences.
The Shikana Group is ready to help you with these issues. With an expert legal team, we can advise and guide you to the correct answer. Filled with a capable legal advisory team, we can help you with our excellent tax and regulatory services.
What exactly is a Legal Advisor?
A legal advisor is an individual who gives legal consultations to companies and businesses. Every company has its own duties and obligations when it comes to legal issues. It is essential for the CEO to exhibit increased knowledge about the tax and legal laws, regulations, and rules of the country.
Legal advisors are often the ones who step in to help companies with their legal obligations. A legal advisor has multiple duties and responsibilities, such as:
- Drafting and negotiating contracts
- Providing consultations on legal matters
- Improve and overlook whether companies are in accordance with Tanzanian laws.
A legal advisor can help with taxes in various ways. However, the most crucial objective regarding tax is filling it out at the appropriate time.
Missing or remaining complacent about these aspects is dangerous and can have severe consequences. Staying compliant with tax deadlines will bring many benefits.
How Can They Help With Taxes?
1. Take over the responsibility:
Filing taxes is important. Those who do not abide by the rules and regulations face dire consequences. For a business, these consequences damage the financial state and the company’s reputation.
Business entrepreneurs are often too busy and preoccupied with the company’s state to focus too much on filing taxes.
Hiring a legal advisor can prove helpful, as they are knowledgeable on the subject of taxes. With the correct information, these attorneys have the capability to file taxes in the right way. By handing this over to the correct people, CEOs can face less stress and release the burden of their workload.
2. Reviewing the tax reports:
Calculating and analyzing tax reports can be complicated. It can be stressful to look at the significant movements of the company if you are unprepared.
The benefit of having a legal advisor is that they can solve this issue. They are informed of the obligations every business needs to oversee. They can easily take note of the tax rates and diligently implement the reports’ rules without interruption.
3. File on time:
Those who are complacent in filing taxes face many problems. This can be very stressful and cause a lot of panic and disturbance.
Despite the consequences of not filing the tax at the designated time, companies that do not do it on time cannot retain a good reputation. Entrepreneurs who hire legal advisors can delegate this task to them.
Legal advisors can help out in filing the tax in the correct procedure during the time. This can bring positive outcomes. Federations can then observe the company as more independent and stable than the ones who do not proceed with their duties. Therefore, having an advisor is beneficial as they offer tax and regulatory services.
How Shikana Group can help
Shikana advises clients on the appropriate ownership structure for the business they want to set up, including corporations, partnerships, limited liability companies, and joint ventures. We analyze the benefits, costs, and risks associated with the choice of a particular business entity based on our extensive experience assisting foreign investors coming into the African marketplace.
In addition, we provide a comprehensive array of immigration and labor legal services, including liaisons with government authorities for work permits, investment permits, and similar concerns. When it comes to legal and financial advisory services, no one has more expertise than us.
Our company provides services in the following fields:
- International trade and taxation
- Commercial and business law
- Compliance
- Venture Capital and Private Equity advisory services
