Do Tax auditors have the right to review your personal accts

abstractface · Postby **abstractface** » July 27th, 2012, 9:51 pm

Hi Tuners,

I know that there are alot of indepenant businessmen and directors here.
I would like to know whether or not tax auditors have the authority to review your personal accounts at banks and other financial institutions.

And if they do. Do they need your permission.?

How does this process work?

abstractface · Postby **abstractface** » July 27th, 2012, 10:30 pm

I guess nobody knows?

j.walker · Postby **j.walker** » July 27th, 2012, 10:32 pm

yep............once u have bank accounts in your name or your business name they will audit ALL..... and will do an audit trail...and once funds are being deposited and traced back to the business u will have to pay all taxes on it if it was not paid before...

Kenjo · Postby **Kenjo** » July 27th, 2012, 10:38 pm

abstractface wrote:Hi Tuners,

I know that there are alot of indepenant businessmen and directors here.
I would like to know whether or not tax auditors have the authority to review your personal accounts at banks and other financial institutions.

And if they do. Do they need your permission.?

How does this process work?

Not sure if Uncle Bas????/

GeneralHonda · Postby **GeneralHonda** » July 28th, 2012, 6:51 am

Your permission is not required. The powers allocated to the tax office allows them to investigate until they are satisfied that you have been operating within the legal framework i.e. paying your taxes, filing the returns and turning in audited end of year financials. Also, if they have reason to think you are in certain practices, they can and will audit account held jointly with anyone.

Rainman · Postby **Rainman** » July 28th, 2012, 4:46 pm

Notsur iffundscommingling

geodude · Postby **geodude** » July 28th, 2012, 9:38 pm

if an individual has accounts in a bank out of the country, can they find that?
not a business man but a fella who doh wanna pay income tax nah.
i have heard lots of things from expats that try to beat the tax game

janfar · Postby **janfar** » July 28th, 2012, 9:44 pm

If u do not work in Trinidad or for a Trinidad based company you do not have to pay taxes here. The govt never saw it fit to address this small group of individuals much to their advantage.

geodude · Postby **geodude** » July 29th, 2012, 6:55 am

dude you sure, i have heard so many things,

janfar · Postby **janfar** » July 29th, 2012, 7:51 am

Read to tax legislation

Bizzare · Postby **Bizzare** » August 1st, 2012, 1:06 pm

ohh yesss....... they definitely can without your permission. Personal experience.

Geodude, what you're attempting to do there might ditch tax now, but raise suspicion of money laundering later.

brams112 · Postby **brams112** » August 1st, 2012, 4:23 pm

Op they can view your records once you come into their sights.Once you have a bank account they will trace your deposit records to see how much you deposited within a certain period of time,this will tell them at least how much you earned for a certain period.Also if you are not paying taxes the will send you assement to pay taxes,
Also if you earn a business and you are depositing money they can investigate to see if you are channeling money to your account.It is called an audit,it ain't nice they can go through all of your financial records,come up with a figure that you will have to pay,they can also charge you with tax evasion.