Declaration of Capital
Accounting firm - branches in Tel Aviv and Hadera.
“Whoever reports on the eve of Shabbat will sleep well on Shabbat”
A Declaration of Capital is a report to the tax authorities on the significant assets held by the family unit, such as: bank accounts, real estate, savings, provident funds, vehicles, securities and so on and so forth.
The purpose of the Declaration of Capital is to allow the tax authorities to conduct a comparative examination of the economic status of the family unit between two different points in time, and to expose potential tax evasions.
The accurate completion of the Declaration of Capital is of great significance for the following reasons:
This is a legal obligation on the part of the business owner and, accordingly, a full, complete and accurate reporting must be made of all assets.
This is a comparative basis for the tax authorities which will constitute an index for the complete and correct reporting of business income; therefore, incomplete or inaccurate reporting could lead to unnecessary questions and suspicions.
In the process of preparing a Declaration of Capital we conduct a comprehensive inspection, vis-à-vis the business owner, of all the assets he owns; and in many instances we also locate funds and assets that the business owner has forgotten existed.
Clarkson Hyde Israel has 25 years’ of experience submitting initial Declarations of Capital and subsequent Declarations of Capital, as well as thousands of satisfied clients. Our CPAs will be happy to serve you.