What is compliance?

“Compliance” means that an individual or a group or an enterprise conforms with or obeys a set of rules or regulations determined by the law or any governing body.

When it comes to a business and corporate management, compliance refers to the enterprise obeying all of the legal laws and regulations in regards to how they manage the business, their staff, and their treatment towards their consumers.

Tax compliance refers to fulfilling all tax obligations as specified by the law freely and completely. Tax compliance means submitting a tax return within the stipulated period, correctly stating the asked details, paying assessed taxes by due date.

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