Tax planning refers to the detailed analysis of financial information and the strategic implementation of steps to reduce tax liabilities.

The benefits of tax planning for both large and small businesses are:

• Maximizing the utilization of the tax provisions under the law to minimize the amount of tax to be paid
• Helps with the cash management of the company by properly estimating the tax amount in advance, thus the company can plan how much to allocate for the tax payment, where to get the amount, and when to pay the tax.