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Canada Strengthens Fiscal and Tax Compliance Audits for Energy Companies

Canada Strengthens Fiscal and Tax Compliance Audits for Energy Companies

Canada has strengthened the fiscal and tax compliance audit of energy enterprises to protect national resource revenues. The focus is on auditing the payment of resource extraction taxes and fees, the application of tax incentives, and the rationality of cost accounting. Enterprises are required to submit fiscal and tax reports regularly to cooperate with the audit. Violators will face penalties such as tax supplements and fines, prompting enterprises to improve their fiscal and tax management systems.