Tax Audit is an assessment done by the Federal Tax Authority (FTA) to check if the company is complying with the United Arab Emirates (UAE) Value Added Tax (VAT) regulations and to check if all the tax liabilities are paid on time. Businesses in UAE must prepare and be ready to face the Tax Audit from the FTA.
The FTA carries out VAT inspections or audits at varying intervals and at the time of audit if the authority identifies any errors or non-compliances the company shall be subjected to penal provisions including the imposition of penalties and fines. During the Tax Audit, the authority will have the right to obtain any information or documents like the invoices and its supporting’s.
Tax Audit and Compliance ensures that your business is running smoothly. It is necessary to check if the VAT related matters are addressed properly and are in compliance with the UAE VAT Laws.
In case of VAT in UAE, the taxable person will normally follow the tax rates as per the provisions of the VAT Law or the guidelines issued by Federal Tax Authority and will file the VAT returns or VAT refund applications based on self-computation. During the regular procedures for VAT Return Filing or VAT Refund Application, the FTA will rely on the application submitted by the VAT registered person and may do a limited review of transactions during those procedures. But during the VAT Audit by FTA, they can do a detailed review or audit of the transaction to ensure the compliance of the VAT Law.
A Pre-Tax Audit will help your business to identify any non-compliance and to ensure if the business has paid all the VAT liabilities on time and to check if all the tax policies and procedures adopted by the business are meeting with the provisions of the VAT Law. Our team will undertake a detail analysis of the previous tax procedures and returns adopted and submitted by your company. In case if any discrepancy or non- compliance is identified, all the necessary suggestions and recommendations will be given according to the UAE VAT provisions.
We are registered Tax agent in UAE approved by the Federal Tax Authority under Emirates International Accountant Co. Our VAT Expert team is headed and managed by professional Chartered Accountants having innumerous experience in assisting the clients and providing advice. They possess knowledge on UAE & GCC VAT Laws and procedures and have been serving the clients since the VAT implementation in UAE. They are trained and educated to provide the best VAT services in UAE.