Are you ready for TAX Audit in UAE?

Tax audits in the UAE are conducted by the FTA to enable the government to assess a taxable entity is complying with the tax laws. Through the tax audit, the FTA will examine whether the taxable persons have paid every liability, and all the tax due is collected and given to the government within the stipulated timeframe. FTA can conduct the tax audit at its office or the business premises of the taxable person or any place where the person conducts his business.

What are the Records to be Maintained for a Tax Audit?

• Records of all supplies, all tax invoices, tax credit notes & debit notes.
• Records of exported Goods and Services.
• Records of adjustments or corrections made to accounts or Tax Invoices.
• Details of Goods imported to the state along with Customs declarations and Supplier Invoices.

The list is not exhaustive, but the authority can demand any further document.

To avoid falling under the prospect of non-compliance of VAT, it is always better to conduct a Tax Audit review or a VAT health check-up in your organization. It will help you in identifying the areas which require rectification while assuring the accuracy of taxes actually remitted. FTA has set various options for taxpayers to rectify their mistakes before undertaking an assessment such as filing a Voluntary Disclosure or a Reconsideration form as the case requires.

We will make sure that everything is in line with the law and follow the standard which is defined by the authority.

Save your business from getting heavy fines and penalties!!!