Navigate UAE’s Tax Landscape with Confidence and Compliance – Trust Al Marzaan Consultancy for VAT Audit Services in Dubai!
Are you prepared for a tax audit in the UAE? When the Federal Tax Authority (FTA) comes knocking, Al Marzaan Consultancy is your ally, ensuring your VAT compliance and protecting your business from unnecessary fines and penalties.
Understanding UAE Tax Audit:
- Who Conducts the Audit: FTA’s official representatives perform tax audits to verify VAT compliance and assess the accuracy of tax liabilities.
- Audit Focus: The audit reviews your accounting records, bookkeeping, and VAT return filings to ensure correct tax determinations and payments.
- Location: Audits can take place at your business premises or at a location chosen by the FTA, with at least 5 business days’ notice.
- Selection Process: Not all VAT-registered businesses are audited. The FTA randomly selects companies for auditing, taking into account factors such as business size, history of late tax submissions, incorrect filings, and business complexity.
VAT Audit in UAE:
VAT audits in the UAE are the government’s way of confirming businesses’ compliance with VAT laws and regulations. FTA reviews VAT returns and refunds, checking if businesses collect and submit VAT within the specified timeframe.
The audit encompasses a comprehensive review of financial records, including bank statements. FTA may request both hard copy and soft copy documents, such as sales and purchase invoices, books of accounts, and VAT returns.
Cooperating with FTA:
Businesses subject to VAT audits must cooperate with FTA auditors to ensure a smooth process. You should provide access to your office, original documents, financial records, and personnel from the Accounts department and VAT agents if required.
Heavy Penalties for Non-Compliance:
Non-compliance, violations, or tax evasion can lead to substantial fines and penalties, including the cancellation of trade licenses and even the closure of a company.
How Al Marzaan Consultancy Can Help:
Al Marzaan Consultancy is your trusted partner in representing your business before the FTA. Our tax experts ensure your business adheres to FTA laws and regulations, protecting you from fines and penalties. We offer a VAT health check to ensure your compliance with the latest tax laws. We recommend conducting this check at least twice a year to keep your business aligned with the FTA’s standards and rules.
Rely on Al Marzaan Consul for top-notch VAT services. Contact us today to navigate the UAE tax landscape with confidence and peace of mind!
