What is VAT/Tax Audit?
VAT Audit Dubai: A tax audit is an examination of an organization’s or individual’s tax return to verify that financial information is being reported correctly. While the chances of being singled out for closer scrutiny are statistically low, there are factors that could increase your odds of receiving an audit notice. Fortunately, there are measures you can take now to minimize future problems.
A tax audit is basically a government’s assessment of a company about their responsibility as a taxable entity. This kind of audit is conducted by the FTA to ensure that every liability is paid and every tax due is collected and given to the government within the timeframe given. The government also assesses a company whether they are following certain responsibilities that apply to their business as per the tax laws (VAT Law, Excise Tax Law, etc.).
VAT Audit in UAE (VAT Compliance Audit ) what service we offer? How we can help you?
A tax consultant/VAT Consultant can help you to be always organised so that when your company is requested for an audit from FTA, you are all set up to face the tax audit that people seem to be worried about.
The list below shows the kinds of review that can be done in order to prepare you for an upcoming audit:
VAT Audit Dubai : Review of the system
Since the tax has been announced to commence in the UAE on the first day of 2018, companies have ensured that every department is ready to face a new era. One of the most important items to be updated is the accounting software. The same should comply with the laws regarding VAT accounting.
A review of the systems will ensure that there is no inconsistency with the recorded transactions.
Review of Calculation of Tax
It is important that companies ensure that they are complying with the laws by checking that the calculation of both output and input taxes are correct. As a basic rule, the tax rate is at 5% only. Any goods or services that fall under zero-rated and exempted tax should be treated as it is with documents for support.
VAT Audit Dubai : Review of VAT Returns
A tax consultant will review the VAT returns that need to be filed by companies to ensure that returns will be prepared in the correct manner with the values properly recorded in the right boxes and the needed information are filled in and also make sure that it is filed within the timeframe provided by FTA.
TAX Audit Dubai: Review of Payment of Tax Due
The correct amount of tax due should be paid on or before the due date. A tax consultant will ensure that you are not drawing any negative attention from FTA by missing the timeframe of tax payment to the government.
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