Importance of VAT Auditing :

• The provisions of the federal law on taxation have mandated the Federal Tax Authority (FTA) with the legal right to perform a tax audit on any person to determine their compliance with the provisions of the relevant laws. VAT audit ensures that every liability is paid and all tax dues are collected and given to the government within the timeframe given.
• The VAT audit review is more of a necessity than an option because it will strengthen your organization’s capability to face a VAT audit. To avoid falling under the category of VAT non-compliance, it is always better to conduct a tax audit review or a VAT health check in your organization.
• The audited person has the right to ask for the notification copy and connected documents and be present throughout the auditing procedures that are conducted outside of the official places.
• These audits are often conducted at the workplace or at the other place of business of the involved party, as per the selection of the FTA.
• The 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
• If something suspicious is found within the results of the audit which may impact the tax return, the authority might order a re-audit for more analysis.
• The notice of a similar should be issued to the person/business by the FTA a minimum of 5 days before.

At YUGA, our VAT experts are experienced in handling VAT audits in various other jurisdictions in the UAE and can assist companies during a VAT audit by the FTA in the UAE.

FOR MORE INFORMATION, CONTACT US :

Phone : +971 52 1952 532 / +971 4 240 1110

Mail-Id : info@yugaaccounting.com

Website : www.yugaaccounting.com