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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. An FTA audit is the government’s assessment of a company concerning its responsibility as a taxable entity.
Conducted by the FTA in the UAE, this audit ensures that every liability is paid and all tax dues are collected and given to the government within the timeframe given. The government also assesses a company on whether they are following certain responsibilities that apply to their business as per the Federal Tax Authority UAE tax laws.
At MBG Corporate Services, our tax agents are experienced in handling tax audits in various other jurisdictions in the world and can assist companies during a tax audit by the FTA in the UAE.
A VAT audit review reveals the disparities in your organisational tax policies and appropriate procedures as per UAE tax laws. The tax audit review is more of a necessity than an option since it will reinforce your organisation’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 organisation.
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.
The VAT audit review will help you in understanding the causes of non-compliance and address them for the past and the future. It will help you in identifying any areas which require rectification while assuring the accuracy of taxes remitted and compliance with FTA UAE tax laws.
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