The loss of revenue and income streams have been a major cause of concern for businesses around the world during the COVID-19 pandemic. Businesses are thereby required to reshape their entire tax infrastructure for optimal recovery. This pandemic also presents the perfect opportunity for taxpayers to prepare themselves for the eventual audit.
The Federal Tax Authority (FTA) conducts annual audits to determine compliance with the provisions of the relevant laws, wherein, it is essential to be accurate with the VAT returns and other statutory requirements in order to avoid non-compliance penalties.
One of the best ways to prepare for FTA Audits is to undertake a Tax Health Check to examine the key areas of tax compliance. A high-level health check may highlight key taxes and compliance areas where more attention is required.
Our tax professionals at MBG Corporate Services well-versed in Tax Health Checks that combine knowledge and experience in taxation and related internal controls. These health checks will assist clients to undertake any necessary corrective action needed during this pandemic to prepare them for an FTA audit. We also ensure that all necessary documents required for the audits are readily available and regularly updated.
