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Everything you need to know about Tax Audit in UAE

The Expert Take on Tax Auditing

Tax Audit is a procedure of verifying and inspecting the accounts of a taxpayer to confirm their adherence of provisions to the government. Our Tax and VAT Consultants Services in Abu Dhabi have helped businesses sustain in the long run. Let us dive deeper into this topic, to help you understand Tax Auditing and make better decisions for your business in this field.

Who Conducts Tax Audits in the UAE?

Tax Audits are at large conducted by the FTA in UAE for any reason at any time. However, as per Article 17 of the Tax Procedure Law, the FTA must send in a notice at least 5 days before the Tax Audit is scheduled to take place. 

How to prepare for Tax Auditing in UAE?

Tax Auditing in the UAE can be a tedious process. Here are some tips brought to you by our Team of Expert Tax Consultants to help you with it. 

1. Understand the Standard Tax Audit Procedure

To ensure that your organization is thoroughly prepared for a Tax Audit, you must take out time to do your homework and research on the prevalent laws in UAE that would apply to your Business. If time does not permit, you can easily hire Tax and VAT Consultant Services in Abu Dhabi to take over this vital task for you. 

2. Review your Calculations Thoroughly

Another task that can be provided to you through VAT Consultants Services, is reviewing all your calculations of income and expenditure over the year, with regards to your business. Numbers can be tricky, and hence, we recommend you to hire a professional to handle it. 

3. Conduct a VAT Review

Reviewing your VAT Returns can help you save a lot of money if done correctly. Filing a VAT Return involves submitting online the values of sales VAT, input VAT, output VAT, input tax, etc. in the relevant fields of the VAT return form on the FTA portal. This can ensure that all figures are correct and have the appropriate information. 

4. Verify Your Documents

Having the correct and necessary document for a Tax Audit is of utmost importance. Generally, companies in UAE that are being audited must present the FTA with the following documents:

  • A record of receipts and tax invoices
  • Tax Credit Notes
  • A record of goods and services being imported
  • A record of goods and services being exported
  • Book of accounts 

5. Get a Professional on Board

Tax Auditing can take away from the other important tasks at your workplace and hence it is recommended to hire a Tax & VAT Consultants Services In Abu Dhabi,  to ensure hire proficiency in carrying out this task. 

In order to reduce the likelihood of being audited, it is highly recommended to hire a professional to take care of all your accounting and auditing needs. 

If you’re looking for Professional Tax and VAT Consultants Services in Abu Dhabi, click here to get in touch with us. 

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