Federal Tax Authority has conducted several inspections for Tax audit and the company/business had got penalties and you can be the next!!
Therefore, the business must comply with the required tax law imposed by Federal Tax Authority.
VAT audit is a process carried out by the experts from Federal Tax Authority to examine the records of information and data of the registered company in the UAE.
FTA will conduct tax audit on the taxable person to ensure that the company is complying with the provisions of the UAE VAT law (federal decree law)
Therefore, the business must keep following records and FTA can asks to present them while auditing:
- Tax invoices
- Tax credit notes
- Records of purchased goods and services
- If your business engaged in imports and exports then, keep records of exported and imported goods and services
Al Wahat Accounts & Internal Audit experts will ensure that your business is complying with the provisions of UAE law & will make sure that your company doesn’t get penalties & fine.