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Corporate Builidng

VAT HEALTH CHECK

Ensuring VAT compliance requirements

In accordance with the Federal Tax Law's regulations, the Federal Tax Authority (FTA) has the authority to conduct a tax audit on any entity in order to evaluate that person's compliance with the relevant legislation. In order to avoid paying penalties for non-compliance, it is essential to be precise with the VAT returns and other statutory requirements.

FTA audit aims to enhance a corporate entity's compliance with laws and regulations in addition to examining administrative and financial flaws in the firm. In consideration of this, now is a good time for taxpayers to be prepared for the upcoming audit. Conducting a Tax Health Check to examine the key areas of Tax Compliance and the controls thereon is one of the greatest methods to get ready for this.

A comprehensive health check may bring attention to significant taxes or areas of compliance that need extra emphasis. The FTA authorities will examine returns and other data pertaining to the import/export of goods and services, such as sales invoices, purchase invoices, customs paperwork, and VAT documents. The FTA can audit a company for any reason; there is no requirement for there to be one.

They are entitled to do it whenever they choose and for any reason. At least five days prior to the scheduled audit date, the company will get a notification.Details such as the audit schedule, location, parties involved, and the cause (if any) will be included. All corporate organisations in the UAE are encouraged to get ready for a tax audit as quickly as possible since the FTA only gives them five days to reply to their inquiries.

The tax professionals at Corppluse Management Consultancy are proficient at providing Tax Health Checks that integrate our expertise in taxes with that of relevant internal controls. These Health Checks offer clients the opportunity to take any necessary remedial action before  an audit.With the help of the Health Checks, clients will also be better equipped to deal with a tax audit because they'd have gathered the necessary documentation and can keep making sure it is always available.

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