VOLUNTARY DISCLOSURE

Mitigating risks with timely corrections

The FTA encourages taxpayers who may have violated the rule or who think an error was made, to register a voluntary disclosure. To avoid a penalty, shortcomings or mistakes must be addressed promptly. If a taxable person finds a mistake or absence in their tax return, tax assessment, or tax refund application, they must file a Voluntary Disclosure to the FTA.

A taxable person can file Voluntary Disclosure under certain circumstances, which are specified in the guide, in line with Article 8 of Cabinet Decision No. 36 of 2017 on the Executive Regulation of Federal Law No. (7) of 2017 on Tax Procedures.

How a business might identify errors in previously submitted VAT Returns is open for debate. To understand the mistakes in previously filed returns, a business might seek an audit review. Your VAT returns may be subjected to an audit-review by a registered tax agency that has been approved by the Federal Tax Authority of the United Arab Emirates.

In the conclusion, this exercise will reduce the likelihood of penalties and fines in the event that the FTA conducts a Tax Assessment. Furthermore, it will make sure that you do not cause your clients any VAT-related problems that can harm your constructive relationship.

Several applications have been turned down because taxpayers filed them incorrectly. Numerous clients have received assistance from Corppluse Management Consultancy in filing Voluntary Disclosure form. You seek benefits from our team of VAT specialists both during the application process and once it has been filed.