FTA has appointed officials to perform tax audits. They examine tax returns and any necessary detail. As per the law, FTA can conduct a tax audit at any time for any reason. It is a mandatory requirement for a business, its legal advisors and tax agents to offer help to the FTA tax auditors. In case there are any questionable facts or gaps found during the audit, auditors may request a re-audit. Given below are some items that are examined and verified during a tax audit in UAE.
To understand all the legal requirements and comply with the tax laws, a business should hire a professional tax consultation service to take care of all of the above components before an audit is done.
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A taxable business is required to provide certain documents to facilitate tax audits. It is a mandatory requirement to present the following documents to the tax auditor.
Once the audit is complete, the FTA notifies the audited entity about the final result within 10 business days. An audited entity or business can view or collect the documents and data on which the audit assessment was based.
A tax audit is done to ensure that businesses are complying with tax regulations and VAT laws. As the FTA conducts a tax audit, a business needs an expert to guide and prepare them for the audit. Parsh is a reputed consultation firm that provides its clients with pre-audit and post-audit support and also supports them during the audit. Our services include transaction advisory and documentation support. We highlight the area of non-compliance so that corrective measures can be taken and we also advise on actions to be taken after the audit. So if you need audit assistance, contact us today.
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