VAT Health Check Services in Dubai, UAE
UAE VAT Laws, authorize the Federal Tax Authorities (FTA) to perform a tax audit on any person to ascertain their compliance with the provisions of the UAE VAT Laws. Hence, it becomes very crucial to ensure the VAT Compliance of a business to avoid heavy penalties due to non-compliance. A VAT health check ensures you have all the records in place during audits, saving your business heavy administrative costs as well as financial penalties.
How is a VAT health check conducted?
A VAT health check is conducted by first independently reviewing the client’s tax filings to get a true and fair view of their business. Post this, if there are any questions, it’s put forward to the clients. After gathering all the past and present information, a thorough study is undertaken on the accounting records, the calculations, the tax liabilities, tax compliance, and tax records. Annual VAT returns are compared with the accounts, to ensure they provide the same numbers. It’s all about knowing if VAT is fairly treated by an organization and reports accurate information to the FTA.
We recommend the business to undertake a Tax Health Check to examine key areas of Tax Compliance and the controls thereon and identify the Administrative and Financial deficiencies in the business so same can be rectified before Tax Audit from FTA.
We at TRC Pamco Middle East, provide VAT Health check services in Dubai, Abu Dhabi, UAE with our vast experience and knowledge on the subject matter. VAT Health Check enables clients to undertake any necessary corrective action before an audit takes place. With the Health Checks, clients will also be better prepared to handle a tax audit.