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Prepare for FTA Inspection Today

The FTA conducts VAT audit in the UAE to allow the government to determine if a registered business is adhering to the tax laws and specifications under the VAT Laws. The FTA will investigate whether the taxable persons have collected all the taxes and paid to the government within the allotted timeframe. During a FTA inspection, the authorities will examine the tax returns and other documents. There is no requirement that the FTA have a specific reason for auditing the taxable organization.

The authority said in a news release that the campaign’s goals to conduct the FTA inspection are to improve market control, offer the greatest levels of consumer protection, fight commercial fraud, and stop the trading of subpar and counterfeit goods.

Professional Tax Firms like Elevate First Accounting and Auditing help individuals and businesses understand and navigate a nation’s tax structure. The services of Tax agency in Dubai include tax planning, tax analysis, tax return submission, and tax payment.

Tax agent’s role in FTA Audit

– When asked by the FTA, give any information, records, papers, and data necessary for the Taxable Person they are acting on behalf of.

– Help taxpayers with their tax duties, such as submitting returns, processing refunds, waiving penalties, etc., in accordance with the terms of the contract between the taxpayer and the tax agent in Dubai.

– Additionally, they can assist their clients in properly planning their taxes and identifying the Dos and Don’ts.

– Tax agents in the UAE may be crucial to the success of the FTA’s tax audit. Tax agents will be permitted to speak for the taxable person before the FTA.

Tax agent’s role in FTA Audit

– When asked by the FTA, give any information, records, papers, and data necessary for the Taxable Person they are acting on behalf of.

– Help taxpayers with their tax duties, such as submitting returns, processing refunds, waiving penalties, etc., in accordance with the terms of the contract between the taxpayer and the tax agent in Dubai.

– Additionally, they can assist their clients in properly planning their taxes and identifying the Dos and Don’ts.

– Tax agents in the UAE may be crucial to the success of the FTA’s tax audit. Tax agents will be permitted to speak for the taxable person before the FTA.

Factors to consider during VAT Audit

Taxable businesses in the UAE must be aware of the essential elements that are missed by the FTA during a VAT audit. Items inspected during an audit in the United Arab Emirates include those listed below:

Assessment of VAT Returns

To make sure that the records and VAT returns are accurate, the VAT auditor will verify the filed VAT returns to the accounting records.

Assessment of Input Tax

The input tax is examined in the event of a tax audit in the UAE to determine whether blocked inputs or non-recoverable tax are claimed or not.

Assessment of Output Taxes

Additionally, the UAE tax auditors ensure that exempt, zero-rated, and standard-rated taxes are categorized and calculated accurately as per UAE tax law to ensure VAT Compliance.

Software & Accounting System

Taxable companies need to use the right accounting software to ensure compliance with UAE VAT Law. Modern accounting software can help firms reduce potential errors and anomalies while filing VAT returns in the UAE.

In what ways Elevate First Accounting and Auditing assist during  FTA inspection?

Along with keeping the books of accounts up to date, we also give businesses a platform to expand and make more money. Our clients are able to manage their businesses with ease since they are guaranteed the effectiveness and financial advices that a company requires to prosper.

VAT audit can be carried out in either of the following cases:

  1. Voluntary audit – This sort of audit is carried out by businesses on their own initiative to ensure that all compliances are being met. Elevate First Accounting and Auditing may be used as an external auditor in this case. We’ll verify that all the compliances are being followed by reviewing all of your records during the VAT audit.
  2. FTA conducted the audit – FTA may undertake this audit whenever it sees fit. FTA has the right to request that a company provide prior financial records or any other documents related to your company. In this situation, we will support your business by providing all the pertinent documentation and presenting your business to the FTA with all required compliances. We’ll make sure that your business won’t incur any penalties for failing to comply during the FTA inspection.

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