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The Federal Tax Authority (FTA) conducts a tax audit in accordance with the Tax Procedures Law (Federal Decree-Law no. 7) to assess the commercial record or any data or information of the taxable persons conducting business in the UAE. To ensure a taxable person complies with the requirements of the UAE VAT Law and the Tax Procedure Law, the FTA conducts a tax audit on the person.
To aid in the tax audit, the taxable entities must maintain specific records. The following documents must be kept by the tax registrants and presented to the tax auditor during the audit, per Article 78 of the Federal Decree-Law on Value Added Tax –
For VAT audit services in Dubai, contact Rewind Consultancy. We know the ins and outs of the VAT audit, and our team will ensure that the audit reports are accurate and up-to-date.
To aid in the tax audit, the taxable entities must maintain specific records. The following documents must be kept by the tax registrants and presented to the tax auditor during the audit, per Article 78 of the Federal Decree-Law on Value Added Tax –
For VAT audit services in Dubai, contact Rewind Consultancy. We know the ins and outs of the VAT audit, and our team will ensure that the audit reports are accurate and up-to-date.
Initial Consultation
The auditing firm starts the VAT audit procedure after first consulting with the client. During this phase, the auditor collects data regarding the client’s business operations, industry, size, and prior VAT compliance history. Understanding the audit’s scope and any particular problem areas is the goal.
VAT Audit Planning
Following the initial consultation, we create a thorough VAT audit plan that is customised to meet the unique needs and specifications of the client. This includes figuring out the goals, schedule, resources, and extent of the audit. To evaluate the compliance of transactions related to value-added tax, our auditor plans audit methods and identifies important risk areas.
Data Collection and Examination
We might ask you for all financial records and documentation, such as bank statements, VAT returns, sales and purchase invoices, accounting records, and any other paperwork about VAT transactions. We take our time to thoroughly review these records to verify the value of VAT reporting, detect any errors, and assure compliance with VAT laws and regulations.
Creating Reports
We create a detailed audit report detailing the conclusions, observations, and suggestions after the audit fieldwork. Also, any instances of non-compliance, mistakes, or vulnerabilities found in the audit process are highlighted in the report. Moreover, our auditors may offer helpful suggestions and remedial measures to assist the customer in enhancing VAT compliance and reducing risks. We also help the customer reply to any questions or requests for more data from tax authorities.
To reduce the possibility of fines and penalties in the event of a tax assessment by the Federal Tax Authority of the United Arab Emirates, as a registered tax agency (approved by the Federal Tax Authority of UAE), Rewind Consultancy can assist you in identifying all the errors, inaccuracies, and omissions in your VAT reports. Additionally, it will guarantee that you don’t cause your clients any VAT problems, which could negatively impact your business partnership.
The tax experts at Rewind Consultancy have extensive experience performing tax health checks, combining their expertise in internal controls and taxation. The purpose of these audits is to help clients avoid penalties and conduct any necessary corrective action before an audit.
The tax experts at Rewind Consultancy have extensive experience performing tax health checks, combining their expertise in internal controls and taxation. The purpose of these audits is to help clients avoid penalties and conduct any necessary corrective action before an audit.
In the United Arab Emirates, the VAT audit time varies, depending on risk assessment and compliance record. Certain businesses may be audited less frequently than others, even if others may be audited annually.
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