All you Need to know about VAT Audit

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VAT Audit

All you Need to know about VAT Audit

The UAE introduced the Value Added Tax (VAT) regime in 2018, which applies to goods and services. VAT is fundamentally a self-assessment process where a taxable person evaluates the applicability of the tax, collects it on behalf of the UAE government, and pays it periodically to the government treasury.

To make the process transparent, the Federal Tax Authority (FTA) began conducting audits of taxable persons’ tax returns in 2019 to review their compliance with the VAT law, highlight errors, and take corrective measures.
In case of errors in tax returns, administrative penalties are inevitable; it represents a high degree of risk on the part of the taxable person that could have, among others, repercussions for business continuity and working capital management.

Nadeem and Umendra Chartered Accountants undertake to avoid such risk by conducting a risk-based VAT audit, highlighting potential errors and corrections before the FTA formal notice of audit. Thus, our VAT audit approach is to minimize the risk associated with an Audit from the FTA.

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