The UAE has completed 5 years since the introduction of VAT (Value Added Tax), which brings mandatory record-keeping and FTA audits into the spotlight. As a result, many companies have already received a notice of the start of the audit process for VAT, which obliges them to maintain the records for an extended period of additional years (As per FTA requirement) from the date of receiving the notification.
To understand the process better, ITC Accounting and Tax Consultancy organised a webinar. This session covered all the points and considerations a business should keep in mind while expecting a Tax Audit notification or receiving one.
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