FTA audits are performed in the UAE to ensure that firms are following tax rules and regulations, such as VAT (Value Added Tax) and Excise Tax. These audits might be performed at random or when the FTA detects noncompliance or fraudulent activities.
The authority will check the company’s records, financial statements, and other necessary documents during an FTA audit to confirm that taxes have been correctly computed, declared, and paid. If there are any disparities or non-compliance issues, the corporation may be obliged to pay additional taxes, penalties, and interest.
Companies can fall under FTA audit scanner for a variety of reasons. Some of the common reasons are:
To avoid penalties and other legal consequences, firms must keep accurate and comprehensive records and follow all tax requirements.
If you already received an audit notification or are expecting to receive one, as per the latest trends we have seen, ITC can assist you in preparing for an audit by performing a tax health check on the period since you registered for the tax until the present.
This article was published on 10 April 2023
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