Tax Audit
Process of TAX Audit by the Federal Tax Authority
The officials entrusted by the FTA are in charge of conducting a tax audit in the UAE. The FTA’s tax auditors will inspect the tax returns and other related
information while conducting a tax audit in the UAE. As per the Tax Procedures Law, the FTA can carry out the tax audit for any reason at any time.
The tax procedures law requires the company, their legal representatives and tax agents in Dubai, UAE to provide all possible assistance to the FTA tax auditors. The tax auditors can initiate a re-audit if they find some irregularities or suspicious information during the tax audit. To ensure compliance the companies can seek the advice of registered tax agents in Dubai, UAE.
The tax procedures law requires the company, their legal representatives and tax agents in Dubai, UAE to provide all possible assistance to the FTA tax auditors. The tax auditors can initiate a re-audit if they find some irregularities or suspicious information during the tax audit. To ensure compliance the companies can seek the advice of registered tax agents in Dubai, UAE.
Objective of Tax Audit
The objective of the tax audit is to determine compliance and to ensure that the tax liability is correctly determined and paid. Here is the list of purposes of Tax audit for a business,
1. Compliance with the Tax law of the country
2. Verification of financial statements and tax returns
3. Assessment of taxable income and tax liability
4. Accurate submission to the Tax authorities
5. Improving tax administration and practices
6. Legal compliance and error detection
7. Risk assessment
8. Understanding the Tax Position of the Business
Businesses must prepare themselves for the tax audit by the Tax Authorities. Tax audit will verify the liability of taxes by examining the accounting and bookkeeping records and VAT return filings that are maintained by the taxpayer.
2. Verification of financial statements and tax returns
3. Assessment of taxable income and tax liability
4. Accurate submission to the Tax authorities
5. Improving tax administration and practices
6. Legal compliance and error detection
7. Risk assessment
8. Understanding the Tax Position of the Business
Businesses must prepare themselves for the tax audit by the Tax Authorities. Tax audit will verify the liability of taxes by examining the accounting and bookkeeping records and VAT return filings that are maintained by the taxpayer.
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Our Tax agents have assisted efficiently a wide spectrum of clients from different industries in the UAE and all over GCC to manage their taxable transactions by complying with VAT and Tax laws, advising on transactions, and practically resolving the issues.