A VAT auditing agent registered with the Federal Tax Authority (FTA) in the UAE assists companies with VAT clearing by offering pre-audit and post-audit support.
A tax audit is a procedure used by the FTA to examine information, data, or any taxable commercial records of a person who is obligated to pay taxes on a business that is currently operating in the UAE. The FTA ensures that the person responsible for paying taxes follows the UAE VAT Law and Procedures, according to the Tax Law (FD-Law No. 7). The FTA conducts a thorough tax audit to ensure that the taxable person has satisfied all of his or her responsibilities and that any outstanding taxes have been collected and remitted to the government on time.
At Freezoner, we provide authentic and complete tax consulting services in Dubai and around the UAE. Our registered team of professionals with the FTA manages all your tax records and keeps your business accounts updated in accordance with the standards of the FTA. We assist you with transparent handling and filing VAT returns. We rectify all forms of mistakes in the VAT forms and compute the correct values for sales taxes and refunds. We regularly update your business accounts relevant to the FTA rules.
Since the 1st of January 2018, VAT has been in effect in the UAE, and all businesses operating in the country are required to meticulously document their business revenues and corresponding VAT charges. VAT will be charged to all registered enterprises on goods and services they receive from suppliers, as well as to their customers. The difference between the two payments is paid to the government.
We provide assistance in preparing and filing the VAT return by implementing the required input tax credit against the overall VAT liability, along with advice on cash flow planning and better scheduling, all within the legal timeframes.
The UAE VAT Law’s provisions for VAT invoicing will be implemented. Under sufficient supervision, IT personnel, Accounts, and other sales-related departments will receive proper training. We will give you advice on how to format your invoices in accordance with VAT regulations.
We provide the fundamentals of bookkeeping and managing financial records for a business along with business setup services in UAE.
A tax audit is carried out in the UAE by specialized personnel entrusted by the FTA. While conducting a tax audit for a firm based in the UAE, FTA tax auditors are authorized to examine tax returns and other associated information. The FTA is entitled to undertake an audit at any moment for any cause under the Tax Procedure Law.
According to Article 17 of the Tax Procedure Law, the FTA can perform a tax audit without notifying the taxable person or business; however, the audit is normally preceded by a five-day notification to the relevant authorities. According to Article 19 of the Tax Procedure Law, the FTA usually conducts the audit during working hours. In special circumstances, the Director-General of the FTA may authorize an audit outside of working hours.
According to the tax procedures law, it is the role of the company’s legal representatives and tax agents in Dubai to provide all kinds of support to the FTA auditors. Tax auditors have the authority to re-conduct an audit if there are suspicious irregularities or inconsistencies in the data. For successful compliance, the enterprises require registered agents in the UAE.