TAX Auditors in UAE

As per the Tax Procedures Law No.7., a tax audit is a process conducted by the FTA to analyze the commercial records or data of the taxable persons who are doing business in the UAE.

The FTA conducts a full audit on a taxable person to check that the taxable person complies with the UAE VAT Law and the Tax Procedures Law. By conducting a tax audit, the FTA verifies that the taxable person has paid all of his or her obligations and that any taxes owed are collected and delivered to the government within the timeframe specified. Pre-audit and post-audit help are provided by tax agents registered with the Federal Tax Authority in the UAE to ensure VAT compliance. Do not approach tax agents who are not registered with the FTA.

We at Reyson Badger are a registered VAT consulting firm that provides Tax Auditing services in Dubai and the UAE. We are always ready to provide you with Tax-related advice and tax audit services.

How does the FTA process Tax Audits in Dubai, UAE?

FTA appoints officials with the task of performing a tax audit in the UAE. During a tax audit in the UAE, tax auditors from the FTA will examine tax returns and any pertinent information. According to the Tax Procedures Law, the FTA can conduct a tax audit at any time for any cause.

Even though the FTA does not require a specific reason to conduct tax audits in the UAE, as per Article 17 of the Tax Procedures Law, they will issue a notification to the taxable business or individual five days before the scheduled date. As per Article 19 of the Tax Procedures Law, a tax audit is usually done during the FTA's normal working hours.

The tax processes law mandates that the company, its legal staff, and tax consultants in Dubai, UAE, offer the FTA tax auditors all necessary support. If the tax auditors discover any inconsistencies or suspicious data during the audit, they can request a re-audit. Companies can seek the counsel of registered tax agents in Dubai, UAE, to ensure compliance.

What are the records that should be maintained for tax audits in the UAE??

Taxable entities must maintain certain records to simplify a tax audit. Tax registrants must preserve the following records and give them to the tax auditor during the audit, according to Article (78) of the Federal Decree-Law on Value Added Tax:

• Records of all supply and imports
• Tax invoices and other papers about the receipt of goods and services
• All tax credit notes and documents received
• All tax invoices and documents that have been issued
• Records of products and services disposed of for reasons unrelated to business, as well as records of tax paid on the same
• Records of Goods and Services purchased but not deducted from the Input Tax
• Export records of goods and services
• Records of adjustments or corrections made to accounts or tax services

Reyson Badger as Tax Consultant in UAE

A VAT-registered business should assign a licensed auditor who is a registered auditor as per the Ministry of Economy to audit the financial affairs. A skilled tax consultant will ensure that even the tiniest details are included in the filing of Returns and the business is free from any negative attention from the FTA. We at Reyson Badger are one of the best Tax auditors in the UAE who can efficiently handle your tax-related issues.

Do you have any queries? Feel free to contact us today for a free consultation….!!!