Tax Audit in UAE
Businesses in UAE must prepare themselves for official and mandatory audits in 2019 as it has been one year since the VAT has been implemented in UAE. All the laws and regulations for all kinds of businesses are clear and properly in place. Tax Audits in UAE started in 2019.
All the businesses should be ready for audit by the UAE’s Federal Tax Authority (FTA). This practice will ensure the accuracy of accounting and bookkeeping and the proper filing of VAT Returns. The audit will be conducted at the offices of the concerned business or at the place of choice of the Federal Tax Authority (FTA). FTA will notify the business at least 5 days in advance. FTA will conduct tax audits during official working hours.
The taxpayer and the auditors by the FTA will meet at the scheduled place at the scheduled time and the procedure of the audit will start. The taxpayer and the legal representatives or the assigned tax agents are required to provide full cooperation and complete assistance to the auditors of the Federal Tax Authority (FTA). If the authorities found something suspicious which will impact the Tax return then the authorities may ask for a re-audit.
If Federal Tax Authority (FTA) finds out about a Tax Violation then the penalties will be:
Penalty of AED 10,000 will implement for not maintaining financial records.
Submission of Incorrect Tax return by the Registrant will be AED 3,000 for the first time and then AED 5,000 in case of repetition.
Failure of the person conducting business to facilitate the work of the Tax Auditor will be AED 20,000.
Failure of the taxable person to submit a registration application within the time frame specified in the tax law will be AED 20,000.
Tax Violations in UAE will also lead to shutting down of the business entirely and the cancellation of the Trade license.
SAB are registered tax agents in UAE. We are authorized by Federal Tax Authority (FTA).
Let us deal with your tax responsibilities. SAB Auditing of Accounts will be officially assigned as your business’s tax Agent by the Federal Tax Authority (FTA) and we will be fully representing your company in front of the Federal Tax Authority (FTA) we will make sure that everything is in line with the law and rules and follow a standard which is defined by the government.
Save your businesses from getting closed and getting heavy VAT fines and penalties. Let SAB handle all your Tax procedures. Our high-quality Tax Agent services in UAE will calm you mentally and will help your businesses to grow. SAB Auditing will make sure that everything is in line with the requirements of FTA and follow all the laws issued by the government. Contact Us for any kind of tax-related services in UAE.