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As per the Tax Procedures Law (Federal Decree-Law no. 7), a tax audit is a process carried out by the Federal Tax Authority (FTA) to examine the commercial records or any information or data of the taxable persons conducting a business in the UAE. The FTA carries out the tax audit on a taxable person to ensure that the taxable person is complying with the provisions of the UAE VAT Law as well as the Tax Procedures Law. By conducting a tax audit, the FTA ensures that the taxable person has paid all the liability and every tax due is collected and provided to the government within the given time-frame. Tax agents in the UAE who are registered with the Federal Tax Authority assist the companies with pre-audit and post-audit support to ensure VAT compliance. The companies should not approach the tax agents who are not registered with the FTA.

AKAI Business Solutions are registered VAT Consulting Firm that offers Tax Auditing Services in Dubai & across UAE. It is always advisable to be ready for an FTA tax audit by hiring tax agents to conduct pre-tax auditing. We are among the top VAT services in UAE and can help you on each step.

Procedure of Tax Audit

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. Even though the FTA doesn’t require a particular reason to conduct tax audits in the UAE, the authority usually sends a notice to the taxable person or business at least five days before the scheduled date as per the Article 17 of Tax Procedures Law. According to Article 19 of the Tax Procedures Law, a tax audit is normally conducted during normal working hours of the FTA. Yet, the FTA Director-General can authorize tax audits outside the authority’s working hours if it is an exceptional case. If you are looking for the top VAT services in Dubai, consult our experts because they can provide the best guidance.

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. As the best VAT services in UAE, we employ trained and talented employees who do not make any mistake.

Records to be Kept for Tax Audits in the UAE

The taxable entities are required to keep certain records to facilitate the tax audit. Article (78) of Federal Decree-Law on Value Added Tax mandates the tax registrants to keep the following records and present them to the tax auditor during the audit:

  1. Records of all supplies & imports
  2. Tax invoices and documents related to receiving goods & services
  3. All tax credit notes and documents received
  4. All tax invoices and documents issued
  5. Records of goods and services that were disposed of for matters unrelated to business and records showing tax paid to the same
  6. Records of goods and services purchased and for which the Input Tax was not deducted
  7. Records of exported goods and services
  8. Records of adjustments or corrections made to accounts or Tax Invoices
  9. Details of goods imported along with customs declarations and Supplier Invoices
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We understand that many businesses face challenges, and then they look for VAT services. It is important to note that VAT is applicable at all steps of the supply chain. Being the best VAT services in Dubai, we consider it our duty to guide the clients on each step. It is also our duty to make them aware about the duties and challenges associated with VAT. Do not worry if you find yourself surrounded with complexities related to VAT. All the businesses and commercial establishments are supposed to comply with the law. Only then, your business can avoid tax fines. After hiring the top VAT service providers in Dubai, you can easily focus on your business goals very easily.

You must consult someone who can make you aware of the tax system. It is important to comply with all legal procedures to avoid any discomfort at a later stage. There should be a professional tax expert on your side. Only the experts employed by the best VAT companies in Dubai can meet your needs. It is very necessary to meet the laws of the Federal Tax Authority (FTA). Even a single error can bring a big loss to the business, so expert opinion matters. Rich experience and knowledge are required to handle the delicate subject of VAT.

Only the best VAT companies in UAE extend meaningful solutions. AKAI Business Solutions has made its presence felt. We provide authentic solutions to the clients and ensure that their business is complying with the VAT laws. If you are searching for the top VAT service providers in UAE, AKAI Business Solutions has the best team to meet your needs.

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