Tax audit is the process in which the tax audit firm reviews the tax report of a company to check all the procedures and report are done as per the federal tax authority in UAE. The VAT audit report identifies the deficiencies to make it ready to face the tax audit by the authority. Tax agent reviews compliance documents, systems & procedures of a taxable person or company as per the tax law. It ensures that there is no double payment of tax/VAT, avoiding to over or under charge the end user.
Things need to be review in Tax Audit:
Accounting software & system
The taxable company must use the proper accounting software to comply with UAE VAT law. It will reduce the chances of errors & discrepancies at the time of filing VAT returns.
The tax auditors review the input tax to check if expenses & purchases are eligible for tax calculation. They also check Zero rated, exempted tax & standard rated tax must be calculated as per the formula under the law
Tax auditors reconcile the value goods imported in the books of accounts with the value defined in the Federal Tax Authority. They also make sure that the standard tax rates are applied on taxable supplies. And goods that are eligible for zero-rated tax are charged as zero tax only. They also check the records of the goods that are imported into the UAE, whether they have recorded as per the reverse charge mechanism.
VAT return files must be checked by Tax Consultants in UAE before submitting to the federal tax authority. They check all the files to comply with the requirement of the tax authority.
Tax VAT Auditors in Dubai, UAE
Jitendra Chartered Accountants are registered VAT Consulting Firm that offers VAT Agent & Auditor services in Dubai & across UAE. We file VAT return after a thorough evaluation of tax files for the companies to comply with the Federal Tax Authority.