The introduction of VAT in the UAE has completed five years, and it has brought mandatory record-keeping and FTA audits into the spotlight. As a result, many companies have already received a notice to start the VAT audit process, which requires them to maintain records for additional years, as per the FTA requirement, from the date of notification.
In recent times, there has been a surge in FTA audit notifications sent to companies, with VAT tax audits being the latest focus. It is imperative for businesses that have not yet been audited to take proactive measures to ensure they are well-prepared.
Preparation is the key, and companies should ensure that their books and records are in order, convert their working files to FTA Audit standard files, and conduct a review of previously submitted returns to ensure they are error-free.
In case your company has already received an audit notification or expects to receive one, Financial Cube can help you prepare for the audit. We can perform a tax health check for the period from when you registered for tax until the present, ensuring you are fully audit-ready.
Learn more about our VAT Services in Dubai, UAE.