TAX SERVICES
VAT Health Check
VAT HEALTH CHECK IN DUBAI
Value Added Tax (VAT) is a complex tax affecting every aspect of your business in the UAE and the worldwide market. As a self-assessing tax, it is the responsibility of the taxpayer to ensure they are accounting for the right amount of tax and at the right time.
The Federal Tax Authority (FTA) carry out VAT inspections or audits at varying intervals. If they identify errors, the company shall be subjected to penal provisions including levy of tax, interest, and fines. The main purpose of a VAT Health Check is to ensure that as a business your handling of VAT is in line with current FTA VAT laws and regulations.
VAT health check includes the following:
- 01
Assess your in-house accounting records; documentation; VAT records etc.
- 02
Review of your filed returns to identify any grey areas wherein you are perpetually making errors.
- 03
Check if the returned figures as per VAT documents match with the financial records
- 04
Analyze if you are making use of the VAT laws in getting proper credits or refunds for your business and if the same are claimed in the returns
- 05
Identify areas wherein you can plan for a proper VAT planning
- 06
Review of maintenance of accounts and records and audit trail for your VAT files
- 07
Analyze if you are making use of the VAT laws in getting proper credits or refunds for your business and if the same are claimed in the returns
Your Reliable VAT Accounting Services Partner in Dubai
Running a business in the UAE is now challenging for investors more because of taxation. Tawakal Services acknowledges your need to focus on what matters most and so, our in-house Tax experts are dedicated to keeping your company tax compliant.
We’re here to help. Contact us now.
