- VAT Audit is conducted by the Federal Tax Authority (FTA) to ensure compliance with requirements
- FTA can conduct the audit remotely or on-site
- FTA may request various documents such as transaction lists, reconciliations, financials, and sample documents
- Taxable persons should prepare by keeping tax invoices, relevant documents for imports and exports, and transaction lists ready
- Precautions to take before the audit include regular review of accounting processes, VAT returns, and staying updated on tax law changes
- Outcomes of an audit can include assessments, penalties, and further processes if issues are identified
- Advantages of preparing for the audit include minimizing resource requirements, quicker completion, error identification and rectification, and potential penalties reduction
- Premier Brains can assist with tax audits by providing VAT health check services, including checking records, reconciliations, and providing suggestions and changes.
Source: premier-brains.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
