Since January 2018, everyone is hearing about VAT audits someday seeing the light of day. However, after the announcement of Corporate Tax in January 2022, all the focus suddenly transformed from VAT to Corporate Tax. Many CFOs/ Tax Heads did not pay much attention to a few amendments in the VAT Law in December 2022 which empowered the Federal Tax Authority to audit a taxpayer for an additional period of four years in case the audit notice is issued before the end of the fifth year…
Source: www.khaleejtimes.com
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