VAT Health Check in
UAE
VAT health
check in Dubai will ensure VAT compliance with FTA laws. VAT in UAE is a
complicated subject that is impacting all the elements of a business. Different
businesses with different sizes and different natures are facing different
complexities in regard to VAT.
To run the
business smoothly in UAE, businesses must ensure VAT compliance to avoid VAT
fines and penalties from Federal Tax Authority.
What is VAT Health
Check?
It is the
responsibility of the taxpayer to make sure that everything is in line with the
FTA rules and regulations. A VAT health check is a type of VAT audit to
identify the risks and errors in the VAT by reviewing and analyzing the
previously filed VAT returns and VAT refunds.
The VAT
health check enables a business to identify any mistakes in the VAT and make
corrections of them before getting a penalty from FTA. It is the responsibility
of business to follow the rules and guidelines of FTA while handling VAT.
FTA officials
are conducting a VAT audit on regular basis to different companies in UAE. If
the FTA auditors find out an error or mistake in your VAT, they will
impose VAT fines on your business.
VAT Health Check
Services UAE
GoTrack
Auditing is providing the best VAT health services in UAE to help businesses
identifying their errors and fix them timely. The scope of work for a
VAT health check in UAE will include:
- Review of accounting records.
- Assessment of quarterly VAT returns.
- Review of VAT invoice formatting.
- Analysis of input and output VAT calculation.
- Reconciliation of accounting records
and VAT return filings.
- Identification of technical mistakes.
- Organization of all the tax or VAT related
documents as per tax year.
- Implementation of FTA VAT laws.
- Ensure that the goods/services qualify
as taxable supply and VAT is properly calculated.
- Ensure that the Sales Order Processing system is
automatically generating correct VAT values by reference to the customer
or type of goods or service, country, and designated zones as per VAT Law.
- Assistance in preparation of VAT Audit files with
complete audit trail.
- Preparing VAT Voluntary Disclosures Form
211, if required to rectify errors made in filed VAT return.
- Analysis of the data.
- Identifying risks and concerns.
- Identifying opportunities.
- Suggesting remedies in areas of risks.
Benefits of VAT
Health Check in UAE
There are
many advantages of the VAT health check in the UAE. Your business will avoid
all kinds of VAT fines from FTA after conducting a complete VAT health check
process. Following are the main benefits of VAT health check in UAE:
- VAT compliance in all operations of the business.
- VAT planning.
- VAT compliant documentation.
- VAT audit files.
- Assure timely VAT submissions.
- Assurance of you the accuracy of VAT calculations.
- Avoidance from VAT fines.
VAT Health Check
from GoTrack Auditing
Our tax
experts have a wide range of experience in all kinds of business industries.
Our professional VAT specialists will assist you in many ways to ensure
complete VAT compliance of your company as per the FTA’s rules and regulations.
After conducting a VAT health check, our VAT experts will grade
your company based on passed and failed checks.
