In relation to the introduction of a new policy under the UAE Federal Law No. 8 of 2017 on Value Added Tax, businesses are required to comply with the requirements to fulfil their tax obligation. Kindly allow us to let you consider the following points:
- It is necessary for the business to have a profound understanding of the implications of VAT and how it would affect the business operation so as to confirm their business model to compulsory government tax reporting and compliance.
- It is an obligation to know if your company should register with VAT.
- Every company shall keep all proper accounting records showing all its transactions to accurately reveal at any time the financial position of the company.
- As the 1st year of VAT implementation is about to end, possibly the FTA authority would start their random inspection with the companies’ books, accounting records and compliance with VAT. A mere Audited Report without proper documentation and accounting system won’t protect anybody from the penalty.
- Al Saadi & Associates Auditing can be your helping hand with regards to VAT Audit and VAT Consultancy needs. We are more than willing to offer our skills and expertise in facilitating a course of action in terms of tax financial management and other services that are deemed necessary to carry out the tax procedures accordingly.