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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:

  1. 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.
  2. It is an obligation to know if your company should register with VAT.
  3. Every company shall keep all proper accounting records showing all its transactions to accurately reveal at any time the financial position of the company.
  4. 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.
  5. 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.