A VAT (Value-Added Tax) audit
A VAT (Value-Added Tax) audit is conducted by the Federal Tax Authority (FTA) to ensure that a company or taxable person is compliant with VAT laws and regulations. It involves a thorough investigation of the company’s business operations, financial records, and VAT-related obligations to verify that VAT has been correctly reported, collected, and paid.
Mazzoni Accounting & Management Advisors LLC is a registered Tax Agent with the Federal Tax Authority and can support and keep the organization ready for VAT Audit. Internal VAT audits / VAT Health checkups on regular intervals are crucial for companies to verify their ongoing compliance with VAT regulations and to safeguard themselves in the event of an official audit. The team at BAM Advisors will support in conducting a comprehensive analysis which will not only identify potential risk areas and compliance gaps but also provides a detailed report with actionable recommendations to strengthen VAT processes and mitigate future issues.
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The primary goal of the audit is to verify that the business adheres to all applicable VAT laws and regulations. This includes ensuring the correct VAT rates are charged on sales and that VAT credits are accurately claimed on eligible expenses.
The VAT consultant reviews submitted VAT returns to confirm the accuracy of reported figures. This involves checking calculations, supporting documentation, and ensuring that the reported amounts reconcile with the company's financial records.
Maintaining proper accounting records is essential for compliance. The VAT audit process will assess whether the company has properly retained invoices, receipts, import/export documents, and other supporting evidence to substantiate its VAT transactions.
The VAT audit process will verify the sales, purchases, imports, and exports transactions are treated for VAT purposes. The goal is to ensure that VAT has been applied correctly, based on the nature of each transaction and relevant regulations.
For businesses that qualify for VAT exemptions or participate in special schemes (e.g., zero-rating), the VAT audit verifies correct application. Businesses are required to maintain proper documentation and adherence to rules are crucial here.
A VAT Audit may result in identifying high-risk areas that could pose non-compliance threats. We will present to the management a detailed report of our findings and recommendations covering regular internal audits to ensure ongoing compliance, developing training programs etc.
Benefits of Choosing Mazzoni Advisors
Full compliance with Dubai's corporate tax laws
Tax planning strategies to optimize savings
Audit support and representation if required
Experience assisting businesses of all sizes
Personalized service from dedicated account managers
Affordable rates and customized payment plans
In addition to the core services above, our advisors provide consultations on various corporate tax-related matters. This includes advising on tax implications of business restructuring, advice for expanding operations overseas, and guidance on claiming incentives/relief.
Why Choose Mazzoni Advisors?
As one of the longest-standing accounting firms in Dubai, we have in-depth market knowledge and a proven track record of successful tax engagements. Our team works hard to understand your unique business needs, from startups to established multinational corporations. We aim to form long-term partnerships and are always available to address your queries.
You can trust us to ensure full tax compliance professionally while keeping costs low. Contact us today to learn more about how we can help your company benefit from our comprehensive range of tax advisory services!
