Tax Audit is an examination of liability of a taxable person by the Federal Tax Authority. Tax Audit is conducted by the authority to check whether the tax liability is paid within the due date and whether such liabilities are properly arrived as per the provisions of the relevant laws such as UAE VAT law, UAE Excise Tax law, etc.
The Tax Auditor may do the tax audit either by visiting the taxable persons� location or by asking certain documents to submit to the authority for tax audit. It is the responsibility of a taxable person to comply with the requirements of the provisions of the tax laws.
InsideOut Solutions as TAX experts guide and support the taxable persons in the UAE to comply the tax requirements so that the business will be ready to face tax audit at any time by the authority. Our review of documents, systems and procedures of a taxable person on compliance of Tax laws is known as Tax Compliance Review.
VAT is implemented in the UAE with effect from 1st January 2018. VAT (Value Added Tax) is an indirect tax which is charged at every level of supply of goods or services or both. Businesses need to take necessary steps for VAT implementation in UAE into their operations. We offer support to businesses for VAT implementation in Dubai, Abu Dhabi as well as Sharjah and all other northern emirates.
We believe that the businesses should be guided properly for VAT implementation in UAE to comply with UAE VAT law and develop a sustainable tax strategy. The procedure for effective VAT implementation is as follows:
VAT Returns Filing has to be done through online portal of the Federal Tax Authority (FTA) available under e-services. The form used for VAT return filing is called Form VAT 201. A taxable person is responsible to submit VAT return in the UAE in the prescribed format given by the FTA. Every taxable person is required to submit the VAT Return within 28 days from the end of each Tax period prescribed by the FTA. This must be in accordance with the provisions of the UAE VAT law. The taxable person is also liable to remit the amount of tax due to the FTA within the time frame specified by the UAE VAT Law; ie within 28 days from the end of each tax period.
Our Tax professionals in InsideOut Solutions can support you in the following areas:
VAT Returns are to be filed through online portal of the FTA. One has to access the VAT Return Form by login into the e-services of the FTA portal by using the respective user name and password. Our Tax Expert will help you fill the VAT return form with all relevant information within the due date prescribed by the authority.
The VAT return discloses the Tax amount due (or refundable as the case may be) for a particular Tax Period. One has to disclose the total output tax payable as well as the input credit available against such Output separately. Excess of Output Tax over and above the Input Tax for a tax period is the amount of Tax Liability to be paid.
Tax amount disclosed under Output Tax over and above the Input Tax is the amount to be paid to the FTA for a particular tax period within the due date.
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