We are FTA Certified Tax Agent & Tax Agency in UAE
VAT BOX is a leading Tax Agency (TAN 30001614) & Tax Agents (TAAN 20049185 &20008256) by the Federal Tax Authority (FTA) with 4 branches: Dubai, Abu Dhabi, Sharjah, and Ajman in the UAE. Our team is here and ready to accelerate your UAE VAT/TRN Registration within a time frame in a professional manner.
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VAT BOX providing Tax Auditing compliance review services in Dubai, Abu Dhabi, Sharjah, Ajman, RAK and all over UAE.
What is TAX Audit in the UAE?
What is our roles in Tax Audit?
How we proceed with VAT Compliance Review?
- Proper Tax Invoice
- Proper Tax Credit Note
- Proper Accounting on Reverse Charge (RCM while importing goods / services into the UAE)
- Calculation of Output Tax
- Recording of Input Tax
- Whether all taxable supplies at standard rated are charged at respective tax rate. (as of now 5%).
- To ensure that only eligible zero-rated supplies are charged as zero-rated and proper supporting documents are maintained.
- To ensure that out of scope supplies if any are accounted properly.
- To check whether the goods imported into the UAE through UAE customs are recorded under Reverse Charge Mechanism .
- To reconcile the amount shown in FTA records as value of goods imported and the output liability on such imports with the records shown under the books of accounts.
- To check whether the services if any imported from outside the UAE are recorded under Reverse Charge Mechanism.
- To check whether only the eligible input credit are taken against such import of materials or goods under reverse charge mechanism.
- To check whether exempted supplies if any are recorded and reported properly.
- Whether only eligible input credits on purchases and expenses are claimed.
- In the case of mixed supplies (exempted and zero rated / standard rated) whether the input credit is calculated as per the formula provided under the law.
- Whether input credit on import of goods and services are calculated and claimed properly.
- The entire output tax payable to the authority are recorded properly.
- Only eligible amount is claimed as input credit.
- The reporting of output tax under reverse charge are recorded properly.
- Zero rated supplies and exempted supplies are recorded separately.
- Additional reporting such as profit margin scheme, etc., are reported properly.
- Penalty of AED 10,000 will implement for not maintaining financial records.
- Submission of Incorrect Tax return by the Registrant will be AED 3,000 for the first time and then AED 5,000 in case of repetition.
- Failure of the person conducting business to facilitate the work of the Tax Auditor will be AED 20,000.
- Failure of the taxable person to submit a registration application within the time frame specified in the tax law will be AED 20,000.
- Tax Violations in UAE will also lead to shutting down of the business entirely and the cancellation of the Trade license.