VAT Compliance Review

 

VAT Compliance is pivotal for the success of businesses in UAE registered for VAT. The UAE Federal Tax Authority (FTA) require compliance with the following requirements of the VAT law for registered entities:
 

• Record maintenance in an appropriate manner

• Compliance with FTA invoice requirements

• Compliance with FTA industry specific guidance

• Compliance with guidance on claimable and no claimable input tax

• Compliance with Standard, Exempt, zero rated and import supplies guidance

• Compliance with bad debts, goods returned, and voluntary disclosure requirements and guidance proposed by  the authority

• Compliance with VAT refund and VAT payment requirements
 

Our experts at Virtual Accountants LLC (VA) reviews the records maintained by the entity accountants with the above mentioned compliance perspective and adds value by identifying and rectifying the areas where noncompliance is made by the entity to ensure that FTA penalties are avoided, if non-compliance is detected in FTA’s inspection scheduled to be conducted once in every five years.