VAT record keeping is required by the Federal Tax Authority (FTA) to refer to the accuracy of returns within five (05) years of the filed returns. FTA can audit the VAT records of the entity within next five years of the year under consideration therefore the records must be kept by the VAT registered entities for at least five years. FTA also requires the record to be kept in an appropriate order and manner, easily understandable and as per the FTA guidelines provided for record keeping of the registered entities.
Our VAT experts at Virtual Accountants LLC (VA) always provide valuable insight on record keeping procedures and best practices to our esteemed clients and assist them in getting the best out of the shelve accounting software’s available for the purpose to keep the record correct, reconciled with supporting records and readily available for FTA inspection on a very short notice.
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