How should businesses be ready for VAT audit by FTA?

Since 2018 FTA has been conducting regular tax audits across UAE in all sectors and now it is expected to increase more in the coming period. The issues or non-compliances reported in previous audits will be referenced to them in identifying the errors in similar entities or industries. With all these developments in the tax audit procedure it is important that taxpayers should be doing self-evaluation of the tax compliance and ensure to avoid any tax errors or take help from Tax consultancy in Dubai .

The following are some key areas that the tax auditors may check to ensure compliance based on their previous experiences.

Reconciliation of the VAT returns with trial balance