TAX Audit

TAX Audit Services in Dubai

A Tax Audit is a compliance check conducted to verify the accuracy of a person's VAT liability by examining their maintained records. It can be performed either at the taxable person's business premises (known as a "field tax audit") or at the offices of the Federal Tax Authority (FTA). VAT is a self-assessment tax, where the taxpayer determines the amount of tax payable and recoverable input tax based on their supplies during a specific period and reports it to the FTA through VAT returns. The tax audit process is employed by the FTA to assess the correctness of the self-assessed declaration.

During a tax audit, if discrepancies are found resulting in underpayment of VAT or excessive claiming of input VAT deduction, the FTA will issue an assessment notice requiring the taxpayer to pay the outstanding VAT amount along with any applicable penalties. Falak Business Consultants (FBC) offers professional tax auditing services to assist businesses in accurately assessing their tax liability, reducing the risk of errors during the audit process, and ensuring compliance to avoid penalties. With our expertise, we strive to provide comprehensive support and guidance to help businesses navigate tax audits successfully.

What are tax audit services?

Tax Audit Services involve professional assistance provided to businesses or individuals to conduct comprehensive audits of their tax records and processes. These services ensure compliance with tax regulations and assess the accuracy of tax filings. Experienced tax professionals or audit firms examine financial records, transactions, and relevant documentation to verify the correctness of tax liabilities, tax returns, and adherence to tax laws.

In other words, tax audit services are comprehensive assessments conducted by qualified professionals to ensure compliance with tax laws, identify areas of improvement, and mitigate potential risks associated with inaccurate or incomplete tax records and filings.

What do tax audit services entail?

Tax audit services include a range of activities aimed at assessing and verifying the accuracy, compliance, and integrity of a taxpayer's financial records and tax filings. The specific components of tax audit services may vary based on the nature and scope of the engagement, but they generally encompass the following:

1.   Review of Financial Records
2.   Compliance Assessment
3.   Verification of Tax Liabilities
4.   Examination of Tax Returns
5.   Identification of Errors or Discrepancies
6.   Recommendations for Compliance and Improvement
7.   Communication with Tax Authorities

Why outsource tax audit services?

By outsourcing Tax Audit Services, businesses and individuals benefit from expert guidance in navigating the complexities of tax regulations. These services minimize the risk of penalties, ensure compliance, and provide opportunities for tax optimization.

Through a thorough review of financial records and documentation, potential errors or non-compliance issues can be identified and rectified. Engaging professional auditors for tax audits offers peace of mind, as the audit process is handled by knowledgeable professionals, allowing individuals and businesses to focus on their core activities while maintaining confidence in the accuracy and integrity of their tax records.

Get in touch today to inquire about or avail our tax audit services!

Take control of your business finances and ensure accurate financial records with our professional tax audit services. Book now to streamline your financial management and gain peace of mind knowing your financial transactions are in expert hands.

Make an Appointment

You can book your appointment by just dialing or sending a WhatsApp message to +971 52 302 7682

Get Consultation from Experts

You will be assigned to a respected consultant based on your requirements. Our skilled experts will then get in touch with you for consultation.

Your Problem Solved

If all of the necessary facts and documentation are provided during the consultation, our professionals will complete the work in the shortest period feasible.

To hire the Best Tax Audit Consultants in Dubai

Falak Business Consultants Dubai

Copyright © 2023. All Rights Reserved