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
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.
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.
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
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.
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.
You can book your appointment by just dialing or sending a WhatsApp message to +971 52 302 7682
You will be assigned to a respected consultant based on your requirements. Our skilled experts will then get in touch with you for consultation.
If all of the necessary facts and documentation are provided during the consultation, our professionals will complete the work in the shortest period feasible.