What is Tax Auditing ?

A tax auditing is the official inspection or examination of the tax department to the tax return that declares by taxpayers as required by law. Different countries have various definitions. As far as UAE system of tax auditing is concerned audit is the process or procedure performed by the official auditors broad to inspect the accuracy of the business financial record to regulate tax system. Tax system is a revenue generating source to strengthen the economy of a country.

FTA

A Tax Audit in Dubai is the government assessment of an organization about its responsible as a taxable entity. Tax audit is conducted by federal tax authority to check the liability is paid and every tax is collected and handover to the government within timeframe provided.

Procedure of tax auditing

FTA has the authority in the UAE to check the returns and others details concerned with tax auditing. There is no reason to conduct the detail by FTA.First the notice is issued to the company. An audit party is appointed to conduct audit. The auditors ask for the records in original or copies, take sample of product or goods and others assets of company available at the place and at the time. The auditors can ask about professionals and their identification. Audit is conducting during the working time. The company legal representative are required to provide full assistance to the auditors. The tax audit party has the authority to audit related documents that are conducted outside of the official places.

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