IMPORTANCE OF VAT COMPLIANCE
Underestimating the importance of how UAE VAT impacts your business could lead to:
- Lost cash through irrecoverable VAT (VAT on imports, operating costs and purchase).
- VAT penalties and fines by FTA through non-compliance with VAT rules and deadlines of VAT return filling.
- Incurring unnecessary VAT compliance costs through inefficient VAT structures.
- Slow payments from customers for incorrect VAT invoicing.
- Damage to professional reputation and future business opportunities because of no VAT structure.
- Ignoring or not dealing with your VAT compliance effectively and efficiently is not productive in terms of time or money – our active VAT management can help your business grow with the comfort of violation avoidance.
TAX AUDIT PREPARATION;
Tax Audit is conducted to review company internal control, examine tax return more closely and verify the accuracy of the income and expense.
S A M A can offer Tax Audit to its clients to develop or improve internal controls to make Tax Returns more accurately by reviewing:
- Policy & Procedures
- Accounting system
- Laws & Regulations
- Tax Return
Tax Agency Services
- Holding meetings with the Federal Tax Authority to get clarification or to assess your submitted return
- Preparation and submission of any objections and appeal letters to the competent Committees.
- Reviewing and assessing the impact of the queries.
- Discuss the impact with you and requesting additional information required from your accounting department.
- Periodic follow – up to obtain the approval of the submitted returns.
- Discussing any objections and the appeals with the top management of the Company.
- Preparation for and attendance at the hearing.
- Answering any tax queries raised by the Company.
- Providing solutions and suggestions to any subject related to VAT.
- Amend your account as per FTA requests.
- Connect your tax account with our tax agent’s account as legal representative in front of
FTA and attend any audit from FTA to the records.
- Submit the tax returns on your behalf.