Jan 16, 2019 
VAT
FTA TAX audit 2019
Make Your Business ready for FTA TAX Audit in 2019
It is of utmost important that business gets a Health Check of its accounting record before a formal notification for the Audit is received. It will be a smooth process for business with a perfect accounting record. However, lack of compliance can expose to high risk of penalties.
FTA will provide a 5 working day notice before visiting the business premises. Items to be verified before the notification arrives include;
- Verification of all Supplies and Purchases disclosed in the VAT Returns
- Verification of all Receipts and Payments in bank statement(s)
- Checking that no disallowed Input tax has been claimed
- Checking if there is a need to file a Voluntary Disclosure. If such Disclosure is required an not made in due time, penalties can be in range of;
- 5% of tax amount +
