In taxation, the process in which the tax collection agency reviews the reports of an individual or company to see if income, deductions, and/or credits reported accurately reflect reality. This is done to ensure that each company pays its full tax liability.
A). Excise Tax Audit:
Spectrum performs Excise Tax audits to verify and issue a compliance report with respect to tax laws and regulations issued by Federal Tax Authority (FTA) of United Arab Emirates.
Spectrum can review and issue excise tax audit report to comply with the requirements of FTA after performing the standard audit procedures to get reasonable assurance on the above-mentioned excise goods produced, imported or sold in a particular period.
B). VAT Audit:
Spectrum can also per Value Added Tax (VAT) Audit for the businesses in UAE.
A). Excise Tax Audit:
Federal Tax Authority also requires an audit report about:
B). VAT Audit:
As part of VAT Audit we perform review of the books of accounts and accounting software, review of output tax, input tax and VAT returns filed as explained below.
Books of accounts and Accounting software system review:
Proper accounting is mandatory in an organization to ensure that it complies the UAE VAT law which will result that there is no discrepancy during a tax audit by a tax auditor. If company using the accounting software that software used in the company should be capable of handling Proper tax invoice, Credit notes and recording reverse charge entries, calculating Output and input tax entries as per the FTA.
Review of calculation of Output Tax includes the following:
Review of compliance of Input Tax includes following:
Review of the VAT returns filed
Our tax experts will review the Vat return files to be submitted to the authority and make sure that:
Spectrum Auditing and Accounting is an end-to-end accounting and audit services company and is a registered VAT Consulting firm based in Dubai. We offer VAT Agent & VAT Audit services in Dubai, Abu Dhabi, Sharjah, Ras Al Khaimah, Fujairah, Ajman, Umm Al Quwain covering the whole of UAE. We provide a comprehensive portfolio of VAT services ranging from Tax Advisory Services, VAT Implementation Services, VAT Return Filing, VAT Compliance Review, TAX Consultancy Services and Tax Agent Services apart from Tax Audit Service.
Call us today for a consultation.
Tel: +971 4 269 9329 | E-Mail: info@spectrumaccounts.com