IAAS Consultancy

Unlock a World of Tax Savings! 🚀💰
Taxes can be complicated, but our strategic tax planning and efficient filing services make it easy. Contact us to optimize your tax strategy and enjoy maximum benefits while staying fully compliant.
🔍 We ensure adherence to all tax regulations
💼 Expertise in tax planning for individuals and businesses
📈 Strategies for both short-term and long-term tax savings

Write to us for consultation : [email protected]

Deadline to submit your VAT Return is approaching.
Let us handle and submit your VAT Return professionally.
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Our expert team will provide you with the right advice and right direction towards tax planning, implementation, and submission so your financial resources could be used efficiently and effectively.

Write to us for FREE CONSULTATION : [email protected]

What is VAT Audit?

VAT Audit is one of the compliance checks to verify a person's or company’s VAT liability is correct by way of examining various records which are maintained by the taxpayer. A tax audit may be carried out at the taxable person's business premises known as 'field tax audit' or in the offices of the FTA.

With the introduction of VAT since 1 January 2018, all taxable persons are required to maintain complete set of accounts and documents as prescribed in law and to keep the same for next 5 years. Business must do Accounting & documentation process review to ensure that there is no irregularity in recorded transactions and related documents.

Business can survive VAT Audit by following below procedures and reviews:
•Process Review - Accounting & Documentation in place.
•Review of compliance and calculation of output and input VAT
•Review of Submitted VAT return and identification of need to submit voluntary disclosure (if any)
•Businesses should review their filed VAT returns and make sure that all supporting documents are available with them for upcoming VAT audit.
•Businesses should file a voluntary disclosure on identification of errors or mistakes subsequent to VAT filing as penalties are very stiff if such error identified during VAT audit conducted by Federal Tax Authority.
•Review of VAT payments, refunds and penalties
•Businesses should be aware of VAT payment & refund procedures, due dates of VAT payment and consequences of non-compliance’s.
•Businesses should conduct periodic review of VAT registration status and apply for amendments (if any) within time frame for smooth business operations and VAT filings.

As per VAT law tax registrants should inform or apply for amendment or de registration within 20 business days from the date of the occurrence of any changes past registration to avoid penalties and further consequences.

IAAS Consultancy competent team could assist you in:
• VAT Registration, VAT Group Registrations, de registration and amendments.
• Registration under tourist VAT refund scheme.
• Review of complete procedure and compliance related to VAT.
• Assistance in selection of VAT compliant Accounting Software.
• Timely and Correct Submission of VAT Tax Return (Form VAT201).
• Timely and Correct Submission of VAT Tax Refunds (Form VAT311).
• Assistance in preparation of FTA compliant Books of Accounts.
• Assistance in FTA compliant Record Keeping, Documentation and Audit File and many more.

Write to us for FREE CONSULTATION : [email protected]