Corporate Tax

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VAT Health Check

Ensure VAT compliance to avoid VAT fines and penalties

VAT compliance is a must if you want to run a business in UAE with peace of mind, but it’s not as simple as it seems to be.

There are a lot of key areas and complicated sections, depending on the nature and sector of business, where a minor error leads to high value penalty/fine.

In order to run the business smoothly and to avoid fines/penalties, businesses must ensure every transaction, activity and documents related with VAT should be as per applicable FTA laws and regulations.

What is VAT Health Check?

A VAT Health Check is VAT Health Check is quite similar with VAT Audit, an independent review by an experienced VAT consultant to identify the effectiveness of the

  • VAT procedures,
  • Documentation and control practices;
  • In-depth analysis to identify the risks and errors in the previous VAT filings,
  • Refunds claims,
  • VAT documentation
  • VAT transactions recording.

A high-level Health Check may highlight key taxes or compliance areas where more attention is required.

VAT health check gives you confidence and ensure compliance that all the previous filings were as per applicable FTA guidance and during VAT health check if finds errors and any noncompliance related with VAT then VAT expert correct them before you get VAT penalties/fines, where possible.

VAT Health Check Scope includes;

  1. Understand and analyse current system, business activities, risk and controls implications.
  2. Review of VAT invoice format, and Verification of tax invoices.
  3. Conduct Administrative compliance check, documentation check and FTA portal filings check.
  4. Assessment of quarterly VAT returns filings.
  5. Reconciliation of accounting records and VAT filings.
  6. Analysis of input and output VAT calculation.
  7. Verify if import/export documents are maintained to support the tax treatment applied by the entity.
  8. Identification of technical mistakes/errors.
  9. Organization of all the tax or VAT related documents as per tax year.
  10. Ensure all transactions and recording as per FTA guidance.
  11. Assistance in preparation of VAT Audit files with complete audit trail.
  12. Identifying risks, concerns and opportunities.
  13. Suggesting remedies in areas of risks.
  14. VAT Advisory and key guidelines for future compliance

VAT Health Check from Corporate Tax consultant

“We love to Solve your Tax Issues”

We’re a team of certified chartered, public accountants and FTA approved tax agents which have international and local vast exposure in VAT and Excise tax.

The tax professionals at Corporate Tax consultant Services are experienced in providing Tax Health Checks in different industries that bring together our knowledge and experience in taxation and related risks, compliance and internal controls. Our Health check service ensure VAT compliance, early corrections of errors, reduce chances of penalties and prepare you in advance for VAT audit.