Prepare for FTA Tax Audits with Eslam Elgendy
The Federal Tax Authority (FTA) can conduct an unannounced audit at any time, making it crucial for businesses to stay prepared. An unprepared business risks being found non-compliant, which can lead to penalties and fines.
At Eslam Elgendy, our team of federal tax experts helps businesses from various sectors understand FTA expectations and requirements. We ensure you remain compliant and meet all conditions well before the FTA arrives for an unannounced audit.
With Eslam Elgendy by your side, you won’t have to worry about FTA audits again. Our services include analyzing your documents, financial transactions, and reviewing past returns to identify any potential issues that could negatively affect your audit. With our extensive experience in assisting businesses across the UAE, we provide top-notch support, ensuring you’re well-prepared for any FTA audit.
What is an FTA Audit?
An FTA tax audit is a thorough review of submitted tax documents to verify that the declared taxes align with UAE tax legislation. For self-assessment taxes like VAT, taxpayers are responsible for declaring the amount of tax payable.
The Federal Tax Authority (FTA) conducts audits to ensure businesses have paid their dues on time and comply with all relevant laws and regulations. These audits help maintain transparency and accuracy in the UAE’s tax system.
What Triggers an FTA Tax Audit in the UAE?
While the FTA can audit any tax entity in the UAE at any time, regardless of specific actions, certain factors may increase the likelihood of being targeted. Though an audit may occur without any direct cause, the following factors can potentially prompt an FTA audit:
- Cash-based businesses
- Export/import focused companies
- Tax return errors
- Public notifications
- Large or complex businesses
- There are no fixed schedules for an FTA audit, they usually occur at FTA’s discretion
How to Prepare?
To minimize errors, it is highly recommended to engage tax professionals from a trusted firm like Eslam Elgendy. Our consultancy firm will assist in reviewing past returns, correcting mistakes, and ensuring that all documentation is properly prepared to meet FTA laws and regulations.
- A general understanding of how your business operates.
- Internal governance, procedures, and controls in your organisation
- How accurately you measure sales and transactions
- Supply chain management and whether data is complete or not
- Sector risk management, such as cash risks and customs processes.
- Internal governance, procedures, and controls in your organisation
- How accurately you measure sales and transactions
- Supply chain management and whether data is complete or not
- Sector risk management, such as cash risks and customs processes.
- Proper documentation to show sufficient controls are implemented on the systems and processes in your company.
- Reevaluate your tax returns to find any issues or quick fixes.
- Check for reverse charge and imports.
- If there was inaccurate accounting for foreign exchange.
- Review tax invoice and credit note formats.
- Reevaluate your tax returns to find any issues or quick fixes.
- Check for reverse charge and imports.
- If there was inaccurate accounting for foreign exchange.
- Review tax invoice and credit note formats.
How Eslam Elgendy Can Assist You with an FTA Tax Audit
Eslam Elgendy offers top-notch internal audit services in the UAE, backed by a team of seasoned auditors with years of experience in the field. We possess a thorough understanding of various businesses and industries, enabling us to produce audit reports that align seamlessly with your organizational goals.
Comprehensive Audit Preparation
Eslam Elgendy has a proven track record of guiding companies through FTA tax audits in the UAE. Our team of dedicated tax professionals provides comprehensive support both before and during the audit process, ensuring a smooth and stress-free experience.
Expert Guidance Throughout the Audit Process
Non-compliance during FTA audits can result in penalties of up to 50% for identified issues. That’s why thorough preparation is essential before any FTA involvement. We help you stay ahead by assisting with proactive measures to safeguard your business from costly penalties.
Safeguard Your Business from Penalties
If you’re concerned about an unannounced FTA audit, connect with our tax specialists today. We will help you save significantly by optimizing your operations.
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