Avoid Penalties with FTA Tax Audit Experts in Dubai

Ensure your business is fully compliant with UAE tax laws through our expert FTA Tax Audit services in Dubai. Best Solutions provides comprehensive support, helping you navigate the complexities of tax audits efficiently.

4.9 100+ 5 Star Reviews

Our Partners

We collaborate with trusted partners to ensure your successful business setup in Dubai.

The Necessity of FTA Tax Audit Services

In Dubai’s competitive business landscape, ensuring compliance with the Federal Tax Authority (FTA) regulations is crucial for maintaining operational integrity and avoiding penalties. An FTA tax audit serves as a thorough examination of your tax records and financial statements, ensuring that your business adheres to all legal requirements. Best Solutions offers specialized FTA tax audit services designed to help businesses navigate the complexities of tax audits effectively.

Regulatory Compliance: The UAE has stringent tax laws enforced by the FTA. Regular audits help ensure that your business complies with all legal requirements, minimizing the risk of fines or legal issues. Our team stays updated on the latest tax regulations, providing you with accurate and timely advice.
Risk Identification: An FTA tax audit helps identify potential tax risks within your business operations. By pinpointing areas of concern, we enable you to implement effective controls and safeguard your assets against future tax liabilities.
Financial Accuracy: Maintaining accurate financial records is essential for effective decision-making. Our audit services thoroughly evaluate your financial statements, ensuring that all transactions are recorded correctly and in accordance with accounting standards.
Stakeholder Trust: A transparent audit process builds trust with stakeholders, including investors, lenders, and regulatory authorities. Providing an independent assessment of your financial position enhances credibility and can lead to better business opportunities.
Actionable Insights: After conducting a comprehensive audit, we provide tailored recommendations to improve your tax practices. This proactive approach helps you enhance compliance and operational efficiency, positioning your business for long-term success.

Customized Assistance for Your FTA Tax Audit

At Best Solutions, we offer a comprehensive range of FTA tax audit services designed to meet your specific requirements. Our dedicated team is here to guide you through each step of the process.

We start with a detailed consultation to understand your business goals and audit needs. Our experts assess your current tax situation and provide tailored recommendations to help you achieve compliance.

Our team develops a customized audit plan based on your business’s specific requirements. This plan outlines the scope of the audit, the timeline, and the resources needed to conduct a thorough evaluation of your tax records.

We perform a comprehensive audit of your tax records and financial statements, examining all transactions to ensure compliance with FTA regulations. Our team identifies any discrepancies and assesses the accuracy of your tax reporting.

After the audit, we provide you with a detailed report outlining our findings, including any discrepancies identified and actionable recommendations for improvement. This report serves as a valuable tool for enhancing your tax practices.

We offer continuous support after the audit, helping you implement our recommendations and maintain compliance moving forward. Our proactive approach keeps you informed and prepared for any changes in tax regulations.

Essential Documents for FTA Tax Audit Services

To effectively utilize our FTA tax audit services in Dubai, specific documents may be required. Our team at Best Solutions will assist you in preparing these documents to ensure a smooth process.

Financial Statements

We will require access to your financial statements, including balance sheets, income statements, and cash flow statements. These documents provide a clear picture of your financial health and are essential for accurate auditing.

VAT Returns

Copies of your VAT returns filed with the FTA are necessary for assessing compliance and identifying any discrepancies in reporting.

Invoices and Receipts

All invoices issued and receipts received should be organized and provided to us. This documentation is crucial for tracking income and expenses accurately during the audit.

Bank Statements

Monthly bank statements are necessary for reconciling your financial records and ensuring that all transactions are accounted for.

Previous Audit Reports

If applicable, copies of any previous tax audit reports can provide valuable context and help us understand your business's historical financial practices.

Addition Documents

You also need to submit business license, Tax registration number and VAT registration certificate along with shareholder agreements, memorandum and articles of association, and any previous tax assessments, etc.

Beneficiaries of Our FTA Tax Audit Services

Our FTA tax audit services in Dubai cater to a wide range of clients, including businesses and organizations seeking to ensure compliance and optimize their financial practices.

New businesses often require guidance in establishing their tax compliance processes. Our services help startups set up proper auditing practices from the outset.

SMEs can benefit from our comprehensive FTA tax audit services, including risk assessments and compliance evaluations, to support their growth and expansion in Dubai.

Multinational corporations operating in Dubai can rely on our expertise to ensure their tax records are accurate and comply with local regulations. We provide tailored services to meet the unique needs of large businesses.

Non-profits can benefit from our FTA tax audit services to ensure transparency and accountability in their financial practices, helping them maintain trust with stakeholders.

Individuals working as freelancers or contractors can benefit from our auditing services to manage their income and expenses effectively, ensuring compliance with tax regulations.

Benefits of FTA Tax Audit Assistance

An FTA Tax Audit can be a stressful process for businesses if not properly prepared. However, engaging expert consultants like Best Solutions provides key benefits.

Peace of Mind

Our pre-audit review helps address any gaps or issues proactively so you are not panicking during the actual audit. We identify and resolve potential problems upfront to reduce compliance risks and minimize chances of penalties. With us by your side, you can focus on workflows without tax audit stress.

Subject Knowledge

Our advisors are well-versed in intricate UAE tax regulations as well as audit procedures followed by FTA officials. We understand what documentation is required and how to communicate with auditors efficiently. This specialized expertise helps navigate the audit seamlessly and obtain the best outcomes for our clients.

Penalty Avoidance

Our pre-audit assessments catch issues before they are flagged by FTA. If discrepancies are discovered during the audit, we negotiate reasonable settlements to help resolve matters amicably without large fines.

Peace of Mind

You are working with a team that understands the gravity of tax non-compliance. We double check submissions carefully to avoid human errors and rework. This gives you reassurance that all bases are covered to remain on the right side of tax regulations.

Cost Effectiveness

Outsourcing to us proves more affordable in the long run versus hiring full time tax experts or facing hefty penalties. We are experts in obtaining best deals and negotiating penalty waivers or reductions for our clients.

What Our FTA Tax Audit Services Assistance Covers

Every business dreads a tax audit but engaging expert help ensures you have support through each step of the process. Best Solutions’ comprehensive service covers your needs fully.

Pre-Audit Review

Even before the audit notice arrives, we review your accounts, filings, records for 3 years to identify and resolve potential red flags. This plugs gaps proactively.

Audit Planning

Our consultants provide insider guidance on audit procedural aspects to reduce surprises. We advise on documentation preparation and designating audit contact personnel.

Field Audit Support

During on-site document verifications, we liaise with auditors, track requests, extract data and address queries to ensure efficient cooperation.

Post-Audit Analysis

Once complete, we analyze outcomes to identify recurrence risks. Lessons learned help strengthen future compliance management.

Tax Settlement

If issues are detected, we skillfully negotiate reasonable settlement terms on penalties, taxes payable or payment plans with tax authorities.

Compliance Improvement

A competitive audit helps enhance procedures. We recommend control framework refinements to automate filings and minimize future audit risk.

Why Choose Us For FTA Tax Audit Assistance In Dubai?

When your Tax Audit is on the line, it is critical to engage consultants you can trust completely. Best Solutions offers clients distinct advantages.

Expert Consultants

Our professionals average 15 years experience advising MNCs and large corporations on tax regulatory changes. You gain industry-leading expertise.

Specialization

We dedicate our practice solely to tax and compliance services. Clients benefit from dedicated advisors vs general business all-rounders.

Credentials

Our advisors hold esteemed qualifications like Certified Public Accountant, Chartered Accountant ensuring statutory ability is never questionable.

Peace of Mind

As the largest tax practice in the region, we have unmatched resources to protect you and your brand's reputation thoroughly during the audit.

Cost-Effectiveness

Despite investment in top talents, our scale allows reasonable competitive fees. You get the best without burning holes in pockets.

Quality Assurance

Our submissions strictly follow international audit standards with peer review processes to avoid anomalies or re-works wasting your time.

Satisfied Clients

Testimonials from 100% of multinational firms we served underscore our proven track record of maximizing audit outcomes.

Technology Prowess

Specialized audit management software coupled with digital support enhance control and efficiency for a smooth, streamlined audit experience.

Book Your
Consultation Now!

Being subjected to an FTA tax audit is every business’ worst fear but avoiding or facing the process successfully needn’t be intimidating. Engage the expertise of Best Solutions Corporate Consultants today to give yourself the strongest defense and peace of mind. Our first consultation is complimentary. Speak to one of our advisors now to understand how we help simplify even the most complex of tax audits in Dubai, leaving you free to focus on your growth. Call us today.

FAQs

How long does an FTA tax audit usually take?

There is no definite timeline as it depends on several factors. The FTA gives 5 business days’ notice to prepare for the audit, then it could take weeks or days depending on the size of the company & transactions complexity. For smaller or straightforward businesses, an audit might take a few days. For larger companies with complex transactions, it could take weeks or longer, depending on the findings and the FTA’s assessment.

What are the penalties for non-compliance in an FTA tax audit?

Minor errors can attract a penalty of up to 5% of the unpaid tax, major can attract up to 10%, can incur a percentage of the unpaid tax as penalty for each month tax remains unpaid, Penalties for tax evasion can range from 50% to 300% of the unpaid tax liability.

Does using a consultant guarantee no penalties?

While a consultant cannot provide a 100% guarantee, engaging experts significantly improves your chances of a successful audit outcome. Consultants help address issues proactively, liaise efficiently with auditors and advocate effectively to minimize penalties wherever possible.

How far back can an FTA tax audit cover?

The FTA can audit a business’s tax records for up to 5 years after the end of the relevant tax period. The audit period can be extended to 15 years if you fail to register for VAT or on grounds of Tax evasion or fraud.

Is it mandatory to share all documents requested in an audit?

As per UAE law, businesses are legally obligated to provide any documentation or information requested by the tax authorities during an audit to ascertain tax compliance. Non-cooperation can lead to penalties.

How much does it cost to engage tax consultants for an audit?

Fees for tax consultancy support through an FTA audit vary depending on the size of the business and scope of work involved.

Can the audit lead to re-opening of previously filed tax returns?

Yes, during the course of an audit, if discrepancies are detected in previously filed tax returns beyond the scope period of the audit, the FTA reserves the right to re-examine those periods as well to assess tax gaps or evasion.

What happens if deficiencies are identified post-audit?

If an error or shortfall in tax remittance is identified even after the audit concludes, the FTA expects speedy settlement by requesting revised filings and tax payments along with any liability for late payment penalties. Failure to comply can result in further legal complications.

Ready to talk?

971 522330011

Avoid Penalties with FTA Tax Audit Experts in Dubai

4.9

100+ 5 Star Reviews

Our Partners