Excise Tax Pre-Audit Health Check-In Dubai
The United Arab Emirates has levied excise taxes on some items since 2018. All registered entities are required by the FTA to ascertain if their excisable items are taxable and to submit a monthly excise duty return. This is important to remember because if the authorities need to audit your excise duties, they could get in touch with you. If FTA auditors find noncompliance, the taxpayer can face severe fines. Our tax advisors will provide you with professional excise duty pre-audit health check services in the UAE. Businesses can avoid future FTA penalties by taking these preventative measures.
Excise Duty Audit
An excise audit is a review and confirmation of a legally recognized organization’s tax compliance. The audit’s goal is to confirm that the taxpayer has accurately and timely paid their excise tax bill.
Who will conduct a tax audit in the UAE?
For a certain tax season, the Federal Tax Authority is in charge of collecting taxes in the United Arab Emirates per the rules of Decree-Law 13 of 2016. The official regulatory body in the nation for VAT and excise tax audits, which examine business operations and tax compliance, is the FTA.
Why Is It Important To Do A Pre-Audit Tax Health Check?
For all enterprises that are excise-taxable in the United Arab Emirates, a pre-audit health check service in the UAE is important. Potential tax issues are assessed in this preliminary tax examination. identifies business risks and locations where excise duty regulations are not being followed. You have to fix any mistakes or omissions in your excise records before the auditor reviews them. To find any possible problems, we will check your excise records in preparation for the audit.
Why Is It Important To Do A Pre-Audit Tax Health Check?
Regarding your excisable items, the auditors will ask for relevant data and records. Here are the minimal prerequisites for an excise audit in the United Arab Emirates:
- A summary of every excise good produced, imported, and amassed over the previous year
- Proof and records of exported excise goods
- Monthly excise product sales along with invoices for the most recent tax period
- Explanation of excise products created, imported, and exited from the specified areas
- Tax records for any missing or damaged excise items
- Accounting for the excise taxes owed on made, accumulated, and imported excise items
- Details on the kind, amount, and cost of excise items
- Detailed information on excise items stock levels
- Excise goods duty deduction registry
A Pre-Audit Tax Health Check with BestaxCA!
Leading audit companies in Dubai, United Arab Emirates, are connected with BestaxCA. The professionals have a wealth of consultation knowledge with UAE tax legislation and FTA audits. You may get help with excise registration, filing returns, compliance, and implementation services from a committed team of auditors. Expert third-party services make sure that your business’s records already reflect the requirements for excise taxes, so you won’t have to worry when the FTA announces an audit. All of your transactions and excise declarations are checked in compliance with FTA regulations when you use our pre-audit health check services in the UAE. These will guarantee that your tax records are accurate and compliant with all applicable laws and regulations.
FAQs
What happens if issues are identified during the Pre-Audit Health Check?
Businesses must move quickly to address any problems or inconsistencies found. This includes fixing mistakes, updating documentation, and enhancing compliance processes to guarantee that excise tax laws are followed.
Is the Pre-Audit Health Check mandatory?
Although it might not be required for every firm, it is strongly advised as a preventative step to guarantee compliance and lessen the probability of excise tax audits.
