VAT Health Check

Businesses all across the world have been extremely concerned about the loss of income and revenue during the COVID-19 pandemic. In order to maximize recovery, businesses must redesign their entire tax infrastructure. Additionally, this outbreak offers taxpayers the ideal chance to get ready for the upcoming audit.

It is crucial to be accurate with the VAT returns and other statutory requirements in order to avoid non-compliance penalties. The Federal Tax Authority (FTA) performs annual audits to determine conformity with the terms of the relevant legislation.

Conducting a Tax Health Check will give us the opportunity to  look at the main areas of tax compliance is one of the greatest methods to get ready for FTA Audits. A high-level health assessment may identify important taxation and compliance areas that need additional focus.

Our tax experts at Bestfolio are skilled in conducting Tax Health Checks that combine their expertise in tax law with that of associated internal controls. These health checks will let customers take any corrective action necessary to get ready for an FTA audit during this pandemic. We also make sure that all records required for the audits are easily accessible and updated on a regular basis.