// about service
We provide tax vat audit service
We are performing VAT health checks / Tax audit to make sure VAT has been implemented properly and entity is tax compliant. Our VAT audit includes the followings:
- Understanding VAT impact and key processes
- Review the VAT impact assessment carried out by the client.
- Review the process of identifying the type of supply (standard rated, zero rated, exempt or out of the scope).
- Review the process of identification of partial exemption component and its accounting treatment.
- Review the processes of identification of deemed supply.
- Master data verification
- Review the master data of suppliers and customers with VAT registration
- Review of accuracy of tax registration number with FTA verification.
- Output tax verification
- Review the process of identifying entries which are out of the scope, zero rated, exempt and standard rated.
- Review the process of posting in the VAT ledger from the source documents.
- Review of process of classification of sales and output tax Emirates wise.
- Input tax verification
- Review the process to reconcile count and total value of transactions with input tax.
- Review the process to identify the blocked input tax expenses and its posting in the ledgers.
- Review the process of allocating input tax into taxable and exempt supplies.
- Reverse charge mechanism validation
- All imports codes have been updated in the FTA portal which is linked with the custom portal.
- Reviewing the process to make sure RCM is being applied on concerned goods and services.
- Review of goods and services on which RCM is being applied.
- Review of accounting entry posted in the system for RCM.
- Review of RCM liability booked in the system.
- Invoice and credit note check
- Review of sales invoices issued to the customers and purchase invoices received by the vendors and checking its compliance as per Article 59 of the UAE VAT Regulations.
- Review of credit notes and checking its compliance as per Article 60 of the UAE VAT Regulations.
- Review of internal reports extracted from the system to prepare VAT Returns submitted for the last periods.
- Review of VAT Calculations and VAT return
- Review of compliance with FTA Laws
- Transitional rules
- Review of processes of identification of contracts and transactions where transitional rules are applicable and verify its applications.