Under the FTA, all registered organizations must determine if their excisable items are taxable and comply with tax duties. This is essential, as the government may contact you if they wish to conduct an excise duty audit. If FTA auditors discover noncompliance, the taxpayer may be subject to hefty fines.
What is Excise Tax Health Check in Dubai?
Since 2018, the UAE has imposed excise taxes on certain products. Under the FTA, all registered entities are expected to determine if their excisable items are taxable, file a monthly excise duty return. This is crucial to keep in mind, as the authorities may contact you if they need to conduct an excise duty audit. If FTA auditors discover noncompliance, the taxpayer may be subject to hefty penalties. In light of this, our tax consultants in Dubai will give you an expert excise duty pre-audit health check. By following these precautions, businesses can prevent future FTA penalties.
By appointing a Tax Agency, clients don’t have to worry about tax compliance burdens, and they can focus on business growth and expansion. It will not be always possible for clients to run the business and also look after all the statutory compliance and that is why you may need a Tax Agency Service for your business.
What is an Excise Duty Audit?
Who Conducts Audit of Taxes in UAE?
The Federal Tax Authority (FTA) is the official regulatory authority in the country, able to conduct VAT/excise tax audits to examine businesses’ operations and tax compliance.
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Why is a Pre Audit Tax Health Check Important?
How Does the FTA Determine if it will Conduct an Excise Audit?
The FTA sends the taxable firm a five-day notice of the excise duty inspection. However, when tax evasion is suspected, auditors make an unannounced visit to the business. They typically determine the location and time of the UAE’s excise duty inspections. Auditors may request originals or copies of your excise paperwork. Under the UAE Excise Procedure Law, they may also conduct a second audit if the company fails to meet its tax requirements in the first round.
How Should you Prepare for an Excise Audit?
The auditors will require pertinent information and documentation pertaining to your excisable goods. The following are the bare minimums for an excise audit in the UAE:
- A summary of all excise items produced, imported and accumulated in the previous year
- Export evidence and documentation of excise products
- Monthly sales of excise items for the previous tax period, including bills
- Excise items produced, imported, and discharged from specific zones
- Tax records for all excise goods that have been damaged or lost
- Accounting for excise duty payable on excise items imported, accumulated and manufactured
- Details on the kind, amount, and monetary worth of excise items
- Detailed information on excise products stock levels
- Excise goods duty deduction registry
Our Excise Inspection Services Involve the Following Steps
- We will check the excise returns you filed and correct any mistakes.
- We will ensure that all excise duty entries are in accordance with FTA rules.
- New ideas and recommendations for excise tax planning.
- We will inspect your excise records for accuracy.
- Recognize concerns about UAE tax compliance.
- Provide proof on your behalf to FTA auditors.
- Assist you with any future regulatory authority requests.
- You can call us right now for oAdur complete excise pre-screening health check service