The Federal Law provisions on taxation have mandated the Federal Tax Authority (FTA) with the legal right to perform a tax audit on any person to determine their compliance with the provisions of the relevant laws. So, it is important to be accurate with the VAT returns and other statutory requirements to avoid non-compliance penalties.
FTA Audit aims to finds out;
>Administrative and Financial deficiencies in the business
>Is the entity compliance with the Laws and Regulations.
>Documentational requirements in tact
>Internal Control Systems-Checks and process
Non-compliance can lead to financial penalties affecting the business costs
Hence it becomes important for taxpayers to be pro-active rather then re-active
It becomes important to get the business VAT Health checked on a periodic basis to remain compliant with the laws and regulation
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