Value Added Tax (VAT) compliance and audits are crucial aspects of running a business in…
Vat audit is an examination of financial records related to Vat such as Vat returns, calculation of input and output Vat, etc. and other related Vat compliances. So far there is no compulsory VAT audit requirement but the Federal Tax Authority (FTA) can conduct audits at any time as per their discretion.
Documents or records requirement for VAT Audit:
As per the VAT law, VAT registrant shall maintain and retain the following records for at least 5 end of the tax period to which they relate:
• Records of all inward & outwards supplies, including records of goods and services imported and exported, along with custom declaration and other supporting documents of import/export.
• Tax Invoices issues or received for inward and outward supplies respectively.
• Tax Credit Notes and Tax Debit Notes or alternative documents received or issued.
• Records related to the disposal of goods or services or used for non-business matters, showing the taxes paid on them
• Records of adjustments and corrections (if any) made into tax records or tax invoices or accounts.
• Record of expenses or purchases on which input tax not claimed.
• Other records and documents as per the FTA requirement during the audit.
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