In taxation, the process in which the tax collection agency reviews the reports of an individual or company to see if income, deductions, and/or credits reported accurately reflect reality. This is done to ensure that each company pays its full tax liability.
performs tax audits to verify and issue a compliance report with respect to tax laws and regulations issued by Federal Tax Authority (FTA) of United Arab Emirates.
Federal Tax Authority also requires an audit report about:
- Goods produced, imported or sold for a particular period based on the following:
- a) quantity and value of excise goods stored (by item) within the specified period.
- b) average monthly sales for excise goods (by item) within the specified period.
- c) average monthly inventory for excise goods (by item) within the specified period.
- d) quantity of excise goods (by item) that was produced or imported.
- Excise goods that is produced, imported, released from designated zones, sold or exported for specified period:
- a) list of companies and retail stores that have been supplied with excise goods.
can review and issue excise tax audit report to comply with the requirements of FTA after performing the standard audit procedures to get reasonable assurance on the above mentioned excise goods produced, imported or sold in a particular period.
