Initiation of Tax Audits by Federal Tax Authorities

Initiation of Tax Audits by Federal Tax Authorities

FTA has started issuing notices for Tax Audits in United Arab Emirates. As per Article (18) of the Cabinet Decision No. (36) of 2017 on the Executive Regulation of Federal Law No. (7) of 2017 on Tax Procedures, FTA is demanding following details for the VAT return periods January 01, 2018 to January 31, 2019:

  1. Standard rated supplies;
  2. Tax refunds provided to Tourists under Tax Refunds for Tourists Scheme;
  3. Supplies subject to reverse charge provisions (Imported Services);
  4. Zero-rated supplies;
  5. Exempt supplies;
  6. Goods imported into the UAE;
  7. Adjustments to Goods imported into the UAE and clarifications on the adjustments;
  8. Standard rated expenses;
  9. Audited financial statements as of December 31, 2017 and December 31, 2018;
  10. Trial Balance (monthly) for the period from January 2018 till January 2019;
  11. Reconciliation of General Ledger Accounts pertaining to purchases & revenues to the VAT Input & Output values respectively.

The above details must be submitted in an excel sheet for each VAT return period separately and for each group member separately, within 5 working days.

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