TAX AUDIT SERVICES
Tax Audit Services!
MHR Chartered Accountants offers a comprehensive range of Tax Audit Services in the UAE to assist businesses in fulfilling their tax compliance obligations and ensuring accuracy in their tax-related matters. Some of the key tax audit services provided by MHR CA include:
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Tax Compliance Audit: Conducting a thorough review of tax returns, financial records, and supporting documents to ensure compliance with tax laws and regulations.
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Tax Risk Assessment: Identifying potential tax risks and evaluating their impact on the business, helping clients implement effective risk mitigation strategies.
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Tax Planning and Optimization: Assisting businesses in developing tax-efficient strategies to minimize tax liabilities, maximize deductions and credits, and optimize their overall tax position.
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Transfer Pricing Audit: Evaluating the compliance of intercompany transactions and ensuring alignment with the arm’s length principle as per the applicable transfer pricing regulations.
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VAT Audit: Conducting detailed examinations of VAT-related transactions, invoices, and records to verify compliance with VAT laws and regulations.
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Tax Dispute Resolution: Providing support and representation in tax-related disputes, including liaising with tax authorities and assisting in negotiations, appeals, and settlement discussions.
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Tax Due Diligence: Conducting comprehensive tax due diligence reviews to assess tax risks and liabilities associated with mergers, acquisitions, or other business transactions.
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Tax Investigation Support: Assisting clients during tax investigations by providing guidance, preparing documentation, and representing them before tax authorities.
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Tax Training and Awareness: Offering customized tax training sessions to educate clients on tax laws, regulations, and best practices, enabling them to enhance their internal tax capabilities.
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MHR Chartered Accountants’ team of experienced tax professionals combines their extensive knowledge of tax laws and regulations with practical insights to deliver reliable and effective tax audit services. They understand the unique requirements of businesses operating in the UAE and provide tailored solutions to meet their specific tax compliance needs.With our tax audit in UAE, you can prepare all the necessary documents.
By engaging MHR CA for their tax audit services, businesses can benefit from accurate tax reporting, minimized tax risks, improved tax efficiency, and enhanced overall tax compliance.
Penalties on Non-Compliance of Tax / VAT regulation in UAE
Non-compliance with tax and VAT regulations in the UAE can result in various penalties and consequences. The specific penalties may vary depending on the nature and severity of the non-compliance. Here are some common penalties that can be imposed for non-compliance:
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Late Filing Penalty: Failure to submit tax returns or VAT returns by the specified deadline can lead to penalties based on the number of days of delay. The penalty is usually calculated as a fixed amount per day of delay or as a percentage of the tax due.
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Late Payment Penalty: If the tax or VAT payment is not made within the prescribed timeframe, a late payment penalty may be imposed. This penalty is typically calculated as a percentage of the unpaid tax amount and accrues for each day of delay.
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Incorrect Return Penalty: Submitting incorrect or inaccurate tax or VAT returns can result in penalties. The penalty amount may be based on a percentage of the tax underpaid or the difference between the correct tax liability and the amount declared in the return.
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Failure to Register Penalty: Entities that are required to register for tax or VAT but fail to do so can face penalties. The penalty may be a fixed amount or a percentage of the tax liability, depending on the applicable regulations.
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Non-Maintenance of Records Penalty: Businesses are required to maintain proper accounting records and supporting documentation. Failure to do so can result in penalties, including fines and other consequences.
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Tax Evasion Penalties: Engaging in fraudulent activities to evade taxes, such as providing false information, manipulating records, or intentionally underreporting income, can lead to severe penalties, including substantial fines and potential criminal prosecution.
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