Corporate tax audits
An audit is a mandatory process to assess a company’s tax liability, compliance and financial records. During the audit, an auditor examines all of your financial statements, tax returns and any other related documents.
Understanding Corporate Tax audits in the UAE
Who needs a Corporate Tax audit?
Certain taxable persons must prepare and maintain audited financial statements if they meet the following criteria:
High Revenue Threshold: Taxable persons with revenue above AED 50,000,000.
Qualifying Free Zone Persons: Entities that qualify under specific free zone criteria.
It is important to note that UAE Corporate Tax audits are based on these established criteria. Your business must ensure full compliance with all tax regulations and laws by adhering to these audit requirements.
Ask About Corporate tax audits
The procedure
Unsure where to start? Here is a quick step by step guide on how to get ready for your Corporate Tax audit:
- Be ready for FTA officials to examine your CT returns
- You will then have a meeting arranged with an auditor
- You may need to provide business documents during the audit, as well as other goods and assets. When being audited, you may request a verification of their legitimacy (e.g through identification cards) if you wish.
- If anything is found amiss, the auditor could schedule another meeting with you
What are the benefits of a Corporate Tax Audit?
- Auditing can help you to quickly identify any problems in your accounting systems, and help you to improve them swiftly.
- Gives you the assurance that the company is operating as it should be, reducing any risks of dishonest accounting in your company.
- Get recommendations and advice on how to improve your business financially, from company operations to tax planning.
Related Services
Corporate tax services
We are here to guide you through the whole process, from registration to return filing, so that you are fully prepared to comply with the new regulations.
Corporate tax registration
Foster Chapman offers top-notch Corporate Tax services, ensuring professional and timely CT registration in the UAE, in compliance with the new UAE CT regime.
Corporate tax assessment
At Foster Chapman, we offer expert corporate tax impact assessment services in the UAE, ensuring businesses remain compliant with tax regulations.
Corporate tax return
If you fail to file your tax returns, you could face penalties and fines, so it is best to understand the legal requirement of your tax return filing from the start.
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