The COVID-19 pandemic has resulted in a significant loss of revenue and income streams for businesses globally, which has caused considerable worry. To facilitate optimal recovery, businesses must restructure their tax infrastructure. This pandemic is also an ideal opportunity for taxpayers to get ready for future audits.
The Federal Tax Authority (FTA) conducts yearly audits to verify compliance with relevant laws. To avoid penalties for non-compliance, it is necessary to submit accurate VAT returns and comply with other statutory requirements.
A Tax Health Check is one of the most effective ways to prepare for FTA audits. A thorough health check can identify areas of tax compliance that require additional attention. Our tax professionals at Corporate Group are knowledgeable about Tax Health Checks, which include expertise in taxation and related internal controls. These health checks can help clients take any necessary corrective actions during the pandemic and prepare for an FTA audit. We also ensure that all necessary audit documents are available and updated regularly.
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