Our finance and tax team can undertake VAT Health Checks for your business where we will review the tax positions, compliance, reporting procedures and recommend the best approach to be adopted with the VAT law.
Following the introduction of tax in the UAE, in our experience, majority of the businesses faced issues in adopting correct tax positions, VAT implementation and the compliance filings with the tax authority. Given the nuances and intricacies of the law, managing the business affairs from compliance and reporting perspective can be challenging, specifically where many businesses in the UAE have no prior experience with reporting and paying taxes.
Compliance requirements are strict and accompanied with penalties reaching 500% for possible frauds and non-compliance.
