Compliance Assurance
Confirms that your business adheres to all VAT regulations.
YOUNG AND RIGHT ACCOUNTING & TAX CONSULTANCY
YOUNG AND RIGHT Feel that your Value Added Tax assessment is wrong? Find out how you can appeal to the Federal Tax Authority.
HomeVAT ServicesVAT Audit in UAE
A VAT assessment is a thorough examination conducted by the Federal Tax Authority (FTA) to verify the accuracy of a business's VAT filings and payments. This assessment ensures that your business complies with UAE VAT regulations, accurately reports taxable transactions, and correctly calculates VAT liabilities.
If you disagree with the outcome of a VAT assessment, you have the right to file a VAT appeal. The VAT appeals process allows businesses to contest the FTA’s findings and seek a fair resolution. This process is essential for addressing discrepancies, unfair penalties, or incorrect VAT calculations identified during an assessment.
Undergoing a VAT assessment and understanding the appeals process is crucial for several reasons:
Confirms that your business adheres to all VAT regulations.
Ensures that VAT calculations and filings are precise, preventing overpayments or underpayments.
Identifies areas for improvement in your financial processes.
Reduces the likelihood of discrepancies that could lead to penalties or legal issues.
Provides a mechanism to address and rectify any inaccuracies or unfair assessments.
The GCC Unified Agreement on Value Added Tax (GCC UAVAT) has been introduced following the publication of its Arabic version in the Saudi Official Gazette. This agreement sets the foundation for implementing VAT across all six GCC countries. However, details regarding free zones and exempted items are yet to be finalized. The agreement aims to enhance economic integration and create a unified VAT framework across the region.
The GCC UAVAT follows international VAT standards, offering guidelines for handling long-term business contracts and transactions involving both past and future materials. While each GCC country will have its own VAT regulations, the agreement ensures consistency and cooperation among member states. VAT matters, including registration changes and clarifications, will be managed by the Common Customs Law and the Ministerial Committee on Financial and Economic Cooperation.
To support the digital economy, each GCC country must establish an Electronic Services System to manage VAT efficiently. Christine Lagarde, former IMF Managing Director, emphasized the need for a user-friendly VAT system during her visit to the UAE. This system will help track transactions, process refunds, handle payments, and allow businesses to file tax returns online. Additionally, tax authorities can exchange information digitally, and businesses have the right to appeal VAT-related decisions.
At Young and Right, we offer specialized support to help your business navigate the VAT assessment process seamlessly
We review your VAT practices to detect issues before an FTA assessment.
Our team works closely with you to facilitate a smooth assessment process.
After the assessment, we help you address any findings or recommendations.
Young and Right provides expert assistance throughout the VAT appeals process to ensure your business’s interests are effectively represented:
We assess the validity of your appeal and determine the best course of action based on your specific circumstances.
Our team manages the entire appeal submission process, ensuring all requirements are met.
We represent your business during appeal hearings and negotiations with the FTA.
After the appeal decision, we assist in implementing any required actions based on the outcome.
Selecting the right partner for VAT Assessment and Appeals Services is crucial for your business’s financial health and regulatory compliance. Here’s why Young and Right stands out:
Our team comprises seasoned professionals with extensive knowledge of UAE VAT laws and FTA procedures. We stay updated with the latest regulatory changes to provide accurate and effective support.
We understand that every business is unique. Our services are tailored to meet your specific needs, ensuring that you receive the most relevant and effective solutions.
From pre-assessment preparations to post-appeal follow-ups, we offer end-to-end support throughout the VAT assessment and appeals process, minimizing disruptions to your business operations.
We don’t just react to assessments and appeals; we proactively manage your VAT compliance to prevent issues before they arise, saving you time and resources.
At Young and Right, we provide a comprehensive range of financial services designed to support your business's overall financial health and compliance needs:
Ensure accurate financial reporting and maintain transparent financial records with our expert accounting services.
Navigate UAE tax laws with confidence through our strategic tax planning and regulatory guidance.
Maintain meticulous financial records with our reliable bookkeeping services, essential for smooth financial operations and compliance.
Emily Johnson
“Young and Right has been the best choice for our business Their payroll and financial reporting services are accurate, timely, and hassle free. Highly recommended”
Michael Anderson
“Outsourcing our payroll and bookkeeping to Young and Right choices . Their team is professional, reliable, and ensures compliance with UAE regulations.”
Sarah Lee
“Young and Right offers top-notch financial reporting, payroll, and tax services. Their expertise has helped our business stay organized and stress free”
David Martinez
“We no longer worry about payroll, bookkeeping, or compliance. Their outsourcing services are wonderful and truly stress-free”
Olivia Brown
“The best outsourcing team They manage our financial tasks perfectly, saving us time and money. A game changer for our business!”
James Wilson
“Highly recommended Their outsourcing solutions helped us streamline operations while maintaining accuracy and efficiency.”
Don’t miss out – take advantage of our free consultation and take the first step towards achieving your goals