Value Added Tax is not a distant dream but a reality in the Middle East and Gulf States. It is evident from the fact that UAE along with many other Gulf countries have imposed a standard rate of 5% VAT. It is similar to the general tax which aims to eliminate the financial burden on the petroleum resources.
For this reason, all the businesses meeting the minimum threshold of the VAT requirements must register for compliance. Once the businesses have registered, they should start working on audit by the state authorities. It is essential to stay prepared by getting the best VAT consultancy in Dubai for eliminating the risks of financial audit failures.
Summing up, audit is an essential requirement for going through the process of VAT filling or return. So, adopt a proactive approach and don’t waste time. It is crucial for your company’s success.