Corporate Tax Compliance Audit
The corporate tax compliance audit is a process where a corporate tax expert scrutinizes a business’s financial transactions and records to verify its adherence to the UAE’s corporate tax law.
Typically, this audit encompasses the following aspects:
- The precision of the business's financial records.
- The accurate calculation of taxable profits.
- The proper application of the CT law.
- The identification of any eligible tax deductions or exemptions
It’s crucial to emphasize that the corporate tax compliance audit is advisable for all businesses with corporate tax liabilities in the UAE. Non-compliance with the UAE’s corporate tax law can result in severe penalties. Businesses that fail to file tax returns or remit the correct tax amount may face fines, interest charges, and potential criminal prosecution.