UAE
UAE
Proactive Voluntary Disclosure: Minimize Risks, Ensure Compliance
The Federal Tax Authority (FTA) strongly encourages taxpayers to submit Voluntary Disclosures if they have violated provisions or suspect errors. Taking a proactive approach to address failures or mistakes is crucial to avoid penalties. A Voluntary Disclosure notifies the FTA of any errors or omissions in tax returns, assessments, or refund applications.
According to Article 8 of Cabinet Decision No. 36 of 2017, there are specific circumstances outlined in the guide where a taxable person can file a Voluntary Disclosure.
Identifying errors or mistakes in already filed VAT returns can be a challenging task. Conducting a VAT Audit-Review through a Registered Tax Agency approved by the FTA can help identify all errors, mistakes, or omissions in your VAT returns.
By performing this exercise, you minimize the risk of fines and penalties during a Tax Assessment by the FTA. Additionally, it ensures that you don't create VAT issues for your customers, safeguarding your commercial relationships.
Improperly filed applications have resulted in rejection by the FTA.
A V Savla has extensive experience assisting clients with Voluntary Disclosure filings. Our team of VAT experts:-
Stay ahead of the curve in an ever-changing world and create a sustainable future with our guidance.
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