As the GCC’s business community develops a more mature understanding of the evolving VAT environment, there’s a growing awareness of the financial and reputational risks that can arise if best practices are not followed when managing and reporting this tax. These audits by govenment authorities are essential in any tax environment as they reduce the risk of inaccuracy in filing, reporting and collection of VAT.
What are the key steps a business must take to prepare for a VAT audit? And what are the key questions businesses must ask themselves to ensure they are meeting their compliance obligations effectively? Thomson Reuters reviews this to explore the importance of VAT audits, best practices that can be adopted, and areas needed to be focused by businesses to ensure their systems and VAT processes are compliant.
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