August 25, 2022
Time for UAE businesses to resolve all outstanding tax issues is now
By end 2022, VAT and excise tax will mark five years of their existence in the UAE. Despite one not having done anything wrong or believing their business is tax-compliant, one could find themselves slapped with an unexpected tax liability or penalty either due to a difference in opinion, or an unintentional error identified in the audit.
Should UAE businesses worry about the Federal Tax Authority (FTA) auditors coming around to ask questions about the returns filed many years ago? We discuss here the topic of Statute of Limitation, which could answer this question.
UAE VAT and excise audits
The tax procedures law provides an expiry of five years from the end of the tax period for conducting the audit. The timeframe can be extended to 15 years only if the FTA can prove a case of tax evasion. This means for the FTA to issue notice and initiate an audit for the VAT/excise tax return filed for the tax period January 2018 is on or before January 2023. If no notice is issued before January 2023, the FTA cannot audit the taxpayer for January 2018 period in the future, unless a case of tax evasion is proved.
source : https://gulfnews.com/
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