Know The Central Objectives Of The Tax Audit

DIERA, UAE - Sept. 30, 2021 - PRLog -- When it comes to tax auditing, it is common for employers to refer to the scrutiny of all accounting by the Tax Administration Service (SAT), which can lead to fines or penalties that generate annoyance. The truth is that not all audits are carried out due to the fact that there are problems with the fulfillment of their tax obligations.

There are other types of Auditors in Dubai, which are carried out by private companies and whose main objective is to know the financial health of the company or organization. It is very common for the tax scenario to be complicated, especially for small and medium businesses that are just starting out. In these cases, tax audits, different from accounting audits, are an excellent alternative.

Objectives of tax audits:

• The first objective is that the liabilities of the balance sheet correspond to the debts pending payment to the Ministry of Finance and Public Credit on the closing date of the fiscal year.
• That the balances owed to the Ministry of Finance and Public Credit have been valued in accordance with accounting principles and the pertinent tax regulations.
• Evaluate that the accounts are perfectly well classified in the balance sheet and in the accounting books, that is, between assets and liabilities.
• Check that, in the event that there are claims raised by the Tax Administration Service not resolved on the closing dates, they are correctly accounted for to know the financial status of the company.

Evaluate that the procedures have been carried out according to good faith, ensuring that the established legal regulations have been complied with.

Read also: Auditors in Dubai (https://www.aaa-cas.com/)

Undoubtedly, the objectives of tax audits are clear, so if you want to know the pending tax obligations and the financial status of your company, it is best to hire the services of professional companies like ours: where we have extensive experience in the field of accounting and tax services We are professionals, so do not hesitate to contact us to carry out tasks of this nature.