- Al-Watan Commercial Complex, Building No. 175, 4203 Way, Muscat. Floor # 6.
- contact@leaderly.om
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VAT Assessments
Our VAT audit services in Musca will result in a thorough and critical examination of the entity’s VAT accounting and VAT return filing. All businesses registered under VAT must be ready for the VAT audit. VAT audit will verify the liability of VAT through examining the accounting and bookkeeping records and VAT return filings which are maintained by the taxpayer.
We have started to see that the Tax Authorities take an increasing level of interest in carrying out audits and visits on companies, and many have found that simple systems or processing errors have led to penalties being applied and assessments being raised for mistakes that could easily have been avoided.
VAT Audit Procedure
A VAT audit is essentially the government’s examination of a company’s taxable entity duty. The Tax Authority conducts this type of audit to guarantee that all liabilities are fulfilled and all taxes due are collected and remitted to the government within the period specified.
We have designed an approach and methodology to review for post-implementation compliance so that these errors and issues can be identified and fixed. If you have not so far considered a review following the implementation of VAT, we strongly advise carrying out such an exercise to check and validate your compliance.
Options for VAT Refund
- The taxpayer will be eligible to request a VAT refund
- If he does not wish to request a refund of the excess input VAT, the excess recoverable tax will be carried forward to subsequent tax periods and can be used to offset against the payable tax and/or penalties, or he can apply for a refund later at any point in time
Documents required for VAT Audit
- All receipted tax credit notes and documentations
- All tax invoices and documentation that have been issued.
- Records of purchases of goods and services for which the input tax was not deducted.
- Export records of goods and services.
- Accounts or tax invoices that have had modifications or corrections made to them.
- Details of imported goods, as well as customs declarations and invoices from suppliers
- All supplies and imports must be documented.
- Tax invoices and other papers pertaining to the receipt of goods and services
Elements covered during VAT Audit
During a VAT audit in the Musca taxable enterprises must comprehend the primary components that go unnoticed by the Tax Authorities. The below-mentioned points consist of items that are examined during an audit
- Evaluation of VAT Returns
- Evaluation of Input Tax
- Evaluation of Output Taxes
- Accounting System & Software
VAT Audit Services by Leaderly Auditing
When you choose Leaderly Auditing, you will be joining a diverse list of businesses from various sectors who have greatly benefited from our efficient services. Your information will be completely secure with us and we will help you in every step of the way.
We are covering all the subjects related to VAT. We are providing the best VAT services and helping businesses to avoid VAT fines and penalties by guiding them in the right direction. Our VAT services consists of VAT registration, VAT return filing, VAT accounting, VAT audit, VAT refund and VAT Deregistration. We have professional and highly experienced VAT auditors who ensure VAT compliance by providing best VAT audit services.
Our auditing firm produces outstanding and distinctive audit reports, and we provide a wide range of professional auditing and accounting services to meet the needs of various business clients, including: