Maintaining flawless tax compliance is challenging, and businesses may occasionally discover errors or omissions in previously submitted tax returns or records. Under UAE tax laws, Voluntary Disclosure provides a crucial mechanism for taxpayers to proactively inform the Federal Tax Authority (FTA) of such inaccuracies, allowing them to rectify past mistakes and avoid harsher voluntary disclosure penalties. At ASC Group, we specialize in providing comprehensive Voluntary Disclosure services to businesses across Dubai and the wider UAE. Our expert team offers meticulous guidance through the entire process, helping you understand the voluntary disclosure definition and its implications, accurately quantifying the error, and ensuring a seamless submission to mitigate risks and maintain your UAE VAT compliance.
Partnering with ASC Group for your Voluntary Disclosure offers distinct advantages
Proactively disclosing errors significantly reduces or even eliminates potential voluntary disclosure penalties that would otherwise be imposed if the FTA discovers the discrepancy first.
Rectify past inaccuracies and strengthen your overall VAT compliance, ensuring your records and declarations are fully aligned with UAE tax laws.
Reduce the risk of future FTA audits being triggered by identified discrepancies, and minimize the impact of any VAT enquiry UAE.
Operate with confidence, knowing that your past tax errors have been professionally addressed and resolved with the tax authorities.
Benefit from the specialized knowledge of our tax experts who understand the nuances of the voluntary disclosure meaning and process, ensuring accuracy and proper submission.
Maintain a positive standing with the FTA by demonstrating a commitment to transparency and compliance, rather than waiting for an audit to reveal issues.
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Our methodical and client-focused approach ensures a precise and effective Voluntary Disclosure for your business:
We begin by assisting you in identifying the nature, period, and extent of the error or omission through a thorough review, often stemming from a VAT risk assessment or internal review.
Our experts meticulously quantify the financial impact of the identified error on your previously submitted tax returns (e.g., VAT returns, Corporate Tax returns), ensuring accurate recalculations.
We ensure you have a clear understanding of the voluntary disclosure definition as per FTA guidelines, including eligibility and implications.
We guide you in compiling all necessary supporting documentation and evidence to substantiate the corrections being made, which is crucial for FTA review.
Our team meticulously drafts the voluntary disclosure form, ensuring all required fields are accurately completed and the narrative clearly explains the error and correction.
We assist with the secure electronic submission of the voluntary disclosure form through the FTA's online portal.
We advise on the calculation and timely payment of any additional tax due as a result of the disclosure, along with applicable reduced voluntary disclosure penalties.
We liaise with the FTA on your behalf to address any queries or requests for further information related to your VAT enquiry UAE or other tax matters, ensuring a smooth resolution.
We provide advice on implementing process improvements to prevent similar errors from occurring in the future, enhancing your overall VAT compliance.
As a leading professional services firm in Dubai, ASC Group is your trusted partner for Voluntary Disclosure. Choose us because
Our team of tax professionals possesses in-depth knowledge of UAE tax laws and FTA procedures for voluntary disclosure, ensuring accurate and compliant submissions.
We are experts at navigating the complexities of voluntary disclosure penalties and strategizing the best approach to minimize your business's financial and reputational exposure.
Our rigorous process ensures that all errors are correctly quantified and reported, preventing further discrepancies and ensuring adherence to the voluntary disclosure definition.
We handle your sensitive financial information with utmost confidentiality and discretion throughout the voluntary disclosure process.
We manage communication with the Federal Tax Authority on your behalf, streamlining the process and reducing your administrative burden, particularly during a VAT enquiry UAE.
Our Voluntary Disclosure services are part of a broader VAT compliance and tax advisory framework, providing holistic support to keep your business on track.
Connect with ASC Group today for a personalized, confidential consultation on your Voluntary Disclosure services needs. Let us guide you through the process, helping you mitigate risks and strengthen your UAE VAT compliance.
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