The VAT audit service provided in Saudi can give your firm an all-inclusive and in-depth review of your VAT accounting and return filing processes. All businesses registered with VAT must be prepared for a VAT audit, which is a process to check the actual VAT liability by reviewing accounting records and VAT return filings maintained by the taxpayer.
Why VAT Audits Matter
Tax authorities have recently changed their approach from only conducting audits and visits to companies. Many companies were penalized and assessed just for simple system mistakes or failures, mistakes that would easily have been avoided if a proper review had been conducted.
Our VAT Audit Procedure
In simple terms, a VAT audit refers to the check conducted by the government on a company's tax liability. Such an audit aims to ensure that all tax liabilities have been fulfilled and all taxes payable have been collected and remitted in time.
We have designed a systematic process for identifying and addressing compliance issues that may arise after VAT implementation. If it is since the implementation of VAT that an audit or review was conducted we would be pleased to guide you in ordering a review to establish your compliance.
VAT Audit Documents
To make it easier for all parties interested in the audit, the following should be readily available:
- All receipted tax credit notes and their supporting documents.
- Tax invoices issued
- Record of all purchases where input tax is not deducted
- Export records of goods and services
- Changes and amendments in VAT invoices
- Required information about imported goods, customs declaration, and supplier invoices
- Proper documentation of all purchases and imports
- Relevant documents for the acquisition of goods and services
Critical Elements of VAT Audits
During VAT audits in the KSA, the following critical elements are reviewed by Tax Authorities:
- Analysis of VAT return
- Input tax assessment
- Output taxes reconciliation
- System and software review accounting
You are one of the large business categories in various fields that rely on our expert input when you partner with BMS Auditing. Your data will be safe with us, and we guide you at every step of the VAT process.
We have provided complete coverage of all aspects of VAT to serve you better in avoiding fines and penalties. In our VAT service, we include VAT registration and filing returns, VAT accounting, VAT auditing, VAT refunds, and VAT deregistration.
We have full-time professional VAT auditors who stress on full compliance and provide the best services related to audit in the industry.
Other Services
BMS Auditing Besides the VAT audits, it also presents a wide range of professional auditing and accounting services customized for different clients, and some of them are:
- Forensic audit
- AML-compliance
- CFO services
- Bank account opening
- Liquidation audit
- Due diligence audit
- Bookkeeping services
- Accounting review
- HR and Payroll
- Corporate tax consulting
Trust BMS Auditing to give you outstanding VAT audit services to comply with VAT laws and ensure the complete health of your finances. Contact us now!
