In the ever-changing tax landscape, American-owned businesses may find errors or discrepancies in their UAE tax filings that need to be corrected. The Federal Tax Authority (FTA) in the UAE has a mechanism to correct such mistakes through Voluntary Disclosure. At Flying Colour Tax Consultant LLC, we offer Voluntary Disclosure Services to help your business navigate this process effectively and be compliant while minimising penalties.
Comprehensive VAT solutions tailored to your business needs
Voluntary Disclosure is the process through which businesses in the UAE can report errors or omissions in their tax returns to the FTA. This mechanism allows taxpayers, including American-owned companies, to correct mistakes before the FTA identifies them during an audit or investigation. By submitting a Voluntary Disclosure, your business can show its commitment to compliance and may reduce or eliminate penalties that would otherwise apply.
Our Voluntary Disclosure services start with a thorough review of your UAE company’s tax filings and financial records. Our team reviews your VAT returns and any related documents to identify potential discrepancies, errors or areas that need correction.
We work closely with your team, whether in the USA or the UAE, to pinpoint the specific issues that need a Voluntary Disclosure. This could be under-reported income, overclaimed expenses, misallocated VAT or any other inaccuracies that can affect your tax position. Our goal is to ensure all discrepancies are identified and addressed.
Once issues are identified, we prepare the Voluntary Disclosure application for submission to the FTA. Our team ensures all required information is accurately presented, a clear explanation of the errors and the proposed corrections. We review the application to ensure it complies with FTA guidelines.
We manage the entire submission process for your Voluntary Disclosure application, ensuring it is filed accurately and on time with the FTA. Our understanding of the FTA’s requirements helps us to navigate any challenges effectively and make the disclosure process smooth for our American clients.
After submission, we follow up with the FTA to monitor the status of your Voluntary Disclosure application. Our team is ready to address any queries or concerns from the FTA to ensure the process is smooth and transparent
Once your Voluntary Disclosure is approved, we will guide you on the necessary changes to your ongoing tax compliance process. Our team will help your American-owned business to implement the changes so that future filings are accurate and compliant and minimise the risk of future errors.
Our team has in-depth knowledge of UAE tax laws and the Voluntary Disclosure process, so we can ensure accurate and compliant submissions for your American-owned business.
We handle everything from start to finish of the Voluntary Disclosure process, so your team in the USA can focus on core business activities while we manage the compliance issue.
Our services are tailored to your business needs so the discrepancies are resolved and your ongoing compliance in the UAE is supported
We offer ongoing support and guidance to help your business to stay compliant with changing tax regulations and practices and prevent future errors.
Contact Flying Colour Tax Consultant LLC today to learn more about our Voluntary Disclosure services and how we can assist your business in rectifying tax discrepancies while ensuring compliance with UAE regulations.