- Maintaining comprehensive accounting records is crucial under FTA regulations
- Correctly classifying taxes remains a major hurdle for many taxpayers
- Meeting FTA’s audit file format within deadlines poses significant challenges
- All transactions must be supported by proper documentation to avoid penalties
- Stringent criteria apply to input VAT claims, leading to disallowed claims
- Additional sector-specific challenges in healthcare, transportation, logistics, real estate, and sole establishments
- Complying with VAT regulations is crucial to avoid penalties and operational disruptions
Source: hlbhamt.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
