We performed VAT Health Checks and compliance reviews for UAE-based entities engaged in property management and real estate development, covering residential and commercial leasing, sale of completed properties, and related service charges.
Our review included analysis of financial records, VAT returns, and ERP transaction flows to assess VAT treatment of leases, property sales, advances, and milestone-based billings in line with UAE VAT Law.
We conducted revenue to VAT return reconciliations, reviewed sale and lease agreements, and tested sample documentation to validate zero-rating, exemption, and input VAT recoverability, including compliance with documentation and audit-trail requirements.
Mapped the transactions with VAT tax positions to be followed, and as part of the engagement, assessed financial impact of noncompliance. Summarized the VAT noncompliance transaction category gaps with the remediation plan and defined procedure to be followed.
