The Federal Tax Authority (FTA) requires the maintenance of VAT records to verify the veracity of returns within five (5) years of their filing. FTA can audit the entity’s VAT records within five years of the year under consideration; therefore, VAT-registered entities must keep their records for at least five years. FTA also mandates that the record be kept in an appropriate order and manner, as well as in accordance with the FTA’s guidelines for record keeping by registered entities.

Our VAT specialists at Elucidation for Accounting (ElucidationAcc) provide valuable insight on record keeping procedures and best practices to our esteemed clients and assist them in getting the most out of the accounting software’s available for the purpose of keeping the record accurate, reconciled with supporting records, and readily available for FTA inspection at a moment’s notice.