What is the importance of VAT Voluntary Disclosure?

VAT Voluntary Disclosure is a process or a form introduced by the Federal Tax Authority (FTA) for the taxpayers to notify any error or omissions in the tax that they have already submitted. If the taxpayers get to identify some mistakes in VAT calculation or documents, it is the option for them to rectify along with the supporting documents. Mostly taxpayers try to avoid the process to save their expenses but they need to understand if the authorities come to know about the same, they have to suffer from huge penalties. So, the taxpayers must go for VAT Voluntary Disclosure within the specified time provided by the authorities.

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