Navigating Complex Tax Audits and Averting Penalties

Case Study Nº 1 | Sector: TECHNOLOGY

A leading player in the technology industry, known for its innovative solutions and significant market presence.

SUMMARY

CHALLENGE

Our client, a stalwart in the technology sector, found themselves in turbulent waters when they were audited by tax authorities. The audi​​t revealed a substantial underpayment of taxes, leading to a hefty penalty and accruing interest. The looming financial repercussions threatened to destabilize the company’s operations and tarnish its reputation.

SOLUTION

Upon engagement, GTAG delved deep into the intricacies of the case. Collaborating closely with the client’s management, we meticulously pieced together the facts and charted a robust strategy to address the concerns raised by the tax authorities. Acting as the company’s representative, we initiated negotiations with the tax authority, armed with a blend of expertise and a commitment to our client’s best interests.

OUTCOME

Our persistent efforts bore fruit and we successfully negotiated a settlement that slashed the company’s tax liability by a staggering AED4,500,000. Furthermore, we secured a waiver for the penalties and interest, ensuring that the company was able to avoid a financial crisis.