Has VAT Filing Turned Into Another Accounting Formality?

Background

VAT was introduced in 2018. During the initial years, large and medium scale companies went through a diligent exercise of impact assessment, Vat implementation return filing with review by external consultants. Thanks to the Federal Tax Authority, the return filing process has been fairly simple with figures required to be filled in 10 boxes. As the years went by, the return filing process has turned into a routine period close formality in most organizations. But the moot question is whether return filing can be treated as a routine period close formality, or proper disciplines need to be exercised while doing the periodic VAT return filings.

We analyse below why due care should be taken for the routine VAT return filings.