Retail businesses that operate in shopping malls in UAE are mandatorily required to submit a Statement of Gross Turnover that is being audited by an approved Auditor. This requirement is based on the terms in the Lease Agreement.
Gross turnover refers to the total sales generated by the business every financial period. The submission of this information is required as a component of the rent paid is based on a percentage of the gross turnover.
The definition of gross turnover is specified in the lease agreement which provides for certain component of sales to be included/excluded respectively.
Benefits of Audit of Sales
- Helps to review the sales collection process to potentially identify control deficiency
- Ensures the tenant’s compliance to the lease agreement
- Provide assurance of reported gross sales to the landlord
Our Services include
- Review of daily sales with the supporting documents
- Prepare and issue the sales audit report as per the terms of the lease agreement
- Provide consultation on any queries you have on the reporting requirements
- Compliance with VAT & FTA norms