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VAT Consultancy Services
VAT REGISTRATION
MANDATORY
- VAT Registration is mandatory for companies and individuals doing businesses having a turnover of more than AED 375,000/-
VOLUNTARY
- A business may choose to register for VAT voluntarily if their supplies and imports are less than the mandatory registration threshold, but exceed the voluntary registration threshold of AED 187,500.Similarly, a business may register voluntarily if their expenses exceed the voluntary registration threshold. This latter opportunity to register voluntarily is designed to enable start-up businesses with no turnover to register for VAT.
Documents and information required for VAT Registration in the UAE:
- Documents identifying the authorized signatory e.g. passport copy, Emirates ID
- Trade license copy of the company
- Other official documents authorizing the entity/individual to conduct activities within the UAE e.g. certificate of incorporation, articles of association, power of attorney etc.
- Description of business activities
- Turnover for the last 12 months in AED
- Supporting document for 12-month sales
- Expected turnover in next 30 days
- Estimated value of imports for one year from each GCC countries
- Estimated value of exports for one year to each GCC countries
- Whether you expect to deal with GCC suppliers or customers
- Supporting documents for customs registration in each Emirates if applicable.
- Details of Bank Account
VAT DEREGISTRATION
VAT deregistration of TRN from the FTA is required in certain cases.
- Stops making Taxable Supplies.
- The value of the Taxable Supplies made over a period of (12) consecutive months is less than AED 187,500.
- VAT Deregistration must be applied within the 20 days of the above-mentioned situations.
VAT Amendment
If you are registered for VAT and any circumstances occur that will impact your Tax records kept by the FTA, as provided during your registration, you must inform the FTA by updating your records within 20 business days from the occurrence of such circumstances.
- Amendments that do not require approval from the FTA
- Business activities of the applicant section
- GCC Activities section
- Customs Registration Information section
- Amendments that require approval from the FTA
- Details of the applicant
- Contact details
- Banking details of the applicant
- Business relationships
- About the VAT application
- Declarations
VAT Return Filing and Tax Payment
Once you have registered for VAT in the UAE, you are required to file your VAT return and make related VAT payments within 28 days from the end of your tax period.
- Each Taxable Person shall:
- Prepare the Tax Return for each Tax Period for each Tax within the time limit of registration in accordance with the Tax Law.
- Submit the Tax Return to the Authority in accordance with the provisions of this Law and the Tax Law.
- Settle any Payable Tax as specified in the Tax Return or any Tax Assessment within the timeframe specified in this Law and the Tax Law.
VAT return Filing
Taxpayers must file VAT returns with the FTA on a regular basis (quarterly or for a shorter period, should the FTA decide so) within 28 days from the end of the tax period in accordance with the procedures specified in the VAT legislation. The Tax returns shall be filed online using e Services.
- Each Taxable Person shall:
- Prepare the Tax Return for each Tax Period for each Tax within the time limit of registration in accordance with the Tax Law.
- Submit the Tax Return to the Authority in accordance with the provisions of this Law and the Tax Law.
- Settle any Payable Tax as specified in the Tax Return or any Tax Assessment within the timeframe specified in this Law and the Tax Law.
- Any incomplete Tax Return submitted to the Authority shall be treated as not having been accepted by it if it does not include the basic information determined by the Tax Law.
- Each Taxable Person is responsible for the accuracy of the information and data in the Tax Return and in all his correspondence with the Authority.
- Each Taxpayer shall settle any Administrative Penalties prescribed within the period of time specified in this Law and the Tax Law.
VAT Consultancy Services
Our Tax experts will help you in following factors:
- Assess VAT issues and interests.
- Follow up and necessary steps for Refund Applications.
- VAT Refunds for UAE Nationals Building New Residences in the UAE
- Reconsideration Application
- Providing most accurate and updated information about VAT law and VAT regulations for timely manner and quality decision making.
- VAT health check and VAT assurance.
- Proper guidelines for maintaining books of Accounts
VAT Reconciliation
VAT, like any other balance sheet items, is easy to reconcile as long as there is a proper ledger account, properly maintained monthly.
- Check the net output and input totals, and the VAT input and output totals, for each VAT code, from the VAT Return Transactions report.
- Compare these to the combined total of the Sales and Purchase Vatable Transactions reports, and the Nominal Ledger Non-trading Vatable Transactions report.
Assistance in VAT Audit
- A procedure undertaken by the Authority to inspect the commercial records or any information or data related to a Person conducting Business. With prior notice inform at least 5 business days prior to the Tax Audit. Any Person subject to a Tax Audit, his Tax Agent or Legal Representative shall facilitate and offer assistance to the Tax Auditor to enable him to perform his duties. While conducting a Tax Audit, the Tax Auditor may obtain the original records or copies thereof, or take samples of the stock, equipment or other assets from the place at which the Person subject to the Tax Audit conducts his business or which are in his possession, or may seize them in accordance with the rules.
TAX Agent Services
A tax agent is usually appointed on behalf of another person to represent him before the Federal tax authority. A tax agent takes care of the client’s tax obligations and performs various legal activities prescribed by the law.
- Vision Tax Consultancy, an approved tax agency in UAE, acts as a mediator between Federal Tax Authority and taxable persons. We represent your firm as a taxable body in front of the FTA. Our expert make it point to continuously update themselves about the legal changes, so as to eliminate the possibility of penalty on noncompliance of the new provisions.
- A tax agent saves your time and effort, letting you concentrate on other major areas of your business.