VAT Declaration Services in the UAE
VAT – An introduction to an Important Concept and Knowledge
VAT returns are used to report to the tax authorities the VAT collected and paid by businesses in a given period and are an integral part of the VAT system. VAT-registered businesses can file VAT Return Filing Services In UAE using an online portal available on the Federal Tax Administration (FTA) website. The form used to file a VAT return is called Form VAT201.
When should taxable businesses in the UAE file their VAT returns?
Taxpayers in the UAE are required to file VAT returns on a regular basis. VAT returns must be filed by the 28th of the month following the taxable period as specified by the tax authorities. Taxable entities are also required to pay VAT to the tax authorities within the prescribed timeframe in accordance with the VAT laws applicable in the UAE. The deadline for payment of VAT to the tax authorities is 28 days following the end of the designated tax period.
How can we assist you with VAT declarations?
Push Digits has a team of tax professionals who can provide support and guidance when filing VAT returns. We can assist you with your VAT returns in the following ways
– Our team will visit your premises on a regular basis to collect the necessary information and records for your tax return. At the end of each tax period, our team prepares and submits tax returns on your behalf in accordance with the VAT law pronouncements applicable in the UAE.
– Our tax experts will also provide you with advice and guidance on paying taxes according to the VAT law.
– We ensure that tax returns are filed within the time limits set by the federal tax authorities.
– We provide appropriate tax planning for our client companies.
How do I file a VAT return in the UAE?
Any taxpayer in the UAE can file a VAT return using the online portal available on the Federal Tax Administration’s website. The filer must first access the FTA online portal e-service and enter their respective username/email address and password to obtain the VAT 201 form. Our team of tax professionals will assist them in completing all forms and submitting their returns by the deadline set by the FTA.
What information does a taxable entity need to provide on its VAT return?
The UAE Tax Return provides information regarding the amount of tax due or refundable for a particular tax period. Taxpayers are required to provide information regarding the amount of output tax owed and the amount of input tax available to offset the output tax. If a company’s output tax exceeds its input tax, in this case, the company is obligated to pay the excess tax to the authorities. Conversely, if a company’s input tax exceeds its output tax, the excess amount will be refunded to the company by the authorities.
Form VAT201 contains the following elements related to output and input taxes
Consumption tax
– Tax liability on standardized goods (5%) and on the Emirates.
– Tax liability on goods purchased from outside the UAE through customs (imported goods).
– Tax liability on services provided from outside the UAE.
– No tax liability on products purchased outside the UAE.
– Tax refunds are available to domestic travelers.
Input Tax.
– Tax levied on standard rated expenses.
– Tax imposed on standard rated purchases.
– Tax imposed on goods purchased outside the UAE.
– Tax on services provided outside the UAE.
How can Push Digits help me file my tax return?
We can also help you file VAT returns on your behalf, implement VAT throughout your organization, and train your employees to follow the prescribed processes and procedures.
