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Value Added Tax (VAT) is now a reality. All businesses in UAE have to brace up for this: proper tracking, recording, and reporting of your business transactions is a must now and not a choice. UAE is implementing VAT ahead of other GCC countries and soon it would be applicable across the region. Such a regulatory environment demands your attention as any shortcomings in the mandatory filings or in tax collection and management have the potential to snowball into a major business crisis. On the positive side, every disruption throws up winners and losers: the ones who are prepared always emerge as the winner. Therefore, the million dollar question is - Are you ready for this new regulatory environment?
The businesses can register for VAT in any region of the country using the online services. The VAT registration is enabled to an individual, a company or any other commercial authority. The process is similar for all the different entities. The documents required for VAT registration differs from individuals to corporates.
Login to the federal tax authority’s online portal using the registered username and password Go to VAT tab and then ‘VAT201-VAT returns tab’. A step-by-step guide for filing VAT
Upon purchasing goods or services there will be a certain amount of VAT incurred on the purchase known as the Input Tax. This input tax can be recovered back on certain items if you are a registered taxable person.
A Designated zone in UAE is one among the areas which are treated as outside the state of the UAE for VAT purposes, where VAT is not applicable on supply of goods.
VAT refund can be made when the input tax is greater than the output tax on a VAT return. VAT refund request can be given after the submission of VAT return (VAT return summarizes the VAT due to the FTA for the tax period).
In order to ensure proper tax compliance, VAT in UAE follows certain penalty rules on various conditions. VAT penalty laws are released by the UAE Council of Ministers to deal with tax violations. According to FTA, the penalty must be no less than AED 500 and no more than triple the value of the tax