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VAT Return Filing Service in UAE pptx

A tax return is a document through which a tax registrant submits the details of his provides and purchases to the Federal Tax Authority (FTA) in the UAE.<br><br>VAT return filing in UAE depends on the tax periods assigned to your business by FTA upon VAT Registration. FTA, throughout the approval stages of VAT registration, determines the tax periods for registrants which can be monthly or quarterly as the authority may consider fit.

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VAT Return Filing Service in UAE pptx

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  1. VAT Return FilingService inUAE

  2. Ataxreturnisadocumentthroughwhichataxregistrant submits the details of his provides and purchases to the Federal Tax Authority (FTA) in theUAE. VAT return filing in UAE depends on the tax periods assignedtoyourbusinessbyFTAuponVATRegistration. FTA, throughout the approval stages of VAT registration, determines the tax periods for registrants which can be monthlyorquarterlyastheauthoritymayconsiderfit.

  3. VATreturnFilinginUAEistotallyanonlinemethod throughwhichataxregistrantcanpresentthevalue oftheirsalesandpurchasesandremitthetaxdue. VAT return Filingin UAEdoesn’t need submission of documents like tax invoices, tax credit notes at the time of return filing. The registrant is accountabletokeepupallthedocumentsrelatedto his business and need to furnish it as and when sought byFTA.

  4. Importance of VAT return Filing in the U AE As a VAT registration in UAE, it is the responsibility of a business to report the details of its provides to t h e authority. comparing to the other tax regimes, VAT return filing in the UAE is relatively an easy method provided you understand the law completely.

  5. As it is construed as an uncomplicated method, we have seen a lot of companies taking it gently and end up paying hefty penalties. Therefore, it is Mandatory that you file your VAT return properly and ontime. PenaltiesrelatedtoVATreturnfilingintheUAE If a taxable person fails to file his return on or before the day of the month, he will incur a non-filing penalty of 1,000 for the first time. 2,000 in case of repetition.

  6. If a taxable person fails to remit his dues on or before the day ofthe month, he will incur anon-payment penalty asfollows: » 2 of the unpaid tax is due like ashot. » 4 -dimensional is due on the seventh day following the deadline forpayment. » 1 chronicle daily penalty is imposed charges on any amount that’s still unpaid one month after the due date for payment, up to a maximum of300th.

  7. These VAT penalties will be computed and charged to your Federal Tax Authority account fromthedateofdefault.SuchVATpenaltiescan resultinhugeexpensestoabusinesswhichcan be avoided if proper attention is given to tax returnfiling. Someofthecommonerrorsbusinessescreatewhereas VAT returnsFiling. It is very crucial for a business to know the layout and reasoning for each column in a VAT return. only by a properunderstandingofthelaw,onecanunderstandthe intendeduseofaspecificcolumninataxreturn.

  8. The mostcommonerorswehavenotedareasfolows: Non-maintenance of properrecords Wrong emirate-wise reporting Improperadjustmentofbaddebts Wrongusageof‘Adjustment’columnjustincaseofimports Incorrectinputclaimsaswellaspersonalexpensesandentertainmentexpenses. Improperadjustmentoftaxesinwrongtaxperiods ThewrongusageofRefundandVDFForms Non-disclosureofimportofservice Abusinesshastobeextremelycarefulinassessingitscapabilitytoaddresstheseproblemsbecause it may lead tonon-compliance

  9. R|R Got questions? Call+971568511542oremail info@parsh.ae

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