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Time Frame For Recovering Input Tax : VAT Public Clarification

An efficient tax system runs smoothly only if there is a proper time frame for recovering the input tax from the public. The UAE Federal Tax Authority issued a VAT public clarification ( VAT P017) in February 2020, regarding the specified time period for recovering the input tax.<br><br>

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Time Frame For Recovering Input Tax : VAT Public Clarification

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  1. TIME FRAME FOR RECOVERING INPUT TAX : VAT PUBLIC CLARIFICATION \ An efficient tax system runs smoothly only if there is a proper time frame for recovering the input tax from the public. The UAE Federal Tax Authority issued a VAT public clarification ( VAT P017) in February 2020, regarding the specified time period for recovering the input tax.  

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  3. WHAT DOES THE PUBLIC CLARIFICATION VAT P017 EXPLAIN ABOUT INPUT VAT RECOVERY IN THE UAE? Many taxable persons faced a challenge in the internal approval process of their supplier invoices completed within the two tax periods of receiving the tax invoice. The FTA has now clarified with new public clarification stating that when a taxable person receives the tax invoice from any supplier, the intention to make the payment against the tax invoice may not be considered to have been established until the internal approval process for an invoice is completed. The main beneficiaries of this clarification are the industries in construction and infrastructure, which have a long-term approval procedure for supplier invoices that involves consent from different departments within the organization and multiple third parties, including sub-contractors, consultants, and engineers.

  4. DIGNISSIM TORTOR INPUT TAX THAT WAS EXPENSED IN THE PAST CAN BE RECOVERED BASED ON THE NEW CLARIFICATION BY FILING A VOLUNTARY DISCLOSURE. · TRACK ALL THE TAX INVOICES FOR WHICH INPUT VAT WAS REVERSED AND RECLAIM THE INPUT ONCE PAYMENT ON THOSE INVOICES HAS BEEN SETTLED. · UNTIL THE INTERNAL INVOICE APPROVAL PROCESS, BUSINESSES ARE NOT RECOMMENDED TO RECOVER INPUT TAX ON SUPPLIER TAX INVOICES. · DURING VAT RETURN FILING, SUPPLIER PAYMENT AGING REPORTS MUST BE ANALYZED, AND INPUT VAT MUST BE REVERSED ACCORDING TO THE SIX- MONTH PAYMENT CONDITION FROM THE DUE DATE.

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