Vat Services in Dubai
Zaidi Accountants offer top quality VAT consultancy services for your firm, services are as listed below. Get in touch with us today to learn more about how we can help you with our VAT consultancy services.
VAT Return Filing
As per the UAE VAT Law, it is the responsibility of the taxpayer to ensure that VAT is computed, accounted for and documented in compliance with the laws. The current market scenario involves a technologically driven landscape with an evolving tax scenario that poses great risks for taxpayers.
Tax returns are documents through which details of supplies and purchases are submitted by a tax registrant to the Federal Tax Authority in the UAE. The return filing in UAE is subject to tax periods allotted by the FTA upon VAT Registration. During the approval stages of VAT registration, the FTA determines registrants’ tax periods that are either quarterly or monthly.
VAT Health Check Services
The FTA is also authorized to perform tax audits to ascertain provisional compliance of UAE VAT laws. Therefore, it is crucial to ensure VAT compliance of businesses in order to mitigate non-compliance penalties. VAT health checks ensure your records are in place during audits, saving business heavy administrative costs in addition to financial penalties.
It is important for businesses to understand the relevance of tax health checks in order to examine key factors of tax compliance, and to identify financial and administrative discrepancies prior to FTA tax audit.
VAT Penalty Waiver
Taxable persons liable for penalty can file reconsideration applications with the FTA if they are unsatisfied with the decision taken. Reconsideration Forms can be filed within 20 business days from the day a business is being notified of decisions or clarifications, filed only in the Arabic language.
VAT Refund recovery by businesses from FTA is long and complicated. In order to expedite the VAT refund process, the tax refund details and documents must be completely prepared. Hurdles to recovering VAT include a lack of understanding of detailed indirect tax rules, challenging administrative procedures and insufficient documentation, in addition to missed deadlines, for a reply to the FTA.
VAT Registration / Deregistration & Amendment
Businesses in the UAE are required to register for VAT if the annual revenue of the company exceeds AED 375,000. Furthermore, the UAE VAT law comes with unique provisions of VAT deregistration that requires businesses to mandatorily deregister in case businesses do not meet a certain criteria.
However, this process comes with its own set of challenges. During the process of VAT registration, several details and documents are required to be filled in. Accurate arrangement of the information requires persistence, knowledge and experience. Moreover, the FTA requires several clarifications and declarations for company deregistration. Non-compliance or delay can result in hefty penalties.