Maintain your tax compliance through Filings.ae platform at an affordable price. Get support from Experienced Accountants for bookkeeping, financial statement preparation, VAT and Corporate Tax filing.
Maintain your tax compliance through Filings.ae platform at an affordable price. Get support from Experienced Accountants for bookkeeping, financial statement preparation, VAT and Corporate Tax filing.
Maintain your tax compliance through Filings.ae platform at an affordable price. Get support from Experienced Accountants for bookkeeping, financial statement preparation, VAT and Corporate Tax filing.
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VAT return is a periodic statement submitted by VAT-registered businesses to the UAE authority. It can be filed through the Federal Tax Authority (FTA) online portal. Avoiding the VAT return filings can lead to penalties and legal issues. The UAE VAT regulations designate the data and details that must be submitted in the VAT return. It should be prepared in accordance with the VAT return form issued by the UAE authority. This article helps you to learn about all the aspects of VAT return in UAE.
File your VAT returns before the due date with Filings.ae experts!!
A VAT return, formally known as VAT Form 201, is a document mandated by the Federal Tax Authority (FTA) for all VAT-registered businesses in the UAE. It acts as a summary of a business's Value Added Tax (VAT) activity for a specific tax period. This period can be monthly or quarterly, depending on the FTA's designation on your VAT registration certificate.
The VAT return captures details of:
Filing VAT returns accurately and on time is necessary for VAT-registered businesses in the UAE. Here are the reasons,
Any business registered for VAT in the UAE must file VAT returns, regardless of size, industry, or profitability. Larger taxpayers are generally said to submit their VAT returns monthly, while small and medium taxpayers must file quarterly. But it is better to check with the FTA. If no business transactions occur in the tax period, you are required to submit a "nil" return by the given due date.
The Federal Tax Authority (FTA) mandates electronic filing of VAT returns through its official online portal. Here's a simplified breakdown of the process:
The VAT return form (VAT Form 201) consists of various sections capturing specific VAT-related information for the tax period. Here's a breakdown of some key elements:
The FTA mandates strict deadlines for filing VAT returns. Businesses must submit their VAT returns electronically within 28 days of the tax period's end. Failing to comply with these deadlines can result in penalties:
Learn more: VAT Penalties and Fines in UAE
Accurate record-keeping is essential for filing error-free VAT returns. Businesses should maintain a system to document all transactions:
In summary, filing VAT returns in the UAE is mandatory for VAT-registered businesses. It ensures compliance with regulations, calculates VAT liability, facilitates claiming input tax refunds, and maintains a good standing with the authorities. By understanding the process, deadlines, and record-keeping requirements, businesses can navigate VAT return filing smoothly and avoid potential penalties. Filings.ae simplifies the UAE VAT return filing process with end-to-end assistance.
Filings.ae helps you to file VAT returns & avoid penalties with expert guidance!!
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