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VAT/Tax Compliance

W

e deliver tax consultation services with excessive familiarity and neutrality. Our proficient experts are here to support you with outstanding services in tax management and tax consultation. Our team of consultants is refreshed with the region’s local tax laws and knows about the recurrent variation in tax enactment laws in the region. Our skilled tax advisory consultants help you with tax-related requirements and make sure it’s FTA (Federal Tax Authority) compliant. Having to deal with tax and associated services is an intricate procedure and we lessen this difficulty with the support of our expert team of consultants. In the UAE, the government does not charge any income tax on persons, rather the government charges tax on the following:

Benefits from our services

By using our services in regulating tax compliance, can give you countless liberation while handling the tax structure of your business. It becomes a valuable choice while increasing your business or initiating a new business set up as we oversee every other business aspect and deal with tax returns by:

To evaluate whether your business is following the VAT system, here are some of the measures of VAT along with the restrictions, that you need to know.

The following supplies are subject to VAT at Zero rate (0%):

As the supplies mentioned here remain taxable, you have to maintain a record of these zero-rated supplies in your VAT account, and that is required to reflect on your tax return.

The following are competent for VAT exemptions:

You do note have to register for VAT if all your supplies are exempted. VAT Invoice is an allotted document by a VAT registered supplier, which assists as proof and a record that VAT is paid for all taxable goods and services. It comprises the following invoicing details as prescribed by the UAE VAT Law.

It is compulsory to issue a VAT invoice within 14 days once goods and services are supplied.

VAT Return is the document submitted to and as essential by the FTA earlier than the due date, which is filed on a periodical and monthly basis. VAT return comprehends the output tax due and input tax recoverable end to end with other statistics required to complete the VAT Return Format. The due date for filing the VAT return is the 28th day after the tax period ends. Payment should also be received by the FTA on or before the 28th day and FTA will not be held accountable for any technical glitch, if they do not receive the payment even if it was released from your end on time.

Also do not pass over the process of filing your VAT return as this will inevitably result in incurring penalties levied by the FTA.

VAT registered businesses are mandated to preserve several books of accounts and records for at least five years and it should include:

Constantly keep well sustained financial records of your businesses as this will be vital and reviewed by FTA.

Violations and Related Penalties Applicable for:

The governing laws of VAT is a way to regularise the business processes in keeping financial records and accounts in order and well structured. With the assistance of our professional teams, you do not have to worry about being susceptible enough to be unprotected from any future penalties.

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