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VAT Value Added Tax - Presentation on Key Concepts and Knowledge
UAECA, FCCA, CIA, M.Com, Bsc (Hons.)
Managing Partner at Push Digits Chartered Accountants
Vat return filing is an integral component of VAT system as it is used for the purpose of reporting the VAT collected and paid by the entity to the tax authority during the course of a specified time period. The VAT registered entities can use the online portal made available on the website of Federal Tax Authority (FTA) for filing VAT returns in the UAE. The form used for the purpose of filing a VAT return is known as Form VAT201.
When should a VAT return be filed by a taxable entity in the UAE?
Any taxable person in the UAE must file the VAT return periodically. The VAT return must be submitted not later than the 28th date of the month following the tax period specified by the tax authority. The taxable entity is also required to pay the due tax amount to the tax authority within the specified time period as per the VAT law applicable in the UAE. The time period for making payment to the tax authority with regards to VAT is 28 days after the specified tax period ends.
How can we assist you in filing your VAT return?
Push digits has a team of tax experts that can provide you support and guidance in filing your VAT return. We will help you in filing your VAT return by doing the following:
• Our team will regularly visit your premises to collect the information and records necessary for filing the tax return. At the end of each tax period, our team will prepare and submit the tax return on your behalf in compliance with the pronouncements of the VAT law applicable in the UAE.
• Our tax experts would also provide you with advice and guidance regarding payment of tax liability in accordance with the VAT law.
• We would make sure that your return gets filed within the time period specified and prescribed by the FTA.
• Proper tax planning will be performed for the client entity.
How to file VAT returns in the UAE?
Any taxable person in the UAE can file its VAT return using the online portal made available on the website of the FTA. The person filing the tax return should first access the Form VAT201 by logging into the e-services of the FTA online portal by entering respective username/ email address and password. Our team of tax professionals would assist you in completing the entire form and in filing the return by the date specified by the FTA.
What information is to be provided by the taxable entity in the VAT return?
The tax return in the UAE provides information regarding the amount of tax due or refundable for a specific tax period. The taxable person is required to provide information about the output tax payable along with the input cover available against the output tax. If an entity’s output tax exceeds its input tax then in that case the entity is liable to pay the exceeding amount as tax to the authority. On the flip side, if the entity’s input tax exceeds its output tax then the exceeding amount in this case is to be refunded to the entity by the authority.
The Form VAT201 contains the following content in relation to Output and Input tax:
• Tax liability on standard rated supplies (5%) and that to emirate wise.
• Tax liability on goods purchased from outside the UAE (imports) through customs.
• Tax liability on services rendered from outside the UAE.
• Tax on products purchased outside the UAE on which no tax liability is created whatsoever.
• Tax refunds made available persons touring the country.
• Tax levied on standard rated expenses.
• Tax levied on standard rated purchase of goods.
• Tax levied on goods purchased outside the UAE.
• Tax levied on services rendered outside the UAE.
How Push Digits can help in your returns filing
Our experienced Tax Consultancy Team is available at a call or email to serve you with our Professional Tax / VAT Consultancy Services in which we will perform your VAT returns filing and we can also help you implement VAT across your Organization as well as train your staff for acting on required processes and procedures. Contact our Experienced Partner today at +971503958931 / [email protected] for a consultation meeting.