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VAT Services in UAE | VAT Services in Dubai

VAT Services in UAE from N R Doshi and Partners, our VAT Consultants in Dubai help you remain compliant with regulatory requirements of UAE VAT Laws

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VAT Services in UAE | VAT Services in Dubai

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  1. VAT Registration in UAE VAT Registration in UAE In This article talks about VAT registration in UAE, including the VAT registration process, VAT registration threshold in UAE, TRN / VAT number, Online VAT registration in Dubai, and VAT deregistration in UAE. Value Added Tax (VAT) is one type of indirect tax levied in more than 180 countries around the world. Unlike a direct tax (income tax, corporate tax), VAT is a tax on the consumption or use of goodsandservices, meaning it is the end customer who bears the cost of it. A Business collects the tax from customers on behalf of the Government. It pays it to the Government and obtains a refund for the tax it pays tothe suppliers.Toknow more about VATin UAE,refer to11 things to know about VATin UAE.

  2. VAT registration threshold in the UAE VAT registration threshold in the UAE On 1st January 2018, VAT was introduced in the UAE. Currently, the rate of VAT is 5 percent. As per the VAT Law in UAE, VAT Registrationin UAE is a mustfor businesses whose taxable suppliesand importsexceed AED3,75,000 on a per annum basis. For businesses with turnover exceeding AED 187,500 can optionally register for VAT. Businesses in UAE with a turnover of less than AED 187,500 need not apply for VAT Registration. Businesses expecting taxable turnover to exceed AED 375,000 in the next 30 days shall also register for VAT. While calculating the value of taxable supplies and imports, one needs to exclude the value of exempt supplies.

  3. Obligations of a VAT Obligations of a VAT- -registered business registered business A VAT-registered business must charge VAT at the applicable rate on taxable goodsand services. It can claim the input tax credit for VAT paid business-related goods services. It must maintain proper records for the Government to check. It must pay VAT to the Government It has to file the VAT return periodically on and

  4. Applying for VAT Registration in UAE Applying for VAT Registration in UAE How to apply for VAT Registration in UAE? 1. Keep the following documents ready for VAT Registration in UAE –Trade License –Passport Copy of Manager/Owner or Emirates ID of Manager Owner (If – resident in UAE) or Passport Copy of Authorised Signatory or Emirates ID of – Authorised Signatory (If resident in UAE) –Proof of authorized manager/authorized signatory (articles of association, power of attorney attested by notary) 2. Login to your e-services account 3. Fill up About the Applicant section in the VAT Registration Form 4. Fill up Details of the Applicant section in the VAT Registration Form 5. Fill up Contact Detail Section in the VAT Registration Form

  5. Applying for VAT Registration in UAE Applying for VAT Registration in UAE How to apply for VAT Registration in UAE? 6. Fill upBanking Details Section in the VAT Registration Form 7. Fill upBusiness Relationship Section in the VAT Registration Form 8. Fill up about the VAT Registration Section in the VAT Registration Form 9. Fill upDeclaration Section in the VAT Registration Form 10. Review the information and Submit it to the FTA portal

  6. VAT Group Registration in UAE VAT Group Registration in UAE Businesses sharing common economic, financial, and regulatory aspects may register as a VAT group. Such common aspects could be in the form of legal status, shareholding, or voting rights. They should have a business in the UAE and should be legal persons under common control. Such VAT registration in UAE is also known as a tax group. A representative member of the group files a consolidated VAT return covering all the activities of the group, and hence it simplifies the accounting and compliance requirements. However, all members of the group remain jointly and severally liable for VAT debts. Further, all the supplies made within the tax group donot attract VAT.

  7. Tax Registration Number (TRN) / VAT Number Tax Registration Number (TRN) / VAT Number Once the Value Added Tax registration process is complete, the registrant receives aTRN. TRN issued by the FTA is a unique 15 digit number differentiating a VAT registered business from the others. The registrant is required to mention his VAT registration number in various documents such as invoice, credit note, VAT return, etc. One can have a look at this article to knowabout TRNVerification

  8. VAT Deregistration VAT Deregistration One can deregister as a Taxable Person on the FTA portalif he is required or eligible to deregister. Penalties for failure to register for VAT in UAE Penalties for failure to register for VAT in UAE If a business which is required to go for VAT Registration in UAE, fails to register for VAT in UAE within the timeframe specified by the tax law, it will attract a penalty of AED 20,000.

  9. VAT Registration in Dubai: FAQS VAT Registration in Dubai: FAQS What is Value Added Tax (VAT)? What is Value Added Tax (VAT)? ValueAdded Tax(VAT) is a kind ofindirect tax. Businesses collect VAT at eachstagein thesupply chain, and it is the customer who bears the tax. Why should a business register for VAT? Why should a business register for VAT? A VAT registered business can take benefit of input VAT paid on purchases and expenses. Further, non-registration amounts to a violation of the law, andit attracts penalties. What is a Taxable Person? What is a Taxable Person? A Taxable Person is anyone who carries out the specific economic activity and is registered under the VAT law in UAE or required tobe registered under the law.

  10. VAT Registration in Dubai: FAQS VAT Registration in Dubai: FAQS What are taxable supplies? What are taxable supplies? Taxable supplies include a supply of goods and services for consideration in the course of conducting business in the UAE, and it doesnot include exempt supply. Taxable supplies include standard-rated supplies @ 5%, zero-rated supplies @ 0%, reverse charged services received, and imported goods.

  11. VAT Registration in Dubai: FAQS VAT Registration in Dubai: FAQS My turnover of taxable supplies is less than AED My turnover of taxable supplies is less than AED 300,000, but I am expecting it to cross AED 375,000 in 300,000, but I am expecting it to cross AED 375,000 in the current financial year. Do I have to register for VAT? the current financial year. Do I have to register for VAT? Yes, you should go for voluntary VAT Registration in UAE. A person can voluntarily register for VAT if his turnover crosses AED 187,500. Further, anyone who is expecting taxable turnover to cross AED 375,000 in the next 30 days is required by the law toregister for VAT. It is important to note here that VAT registration is mandatory if the taxable turnover exceeds AED 375,000.

  12. VAT Registration in Dubai: FAQs VAT Registration in Dubai: FAQs Do zero Do zero- -rated supplies count towards the AED 375,000 rated supplies count towards the AED 375,000 VAT threshold? VAT threshold? Yes, zero-rated supplies do count towards AED 375,000 VAT threshold. You have tocalculate your taxable turnover accordingly.

  13. Your search for the best VAT Consultants ends here Your search for the best VAT Consultants ends here N R Doshi & Partners is an FTA Registered Tax Agent. As a tax agent, we can assist our clients in applying for VAT Registration in UAE, fulfilling their tax obligations and exercising their tax rights. We, as a tax agent, can also represent our clients before the FTA if the need arises. We can assist you in fulfilling your VAT compliancerequirements,andsaving your time andefforts. We are a trusted VAT Registration Consultant in UAE to provideyou with VAT RegistrationServicesin Dubai. We are equipped with a highly professional team to provide you with the best in class VAT Consulting to see that you always remaincompliantwith VAT lawsin UAE.

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