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VAT Return Filing Service in UAE

VAT return filing in UAE depends on the tax periods assigned to your business by FTA upon VAT Registration. FTA, throughout the approval stages of VAT registration, determines the tax periods for registrants which can be monthly or quarterly as the authority may consider fit.<br><br>VAT return Filing in UAE is totally an online method through which a tax registrant can present the value of their sales and purchases and remit the tax due.

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VAT Return Filing Service in UAE

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  1. VATReturn FilingService inUAE Make your team work smarter, notharder

  2. VAT return filing in UAE depends on the tax periods assigned to your business by FTA upon VAT Registration. FTA, throughout the approval stages of VAT registration, determines the tax periods for registrants which can be monthly or quarterly as the authority may considerfit.

  3. VAT return Filing in UAE doesn’t need submission of documents like tax invoices, tax credit notes at the time of return filing. The registrant is accountable to keep up allthe documents related to his business and need to furnish them as and when sought by FTA.

  4. Importance of VAT return Filing in theUAE

  5. As a VAT registration in UAE, it is the responsibility of a businesstoreportthedetailsofitsprovidestotheauthority. comparing to the other tax regimes, VAT return filing in the UAE is relatively an easy method provided you understand the law completely.As it is construed as an uncomplicated method, we have seen a lot of companies taking itgently and enduppayingheftypenalties.Therefore,itisMandatorythat you file your VAT return properly and ontime.

  6. Penalties related to VATreturn filing in theUAE Ifataxablepersonfailstofilehisreturnonorbeforethedayofthemonth,he will incur a non-filing penalty of 1,000 for the first time. 2,000 in case of repetition.

  7. If a taxable person fails to remithis dues on or before the day of the month, he will incur a non-payment penalty as follows: »2 of the unpaid tax is due like a shot. »4-dimensionalisdueontheseventhdayfollowingthe deadline forpayment. » 1 chronicle daily penalty is imposed charges on any amountthat’sstillunpaid one monthaftertheduedate for payment, up to a maximum of300th. These VAT penalties will be computed and charged toyour Federal Tax Authority account from the date ofdefault. Such VAT penalties can result in huge expenses to a business which can be avoided if proper attentionis given to tax returnfiling.

  8. Some of thecommon errors businesses create whereas VAT returns Filing. It is very crucial for a business to know the layout and reasoning for each column in a VAT return. only by a proper understanding of the law, one can understand theintended use of a specific column in a taxreturn.

  9. The most common errors we have noted are as follows: Non-maintenance of properrecords Wrong emirate-wise reporting improper adjustment of baddebt strong usage of the ‘Adjustment’ column justin case ofimports incorrect input claims as well as personalexpenses and entertainmentexpenses. Improper adjustment of taxes inwrong tax periods wrong usage of Refund and VDFForms Non-disclosure of import ofservice

  10. For More Details & AnyQueries Parsh AccountingandBookkeeping

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