VAT Return Filing in the UAE
VAT Accounting & VAT return filing Advisors
Dubai for the year 2018 is getting ready to implement VAT (Value Added Tax). To help companies and people adapt to the new tax system smoothly and fruitfully many private and government organizations are giving new data. There are quite a few factors related to the VAT yet tax returns are probably the most substantial among them.
Experts believe that VAT returns must be filed once in three months or annually based on the situation in terms of the normal VAT standard. The VAT returns must be filed online through the federal tax authority website. Companies that hope for a smooth conversion into a new tax system should get comfortable with the VAT return filing process.
VAT Return and its implication on your Company
A VAT return is the official statement or document of the VAT charge levied on a taxpayer for a time. It contains the VAT liability, tax paid and other details for a quarter or tax month.
VAT returns are vital for they contain every instance of the tax payments of the customer. It is an official document that exists as a proof that a specific person has paid the tax. The government requires the records to manage a proper taxation system where everyone pays his or her tax charge on time. These are used by the tax authorities for executing auditing and other operations according to the tax laws. Your VAT return contains the summary of your total incomes and the VAT tax paid for the incomes for that instance.
Listed Dates for VAT Return Filing in UAE
Though the definite dates for filing VAT returns have not been informed through the authorities, it is expected that the returns should be filed monthly or quarterly based on certain factors like type and size of the organization. Each business in Dubai should register in the portal to file their VAT respective VAT returns. You should know that the timely VAT return filing is important to maintain good accounts with the system and business exactly.
VAT registered establishments must file VAT returns methodically each month or quarter, regardless of not filing any tax or running any business.
Process for Filing VAT Returns
The VAT tax returns are usually filed in an online website. Filing tax returns physically or offline is not applicable. Hence, the companies need to get prepared or seek guidance for the VAT filing processes online. Once you have registered in the VAT portal, every taxpayer gets a distinct TIN with a password for their online account in the website. Such data can be useful while VAT return filing online. All you must do is visit our VAT team who will guide you patiently about each step.
Only after Vat has been launched in the UAE, will you find the actual process for filing the VAT returns. Aon’s VAT services in Dubai can always guide you professionally on VAT application and return filing.