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Dubai is all set and ready for 2018 to implement VAT (Value Added Tax). Several private and government organizations are giving new information repeatedly to help companies and people adapt to the new tax system smoothly and effectively. VAT tax returns are possibly the most significant among the several factors associated with VAT.VAT returns should be filed quarterly or monthly ,depending on the turnover criteria fixed by the authorities, like once in every three months in terms of the normal VAT standard, or yearly in few situations. The VAT returns are to be filed online through the portal of the federal tax authority. Corporations that hope for a smooth adaptation to the new tax system must get accustomed with the return filing process under VAT in Dubai.
A VAT return is the official document or statement of the VAT charge imposed on a taxpayer for a tax period. It contains the details of VAT liability of the person, tax paid and others, for a tax month or quarter.
VAT returns are important because they contain the records of the tax paid by the customers in each period. 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 earning and the VAT tax paid for the earnings for the period.
Although the definite dates for filing VAT returns have not been informed yet by the authorities, it is projected that the returns will be filed monthly or quarterly based on specific circumstances like type and size of the business. Each qualified individual and business in Dubai should register in the portal for filing their VAT returns according to the plan. Users must know that it is essential to complete the VAT return filing on time to maintain good accounts with the system and business precisely.
VAT registered organizations must complete the VAT return filing systematically every month or quarter, despite of not having done any business or filed any tax in every period.
The VAT tax returns will most probably be filed online. Filing tax returns manually or offline will not be an option. 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 TRN 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.
The Federal Tax Authorities (FTA) in UAE has announced the format of the template to be used for online return filing, which is available in the web site of FTA. HLB Hamts’ VAT consultants in Dubai can always guide you professionally on the VAT application and return filing.