VAT Compliance and Reporting Requirement under UAE VAT Law
VAT returns must be filed through the online portal of the Federal Tax Authority (FTA). In the VAT return, the taxable person/company needs to provide the details for sales, purchases & expenses, due tax and recoverable tax to assess the tax liability or refund due.
Within 28 days from the end of each tax period prescribed by the FTA for the VAT registered businesses, it is required to:
- Submit VAT return in the UAE; and
- Remit the amount of tax due to the FTA.
You will note your unique return due date by logging into the FTA portal and it will reflect on your dashboard.
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Compliance requirements for business
The UAE VAT Law outlines stringent compliance provisions and periodic reporting requirement. The VAT registered businesses are required to keep business records and accounts (such as sales invoices, purchase invoices, credit notes and other supporting documents) for a minimum period of five years. Further, such businesses are required to file VAT returns periodically.
Non-compliance would lead to penalties and prison terms, especially for tax avoidance, incomplete and incorrect reporting.
In addition to advisory and implementation services that we provide, our tax team also provides VAT Compliance services, as your business grows and rules regarding VAT framework become more complex.Our team is here to guide you through the return process and ensure full compliance with the tax law. Our team will work with your internal finance team to complete and file your VAT returns. Our team of senior qualified tax advisors, finance experts, and tax accountants will ensure timely and cost-effective VAT services for SMEs.
Who we are
Re/think is a boutique accounting, audit, advisory, regulatory compliance and tax advisory firm with offices in Dubai and Abu Dhabi (ADGM), focused on providing businesses of varying sizes with timely, proactive, and customized business solutions from start-up and early development to the latest stages of a business lifecycle.