VAT Return Filing
- NECESSITY OF VAT: With the view of sustaining the current levels of economic growth, the GCC members Bahrain, Kuwait, Oman, Saudi Arabia and the UAE (United Arab Emirates) have started implementing VAT to generate the additional revenue and to bring more transparency in their structure.
- UAE and Saudi Arabia have implemented VAT from 1st January 2017 and Oman have implemented Vat from 1st July 2018.
- VAT RATE: VAT rate in UAE has been fixed at 5% the same has also been agreed by other GCC members.
REGISTRATION UNDER GCC VAT
The VAT Law provides following limits to register for UAE VAT Law:
- Taxable supplies or imports that surmount the brink of AED 375,000 by the businesses- must register
- Taxable supplies or imports that fall short of the mandatory brink however exceed the mark of AED 187,500. May choose to register.
- People may register willingly; given their expenses transcend the registration threshold. (Like start up business with no turnover.)
Key pointers to be kept in mind:
- Supplies exempted and those beyond the scope of VAT are not availed in computing the thresholds of VAT registration.
- The non resident businesses have no threshold; however in case where taxable supplies are made within the UAE, they will have to register for VAT.
- Although, in scenarios where business of any other UAE resident is in charge of accounting for VAT on that supply(such as the self assess VAT under the mechanism of reverse charge) are non obligatory.
- Businesses that certainly meet defined conditions(for instance being a UAE resident, being related/affiliated parties and at the minimum one business being VAT registered)
How do we assist in your VAT return filing?
VAT RETURN FILING
The team of tax professionals here at the Outcome Solutions and Services can strengthen you in the following domains.
- We will make periodical (weekly/monthly/quarterly) visits to your office with an aim of compiling information and using it to prepare the statement on VAT Returns in the interests of your company with compliance to the UAE VAT laws at the end of each VAT period.
- We assure support in the filing of VAT Returns within the stipulated time in each tax period.
- Suitable counsel for the payment of minimum tax liability with regards to the UAE VAT law will be provided.
- Tax planning of the company will be reformed and optimized.
- We will also impart Reviews on VAT Processes.
VAT Registration Services
- Our team of experts helps you to assess the registration requirements in an appropriate manner.
- Once the requirement for registration is identified, we then help you with the relevant documentation and filing requirements for registration.
- Help you to communicate with the Federal Tax Authority (FTA) for registration.