Number of small and medium sized enterprises find it difficult to cope with the newly introduced VAT system
Some of the most common mistakes made by small and medium companies during VAT filing are as follows:
Lots of mistakes have been observed related to the input tax deduction due to the misinterpretation of the VAT legislation. The VAT legislation only allows to reclaim the VAT INPUT,
which is paid to suppliers on goods and services that have been used to make taxable sales.
Also Read: Steps And Requirements For VAT Registration In UAE
Mistakes regarding maintenance of VAT records that are most common are as follows:
Companies should take a thorough review of compliance undertaken and the positions adopted for last 18 months.
they should create VAT governance framework with proper roles and responsibilities defined for team members.
Appointing tax experts for periodic review of tax positions and VAT returns, upgrade IT setup to meet the record keeping requiring and train to the users.
Being compliant requires constant follow-up of matters and dedicated staff. It is not enough to add tasks to the current tasks of finance managers or controllers. A more holistic approach is required. Although an accountant may have good operational knowledge, he might come short in the legal analysis.
training of staff and following best tax practices, change their core processes and adapt the accounting systems to achieve a reasonable degree for tax compliance.
The audit and advisory future are undergoing some digital transformation, which is greatly needed in order to provide the businesses of the future meaningful analytics, deliver additional value-added services.
It is important to improve internal efficiency and the quality of audit.
VAT filing is an important part for any business if you have any of the facts that are not filed contact experts, they will help to properly file your returns.
VAT return filing requires several documentation processes which can be complicated to organize and submit in accordance to Federal tax authority regulations. Our business experts would start from the very scratch and make it much easier to deal with.
VAT return filing in Dubai is highly recommended for you to have a flawless and on time submission.
Business who del a with taxable supplies and imports should register with VAT if the threshold of 375,000 AED exceeds.
if the taxable supplies are greater than the voluntary registration threshold of AED 187,500 the person has to register for VAT.
the taxpayers in UAE has to file VAT returns for FTA on a quarterly basis. VAT returns must be filed as per the procedures within 28 days from the end of the tax period. Taxpayers can file their returns online using e-services.
For example, if A has VAT returns for the October to December 2017 quarter, he has to file them before 28th of January, 2018.
All the penalties for VAT and taxation will be imposed on non-compliance
some of the examples of noncompliance are:
Below mentioned categories of supplies will be exempt from VAT
VAT Registration UAE offers eminent service to carter all your taxation requirements will satisfy your organizations policies and there by excellence can be achieved easily.
We also build a strong relationship with government by abiding to FTA regulations