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| VAT SERVICES by ALBAB BUSINESS SETUP SERVICE |
Sunday, August 18, 2019
Tax in the UAE: Everything you need to know
about VAT and a little bit more.
REGISTRATION
CRITIREA
A
business must register for VAT if their taxable supplies and imports exceed the
mandatory registration threshold of AED 375,000. Furthermore, a business may
choose to register for VAT voluntarily if their supplies and imports are less
than the mandatory registration threshold, but exceed the voluntary
registration threshold of AED 187,500. Similarly, a business may register
voluntarily if their expenses exceed the voluntary registration threshold. This
latter opportunity to register voluntarily is designed to enable start-up
businesses with no turnover to register for VAT.
VAT RETURN FILING
PERIOD
The
standard Vat return period is quarterly. However, the UAE FTA may consider
monthly return periods for certain specific businesses to increase tax
compliance and curb tax evasion by false means.
Return
Filing Period
VAT Return Filing
Due Date Dubai
Registered
Taxpayers must file their VAT Returns on or before the 28th of the subsequent
month following the end of the tax period. For example, for the month of
January 2018, the last date for filing VAT Returns will be 28th June 2018.
What is the Tax
Procedures Law? Here are some key points:
-
Take records: anyone conducting any business must keep accounting records and
commercial books of their business.
-
Penalties can and will be imposed: tax evasion, not paying tax or an unentitled
refund of tax will be taken seriously. Expect a prison sentence and a monetary
penalty not exceeding five times the amount of tax evaded.
Violations
related to tax procedures
Federal
Tax Authority (FTA) has approved the complete and final list of all the
administrative VAT Fines and Penalties in UAE that will be imposed on
businesses for violations of the VAT laws.Every VAT fine or penalty will be no
less than AED 500
To be cont.….
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