Value Added Tax (VAT) is an indirect tax imposed on the consumption of goods and services. Businesses in UAE need to register under the VAT law to get their business approved by the government, to seize a mass market, to expand business profile, and more. If you are a business owner looking for VAT consultancy services in Dubai and UAE, Finalyzer will help you avail various VAT-related services including VAT registration, VAT deregistration, VAT accounting, VAT return filing, etc. In the UAE VAT registration is mandatory, failure of VAT registration can lead to the penalty of 20,000 AED.
VAT Accounting - Tax payment is compulsory for any business in UAE as this revenue is used for the development of the country. Availing proper tax accounting services in Dubai ensures that your business complies with tax laws by filing tax returns. A single fault in the accounting process may lead to a heavy business loss. So, individuals or companies must be extra vigilant while preparing a Tax Account.
VAT Returns - Once you have registered for VAT in the UAE, you are required to file your VAT return and make related VAT payments within 28 days from the end of your tax period. Finalyzer is one of the best accounting and auditing organizations in Dubai, UAE, that provides prompt VAT return filing services. Finalyzer’s registered agents are highly qualified to execute the UAE VAT return filing process for businesses of all types and sizes. Things to be taken care of while filing your VAT return - When you do the VAT Return filing in Dubai, your details like your name, your address, TRN, current VAT Return Period, Tax year-end, VAT return period reference number, VAT Return submission due date will be generated automatically.
- The payment amount must be in UAE Dirhams (AED).
- Fill in all the mandatory fields.
- Provide details of the taxable supplies.
- Avoid Penalties.
We offer flawless VAT Return filing with proper maintenance of accounting documents related to each tax filing.
VAT Registration - The mandatory registration threshold is AED 375,000. This threshold is not applicable to foreign businesses. In Voluntary Registration A business may apply to register if it does not meet the mandatory registration criteria and the total value of its taxable supplies and imports or taxable expenses in the previous 12 months exceeds the voluntary registration threshold, or the business anticipates that the total value of its taxable supplies and imports or taxable expenses will exceed the voluntary registration threshold in the next 30 days.
Documents Required for VAT Registration in Dubai-
1- Passport copy or Emirates ID that will prove your identity.
2- Certificate of Incorporation of the company.
3- Trade license copy of the company.
4- Certificate of Articles of Association of the company.
5- Certificate of Power of Attorney of the company.
6- Turnover for the last 12 months in AED.
7- Estimated value of imports for one year from all GCC countries.
8- Details of Bank Account.
VAT De-Registration - Taxable Persons may be required or eligible to deregister from VAT if they cease making taxable supplies; or are still making taxable supplies but the value in the preceding 12 calendar months is less than the Mandatory or Voluntary Registration Threshold.