VAT Registration is mandatory for companies and individuals doing businesses in the UAE, having an annual turnover of more than AED 375,000/-. UAE is going to implement VAT with effect from 1st January 2018. All companies/individuals coming under above threshold limit (subject to the provisions of the relevant law) have to register for VAT on or before 31st December 2017. Registration for VAT in the UAE is an online process which is accessible in the Federal Tax Authority’s online portal.

Before proceeding for VAT registration, the applicant should consider various aspects such as, weather to register as voluntary option or mandatory option, weather to register as a Tax Group or a Standalone etc.

Documents and information required for VAT Registration in the UAE: Before applying for VAT Registration, below mentioned documents are required to be kept ready. The soft copies of the documents should also be uploaded along with the application.

  • Documents identifying the authorized signatory e.g. passport copy, Emirates ID
  • Trade license copy of the company
  • Other official documents authorizing the entity/individual to conduct activities within the UAE e.g. certificate of incorporation, articles of association, power of attorney etc.
  • Description of business activities
  • Turnover for the last 12 months in AED
  • Supporting document for 12-month sales
  • Expected turnover in next 30 days
  • Estimated value of imports for one year from each GCC countries
  • Estimated value of exports for one year to each GCC countries
  • Whether you expect to deal with GCC suppliers or customers
  • Supporting documents for customs registration in each Emirate if applicable.
  • Details of Bank Account.
VAT Return Filing Service

As per the Federal Law No. (7) of 2017 on Tax Procedures, a taxable person needs to submit a VAT return in UAE with the information and data specified for Tax purpose in accordance with the form, specified by the Federal Tax Authority (FTA). Every taxable person is required to submit the VAT Return for each Tax period within the time prescribed by the FTA and this must be in accordance with the provisions of the UAE VAT law. The taxable person is also liable to remit the tax due to the FTA within the time frame specified by the UAE VAT Law. Accounting systems under VAT The present accounting systems will be scrutinized. Proper classification/ grouping with appropriate chart of accounts suitable for VAT regime will be suggested. Necessary guidelines will be given to the accounts team for preparing the first VAT return to the Federal Tax Authority (FTA).

Invoicing under VAT

The requirements of VAT invoicing under the UAE VAT Law will be implemented. Proper guidance will be given to the IT persons and proper training to the Accounts and other departments connected to sales

IT Migration

In order to incorporate the changes in the billing, accounting and other administrative procedures to comply UAE VAT formalities, necessary guidance or information required will be communicated to the IT team/software personnel either directly or through VAT Implementation Project Manager. Filing of Return VAT Return The support for preparing and filing of the first VAT return by taking the correct input tax credit against the total VAT liability with guidance on planning/better timing of cash flows. Al-Falah Accounting LLC specialized in VAT Implementation in UAE. We support the client by conducting training & advising them on the impact of VAT on their business. We provide VAT implementation services around the Emirates.

VAT Return Filing Service

As per the Federal Law No. (7) of 2017 on Tax Procedures, a taxable person needs to submit a VAT return in UAE with the information and data specified for Tax purpose in accordance with the form, specified by the Federal Tax Authority (FTA). Every taxable person is required to submit the VAT Return for each Tax period within the time prescribed by the FTA and this must be in accordance with the provisions of the UAE VAT law. The taxable person is also liable to remit the tax due to the FTA within the time frame specified by the UAE VAT Law.

VAT Return Filing Service

• We will visit your office on a periodical basis (weekly/month) to compile the information for filing the VAT Return. At the end of each VAT return period, we prepare the VAT return of behalf of your company in accordance with the provisions of UAE VAT law.
• We ensure that the VAT returns are filed within the specified time in each tax period.
• Proper guidance for the payment of Minimal Tax Liability as per the provisions of the UAE VAT Law.
• Optimal Tax Planning for the company.
• To represent in front of the authority on behalf of you as and when required.
It will not be always possible for the companies to look after the issues on tax matters and resolve it with the concerned authority (FTA) by itself. It will be necessary for the companies to appoint an expert to handle tax matters. By appointing a Tax Agent in the UAE by any taxable person (company or individual), he can count the following benefits:
  • Some of the documents may have to be given in Arabic language to the concerned authority. The tax agent will be an Arabic proficient professional and hence the taxable person need not bother if he doesn’t have records in Arabic.
  • All the documents and records are to be maintained for 5 years. Hence appointing a dedicated person – Tax Agent –will give more comfort for the taxable person on compliance requirements of the law in long term.
  • Tax agent will be always updating himself on the latest changes in the law and hence the penalty on noncompliance of the new provisions of the law will be eliminated.
  • Appointing a Tax Agent or at least a Tax Consultant will help the taxable person to identify the right “Dos and Don’ts which will result is better tax planning.
  • Tax Agent can represent the taxable person in front of the Federal Tax Authority and hence if any assessment notice comes in future for the assesses, the experienced Tax Agent’s service will be crucial.

Address:-

Al-Falah Accounting and Bookkeeping
Office No. 02, Ground Floor
Al-Taif Business Centre,
RKM Building, P.O.Box 40419
Nr. Al-Qiyada Metro Station,
Dubai, United Arab Emirates.

Email:

info@al-falah-group.com

Phone No:-

+971 56 123 0464

Al-Falah Accounting and Bookkeeping