FTA VAT Registration effect on business

They were established under Federal Law by Decree No. 13 of 2016. The primary task of the Federal Tax authority is to manage and collect federal taxes and fines related to it and distributing all the tax-generated revenues to the government, also applying the VAT registration UAE for the business.

 

The Federal Tax Authority's Chairman is His Highness Sheikh Hamdan bin Rashid Al Maktoum Deputy Ruler of Dubai. He is also UAE Minister of Finance while His Excellency Khalid Al Bustani takes up the position of Director General directly from his role as the Assistant Undersecretary of International Financial Affairs at Ministry of Finance (MoF), in which he was held for more than 37 years. FTA works along with MoF and drives to achieve economic conditions in the UAE and entirely focuses on profits derived from non-oil sources. The authority will work closely towards enhancing the country's financial stability and provide all the necessary guidance and support to business organizations and consumers to ensure that they meet their liabilities and better understand the application of taxation in the country.

 

Tax is how governments raise revenue from sources to pay for public services. Government revenues from taxation are usually paid for public hospitals, schools, universities, defence, infrastructure and other vital aspects of daily life required by the country's citizens. VAT is the indirect tax form collected by the government to build the country's strong economically strong. 

 

Companies can register for Dubai VAT registration through the eServices section on www.tax.gov.ae. Before registering for the VAT account needs to be created in the online portal. VAT is applied equally to all the tax-registered businesses managed on the UAE mainland and in the free zone land on the country. However, if the UAE Cabinet defines a specific free zone as a 'designated zone,' it must be treated outside the UAE for tax purposes. The transfer of goods between designated zones is tax-free, which means the government will not charge any taxes.

 

How VAT affects Consumers and Business

 

As a general consumption tax, UAE VAT Registration will apply to most of the transactions of goods and services. However, a certain number of exemptions are granted on the taxes that are not imposed. With the increase in the VAT, the cost of living is likely to increase slightly, but it will be entirely dependent on an individual's lifestyle and amount spending behaviour. If an individual spends mainly on those relieved from VAT, then there are hardly any chances of seeing the increase in living costs.

 

The government has imposed a rule that requires businesses to be clear about how much VAT an individual must pay for each transaction of the good within the VAT business. Based on this information, individuals can decide whether to buy something or no luxury amenities, or it can be the basic need of a person.

 

Conclusion: Companies will be responsible for documenting all their business income, costs before VAT registration. All the registered companies charge VAT to all their customers at the profit rate and incur VAT on goods or services they buy from suppliers. The difference between these taxes is that they can be reclaimed or paid to the government.

File your VAT in UAE with The VAT Consultant

The UAE Tax Residence Certificate ("TRC") is an official document issued by a government agency of any country based on the aapplication of a resident (natural or legal person) to confirm that the applicant is a tax resident in the UAE and is issued by the Ministry of Finance (MoF) "Residence permit" or "Proof of residence". If you are a new business owner in the gulf and looking for VAT registration UAE then contact thevatconsultant.

 

However, according to Cabinet Resolution No. 65 of 2020 issued on November 5, 2020, it has been announced that the issuance of tax residence certificates or tax residence certificate services will be transferred from the Ministry of Finance to the Federal Tax Agency (FTA) The website of the Ministry of Finance will stop accepting new applications as of November 11, 2020. As of November 14, 2020, the FTA website will provide a link to send the residence certificate tax or residence certificate application service. TheVATConsultant is one of the leading VAT registration agencies in Dubai.

 

Therefore, as of November 14, 2020, it is necessary to apply for the issuance of a certificate of tax residence or a certificate of tax residence in the UAE on the FTA portal. Tax residents of certain countries. The generally accepted fact is that the provisions of the Tax Treaty apply only to residents of the States Parties to the Tax Treaty.

 

Therefore, to obtain the benefits of the existing tax treaties between the two countries, the most basic requirement is to obtain a residence certificate, that is, a "residence tax certificate" or a "residence certificate". This also helps the country to build a database of its residents and, if necessary, facilitate the exchange of information for international cooperation. The "Certificate of Tax Resident" or "Certificate of Residence" issued by the tax authority is only valid for a specific (single) tax year.

 

Commercial Activities Cerfitication

In addition to the transfer of services related to the issuance of certificates of tax residence or certificates of domicile, the Ministry of Finance also transferred the services of transfer of certificates of corporate / commercial identity (also known as certificates of business activity) to the FTA. Government entities, businesses and individuals can refund prepaid value added tax outside the UAE or related to goods purchased in different countries / regions without having to agree to avoid double taxation.

 

Documents required to get Tax residency certificate

 

1. A copy of Passport and Emirates ID
2. Valid residence permit
3.  A certified copy of the (residential) lease agreement / Tenancy contract
4. Bank statement for last six months
5. Salary certificate / Income certificate
6. A report from the General Directorate of Residency and Foreigners Affairs mentioning the duration of the person’s stay in UAE (Minimum 183 days)
7.  Tax forms (if any) from the country where the certificate needs to be submitted

Documents Required - For Companies:

1.  A copy of valid trade license
2.  A copy of Articles of Association and Memorandum of Association
3. A copy of the company’s owners/partners/directors’ passports, IDs and permits of residence.
4. Certified Audit Report
5.  Bank statement for at least six months
6.  A certified copy of the lease agreement (ejari).

 

For VAT registration Dubai visit thevatconsultant.com

How to setup your Business in Mainland Dubai

Want to start your business in mainland dubai? If yes then there are some procedures and vat registration related information you need to file when launching your company or business in UAE.

 

In this article we have discussed some points you must follow when you are going to launch your business in the Gulf. For UAE vat registration help and support contact thevatconsultant they will help you to file your fta vat registration by doing all the paperwork and jobs by theirself. Only you will have to provide the documents related to your business etc.

 

First, we must conduct financial and market feasibility studies to understand the scope of our business and financial requirements. After completing market research to start your business, you must determine your business activities. A maximum of ten related activities are allowed in one license (not including the general business license).

 

After that, you need to consider the business activities and the nationality and nationality of the owner to choose the appropriate legal form for your business. There are legal forms available such as LLC, PJSC, etc. List many brands according to activity and keep company brands according to terms.

 

Once the mark is approved, you must submit an application to the Ministry of Economic Development for preliminary approval. Sign the court agreement and get it notarized by the court. Now you can search business premises for rent, we need to get permission from Dubai City Planning Department. Organize all relevant documents and submit an application to the Ministry of Economic Development or any of its branches to pay the final permit.

Procedure to start Business in UAE

Preliminary approval of the product name Preliminary approval of the judicial activity retention contract (MOA) Certification of the lease by RERA Obtaining the approval of other external agencies according to the type of license and activity. Payment of fees and type of license Issuance of the necessary license additional documents and activities based on external agencies Approve.

 

Business opportunities are like buses, there will always be another opportunity." So choose your business wisely and then put it into practice. Whether you are starting a small business or a multi-million dollar company in the UAE, you can always get help from professionals who just need to take responsibility.

 

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When all UK companies exceed the £ 73,000 annual limit, they are required to pay VAT. If the freelancers have signed up for a VAT plan, they are responsible for increasing VAT rates and regular fees charged to clients.

 

This involves collecting VAT on each transaction between all customers. This sum must be paid quarterly along with taxes. This tax has some benefits, which can be recovered with contributions from the employer. This tax allows the self-employed to set limits on the amount of taxes they must pay at the end of the quarter.

 

The use of the VAT registration should be fully understood as they will also add paperwork at the end of each quarter. The cash accounting plan requires that all organizations have correct records of all transactions that occur in a quarter and that they have correct accounting records for accounting expenses.

 

Documentation must be prepared quarterly and sent to customs before the end of next month. If the Dubai VAT registration has been completed via the Internet, it can also be submitted online.

 

Freelancers must file VAT returns in a timely manner, even if they cannot refund the full amount on time. If they avoid paying this amount, they can become a target for tax audits. They must be consistent in paying these taxes in a timely manner, because if they become persistent criminals, they can become targets of the tax authorities.

 

The VAT registration Dubai depends on the actual billing of its self-employed each year, it is an indirect tax that must be paid by the employer who hires their services. It must be submitted in a timely manner so that people can claim refunds, and if the self-employed incur expenses, they can also claim VAT by showing the appropriate documents.

 

One must realize that their income must be large enough to be worth recovering, otherwise this tax may become a burden rather than a cure. Therefore, all those who intend to use the system for their own long-term benefit should understand more detailed information and calculate the amount of savings that they can ultimately save by using the system.

 

For VAT registration UAE related queries and information visit thevatconsultant. TheVatConsultant is one of the oldest Dubai VAT Registration agencies in Dubai, UAE.

Get best online digital marketing institute in Jaipur

If you want to make money from your website or blog, should you consider using the Google AdSense program to place targeted ads on your web pages? When I first thought of this idea, I wasn't sure if it would work for me. Digital marketing course coule help you to learn blogging and making money online.

 

You will see that I have many websites that can promote affiliate links to products and services in my market. I feel like if I place Google Ads on my web pages, they will compete with my membership sales. Of course, I know that you will get paid when visitors click on these ads, but is this amount of money significant? Over time, I saw many other top marketers use these ads on their web pages. So I decided to give it a try and then try to use it. After using these ads for a year, I can tell you. But for making money online you will need the knowledge of SEO. If your content will not rank you are not going to make any money. For SEO training in Jaipur you can join digilearnings digital marketing institute in Jaipur.

 

The first thing I noticed is the ease of use of Google AdSense. After joining the program for free, you can start creating ad code. The good thing is that you can customize the ads on your website. You can choose the ads color to match the color theme of the page. You can choose from many different ad unit sizes. For example, they have a normal banner size of 468x60 and a tower of 120x600. This way, you can choose the size that fits your page. After making your choice, you just need to cut and paste the html and place it where you want on the page, and the work is done.

 

You can use "channels" to keep track of ads. Suppose your website has 10 pages. You can provide your own channel for each page, so when you log in to view ad statistics, you will see how many ad views and clicks you have received on each page. This is useful because it can show you the source of advertising revenue.

 

I haven't really noticed any competition with my other membership plans! I have found that Google Ads will not compete with my website, they are an additional source of income. After I started using advertising, my sales and registrations did not decrease. What I believe now is that a certain percentage of visitors will not convert to customers, so advertising is just another way to earn income from visitors who have not yet converted to customers. As long as your own quotes are well established on your website, if visitors are interested in the products you own, they will still convert to customers.

 

Digilearnings digital marketing program brings you the best digital marketing course in Jaipur at a very affordable fee.

 

Another benefit is that you are associated with a trusted source on Google. They are currently the number one search engine, which means that people know and trust them. Therefore, having them on your website will not lose your credibility. Yes, but you can ask me how much money can I earn! It depends on the amount of traffic your website receives and the theme of the website or blog.

 

Generally, the more visitors your website attracts, the more clicks you will get on your ads. Since you pay per click, your income will increase with the number of clicks. Second, the theme of your website is important. Advertisers must bid on the keywords in their ads, and if more advertisers bid on the same keyword, the bid is usually higher. Similarly, topics that involve high-margin industries (such as finance niche, mortgages, and technology home businesses) tend to receive higher offers. The higher the bid, the higher the cost of the click you will get. In short, if your website deals with popular topics in a profitable area and receives a constant amount of traffic, then you should be doing well. 

VAT Registration in UAE with the VAT CONSULTANT

Registering under the VAT law means that the company is recognized by the government as a provider of goods and services, and is authorized to collect VAT from customers and remit it to the government. Only companies registered for VAT purposes can carry out the following operations: You can file your VAT in UAE with the vat filing dubai like thevatconsultant.

• Charge VAT on taxable supply of goods and services

• Claim Input Tax Credit on VAT paid on their purchases, which will be deducted from VAT liability on sales

• Payment of VAT to the government

• Periodic filing of VAT return

In addition to the above, all registered companies need to adjust their business reporting structure according to compliance requirements, such as accurate and up-to-date account books such as invoices, tax vouchers, debit notes, tax paid vouchers for all records of incoming materials and need to maintain external supply, etc.

Therefore, understanding the basics of VAT will be one of the important steps in preparing for VAT, and getting VAT registered will be the first step for your business to transition into the VAT era.

On this basis, VAT registration UAE can be classified into the following:

• Mandatory VAT Registration

• Voluntary VAT Registration

• Exemption from UAE VAT Registration

How to Apply for VAT Registration in UAE

In the UAE, companies with a turnover above AED 375,000 must apply for mandatory vat return filing In order to facilitate business registration, the Federal Tax Administration (FTA) has opened its portal for online VAT registration. NAFTA has announced a deadline based on turnover and registration will take place in stages. Although it is important for companies to determine their VAT registration obligations, it is also important for companies to understand how to apply for VAT registration and to understand the level of detail required to complete the registration process online.

This is because before applying for or starting the online VAT registration process, a good understanding of the types of details required and the steps to complete the online VAT registration will help you prepare in advance. As a result, the registration process can be easily completed and unnecessary delays caused by providing incorrect details, which may even lead to the rejection of the registration request, can be avoided.

• Creation of e-Service Account

• Login to your e-Service Account

• VAT Registration Form: The online VAT registration form contains 8 sections as shown below, in under which the details need to be furnished for completing VAT registration

• About the applicant

• Details of the applicant

• Contact details

• Banking details

• Business relationships

• About the VAT registration

• Declaration

• Review & submit

VAT Registration UAE | UAE VAT Registration Online | Registration of VAT

 Are You Looking for VAT Registration UAE ? Registration of VAT, Online VAT Registration, VAT Registration Dubai, VAT Registration form UAE. Contact us.

How to File VAT Return in UAE

 

The value added tax or value added tax is a tax on the consumption or use of goods or services collected at each point of sale. The value added tax is an indirect tax that is applied in more than 180 countries / regions around the world. The final consumer ultimately bears the cost. The company collects taxes on behalf of the government. Thevatconsultants are one of the best vat consultants in UAE which will help you to vat return filing.

 

Under UAE VAT, the first VAT return is due on February 28, 2018 and will be filed by the company applying the monthly VAT return. Companies must use the Federal Tax Administration (FTA) portal to submit their VAT return filing online. The FTA portal is designed to accept returns only in online mode, since it is currently not possible to use offline functions to make VAT declarations of documents through XML, EXCEL or any other utility. This means that taxpayers must manually provide the VAT equivalents of sales, purchases, input and input VAT in the corresponding boxes of the VAT returns available on the FTA portal.

 

The VAT return is called "VAT 201" and taxpayers must complete and submit this form to complete the VAT return. The VAT form 201 is roughly divided into the following seven parts:

 

• Taxable Person Details
• VAT Return Period
• VAT on sales and all other outputs
• VAT on expenses and all other inputs
• Net VAT Due
• Additional reporting requirements
• Declaration and Authorized Signatory

 

How to register for VAT

At the end of each tax period, companies or "taxpayers" that have registered for vat uae registration purposes must submit a "VAT Return" to the Federal Tax Administration (FTA). The VAT return summarizes the value of supplies and purchases made by the taxpayer during the tax period and shows the taxpayer's VAT obligations.

 

Liability of VAT

The value added tax liability is the difference between the output tax (VAT charged for the supply of goods and services) payable in a given tax period and the input tax (VAT on purchases) that can be offset in the same period tax. When the production tax exceeds the input tax, the difference must be paid to the free zone. If the input tax exceeds the input tax, the taxpayer will recover the excess of input tax; Due to the free trade agreement, you have the right to offset future payments.

 

How to file a VAT return?

You must request a tax refund electronically through the FTA portal eservices.tax.gov.ae. Before submitting a VAT tax return on the portal, make sure you have met all the tax reporting requirements.

 

When are businesses required to file VAT return?

Taxable businesses must submit VAT returns to NAFTA on a regular basis, generally within 28 days of the end of each type of "tax period." A "tax period" is a specific period of time during which the tax base must be calculated and paid. The standard tax period is:

 

• quarterly for businesses with an annual turnover below AED150 million
• monthly for businesses with an annual turnover of AED150 million or more.

online-registration-for-vat-in-dubai-uae

 VAT (VAT) is a tax for each value-added level of a product in the entire supply chain. It collects from every point of the manufacturer until it is sold to the final consumers. The way to do this is to allow adjustments to be called "input tax credits" or also known as "input value-added tax" purchase payment, and sales VAT is called "input value-added tax". In the end, all taxes are paid by consumers.

 

If you are a new company or business in Dubai or anywhere in UAE then uae vat registration is necessary, the vat consultants in Dubai are with you to ease the process of online vat return filing.

 

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The UAE will collect 5% standard tax rate for the supply of goods and services. However, some supplies such as local passenger transport, designated financial services, medical, and exports outside the medical and Gulf cooperation committees. The zero rating or exemption of VAT is exempted in the UAE.

 

VAT Registration UAE

VAT registration from VAT is a supplier that the company is recognized by the government as a cargo and service, and is authorized to collect VAT to the customer and put it to the government.

 

1. VAT(value added tax) is charged for the supply of taxable goods and services
2. The input tax credit of the purchase will be deducted from the input tax credit, which will be deducted from the sales value-added tax
3. Pay value-added tax to the government
4. Submit VAT return regularly

 

VAT Return filing date in UAE

The last date submitted to the VAT declaration will be the next month after the end of the tax period. For the quarterly VAT declaration, the expiration date will be the next month on the 28th after the end of the quarter. For monthly returns, the last date of submitting VAT returns will be the 28th of the next month.

 

TRN(Tax registration number) in UAE

TRN (tax registration number) is an identification number of everyone registered according to the VAT value of the UAE. Taste with effective TRN must impose VAT for supplies. In this case, the registered company ensures that it is helpful from the registrant, so they can recover the input taxes for the supply.

 

For unregistered people and consumers, we must ensure that only talents who are really registered will take them a value-added tax. In order to assist this, the Free Trade Agreement specifies whether TRN mentioned or supplied in the invoice or supplier quote is valid. Anyone can use this tool to ensure that the TRN from its vendor is true.

 

So if you want to file VAT in dubai then the vat consultants in dubai will fill the vat registration online for you with the proper procedure and all the work will be done by the VAT consultant.

VAT Registration and Certification in UAE for New Companies

 The VAT consultant is one of the leading vat registration consultants in UAE. In the UAE VAT, the turnover of more than 375,000 Australian dollars should enforce registration, and people who have more than 187,500 Australian dollars can apply for voluntary registration. For each person who has registered VAT, a unique number is made by the authorities called a tax registration number. In short, it is called TRN.

 

If you have recently opened your new company in Dubai or anywhere in UAE then it is mandatory to do vat registration in the uae.

 

The tax registration number is a unique number published by the United Arab Emirates Federal Tax Authority for each subscription of tax purposes, with the aim of identifying, reporting compliance and recording compliance. In many countries, including the European Union, this is also commonly referred to as a value-added tax identity or a value-added tax recognition number for the purpose of value-added tax. If you are worried about how to get a VAT certificate in UAE then the vat consultant is with you to complete this process in easy steps.

 

What are the documents in which the Registrant is required to mention the VAT Number?

Documents required for VAT registration in UAE. number in the following documents for the VAT registraion process in UAE

1. VAT Return
2. Tax Invoice
3. Tax Credit Note
4. All other documents as prescribed by the UAE VAT regulations

 

The UAE can find their own tax registration number on VAT registration certificates issued by the United Arab Emirates Federal Tax Authority (FTA). Sometimes, the tax registration number (TRN) is also known as the VAT registration number.

 

​Step by step process to verify the Tax Registration Number (TRN) issued in UAE

​

1. Visit website of Federal Tax Authority in United Arab Emirates www.tax.gov.ae
2. Look for the TRN VERIFICATION tab on the right side
3. Enter the TRN number to be verified.
4. Enter CAPTCHA code
5. At this stage the name of the company associated with the entered TRN would be displayed

 

It should be noted that input value-added tax cannot be claimed that if the enterprise issued by the VAT payment invoice does not hold the TRN number, the wrong TRN number is provided, and the TRN is mentioned in the invoice for the remains of other companies' missions, errors, or commissions.

 

Therefore, in order to comply with the provisions of the VAT laws and rules of the UAE, the claims of the VAT credit must be verified in all the first transactions of the business supplier. Verifying the tax registration number (TRN) is a simple and simple process that can cause the company to avoid the loss caused by the incoming credit invoice.

 

 

Things to Consider When Hiring an Accountant in Dubai for Your Company

It is very important for any business owner or general entrepreneur to have a reliable and honest accountant on their side working for their company’s best interests and making sure that you see the fiscal limits and overall potential on a very regular basis. If you have business in Dubai then it is a must to do vat filing dubai. The registration can be done online by filling VAT registration form UAE and

 

The kind of advice is vital to the success of any business or company and understanding what the market limitations are and you can find some ways around certain problems is just a small part of what accountants offer to the business.

 

There is no doubt that it takes a lot of time and an overall commitment when you hire an accountant. So it’s very important to make sure that you are teaming up with the accountant that is best for your company or business. If you are looking for VAT consultants in Dubai then here we are. You can do VAT registration online and also can VAT return filing online easily.

 

We are very lucky to have teamed up with a certified public accountant in Dubai to collaborate with us on this list of the 4 things you should consider before hiring an accountant for your company or business.

 

And by looking through this list you will be much more prepared to make the right hiring decision for the accountant.

 

1 - Experience is the Key

Experience plays a very important role in any field. The very best accountants are going to be able to prove you that they have a great experience in the field they helped companies in your field and are a special expert in the field of accounting.

 

Making sure your accountant is an experienced person in your field is an important key but they at the very least should have experience with the similar companies.

 

It is probably best not to hire such a general accountant becauseyou will want someone who knows the operational requirements of your company.

 

2 - Service Levels

All accountants are going to be different in terms of the service they provide to their clients. So you should always know beforehand while you are hiring them for your company. You could need bookkeeping services and in that case you could require full service accountants.

 

If you are in need of more precise and specific tasks you can find more specialized accountants to support you and your company.

 

3 - Understanding the Goals

This is one of the biggest things to consider when you are higing an accountant for your business or company. When hiring an accountant you should hire someone who understands where you are trying to go with your business and the overall ambitions you have as a business/ company owner.

 

Your accountant should know what you are trying to bring to the table and why you need their help, and how you can complete the goals of the company in terms of financial performance for years to come.

 

These types of discussions will not only bring the right hiring option for you but it can also lay out the blueprint for your company to fulfil its intended potential. The way to achieve the company potential almost always will go right through the empowerment of an accountant in terms of fiscal intelligence.

 

 

VAT registration form UAE is available online you can also check the VAT return filing date in UAE online we are the best VAT consultant in DUBAI.

How to Avoid wrong tax return filing?

 

Some common mistakes while You File Income Tax Returns

The due date for filing the tax returns for individual taxpayers is 31st of July. Putting it off until the last minute and filing it in a hurry can lead the taxpayer to disclose the incorrect information which might have a negative impact on the outcoming filing of the returns.

 

Vat returns can either be filed manually or can be filed online easily. In fact e-filing of a tax return is mandatory in UAE or Dubai.

 

There are lots of companies out there which are not doing their tax return correctly and resulting in paying heavy penalties from the federal tax authority of the country.

 

In case of any wrong submission of tax return the voluntary disclosure needs to be submitted along with the correct figure. When submitting the correct figure in voluntary disclosure all calculations need to be done very carefully and our Vat return filing services is having a dedicated team of specialists in this area with one hundred percent of success records.

 

There is a fee of AED 3000 for the first time voluntary disclosure submission and in case of repetition this fee goes to AED 5000 for per submission and The VAT Consultant Dubai vat registration online company can help with this in a very professional manner.

 

Once the submission of this voluntary disclosure is done correcting the wrong submissions of the VAT tax return, the FDI(faderal tax authorities) takes upto 3 to 6 months to accept the wrong submission of the VAT tax return via voluntary disclosure.

 

In case of insufficient information which is provided to correct the wrong submission done by you of tax return via voluntary disclosure, the FDI will request some more information either calling on the registered phone number provided by you or via e-mail and The VAT Consultant Dubai can help to prepare for the wrong tax return in the form of correct tax return.

 

The VAT Consultant in UAE is one of the best and reputed VAT consultants in Dubai who provides any kind of VAT consultancy service in UAE, VAT registration in Dubai, . Since the announced introduction of VAT in January 2018, we have helped hundreds of companies and businesses which are based in UAE or Dubai by providing them with the necessary financial advice on VAT registration in UAE or on VAT return filing. VAT settlements and non submissions of tax returns due to which they are certain fixed and daily penalties imposed by the FTA.

 

Filing TAX Returns Some Common Mistakes

 

1 - Selecting the incorrect VAT registration form(VAT registration form UAE are available online to fill)

2 - Furnishing Incorrect Information

3 - Quoting the Wrong Assessment Year

4 - If Tax is deducted on the interest income it need not to be reported in ITR

5 - No need to file tax returns if tax has been deducted already

6 - Failure to reconcile TDS with VAT Form

7 - Not disclosing all the sources of Income

8 - Entering the correct details manually

9 - Form 16 from two more employers

10 - Not paying advance tax - self assessment tax

11 - Calculate the deductions that can be claimed

12 - HRA not given by the employer

13 - Failure to dispatch ITRV on time

14 - Interest on NSC is all tax free

15 - Donations are 100% exempt

 

vat return filing date in uae

 We Handle Paperwork, Communication & Provide Guidance On VAT Implementation For Your Firm. The Vat Consultant Specialists Provide Tailored Advice & Solutions Based On Your Business Needs. Free Consultation. Easy Business Setup. 24/7 Live Chat Online. vat consultants in dubai

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The Vat Consultant is a leading finance agency in Dubai, If You are planning to fill VAT Registration form UAE then you should Contact us 971-501897335. Registration of VAT, Online VAT Registration, VAT Registration Dubai, VAT Registration form UAE.

vat registration dubai

What is VAT?

VAT means Value added tax which is imposed by the government of any country on the goods or services manufactured or produced and then that VAT(tax) is transferred to the general public who buys the product or service at the end after the manufacture or production by a company or business.

                         

In many countries the VAT is also known as goods and services tax like in India VAT is known as GST(goods and service tax).

 

The tax is levied on the price of a product or service at each stage of the production or manufacture or distribution or the sale to the end customer. The ultimate customer is a business that collects and then pays the government. VAT on its products or services produced by them and then they can reclaim the tax paid.

 

The VAT tax is somewhere similar to Sales tax but with many other differences and specialities. For every service provider or business it is compulsory to do VAT registration and the VAT registration can be done online or offline both. If you want to do VAT registration online you can also do it from home or any cyber cafe.

 

Gulf Cooperation Council VAT system

Rapidly increasing growth and pressure on the GGC governments to provide infrastructure to the urban areas and support them the Member states of the Gulf cooperation council(GCC) with together make up the Gulf cooperation council have felt that they need to introduce a tax system in the whole region.

 

In particular the United Arab Emirates(UAE) was the first country in the region who implemented the VAT tax from 1st January 2018 after that other GCC member countries followed the same route of taxation. After that VAT registration UAE or in particular anywhere in the UAE whether you are in Dubai or any other city of UAE its compulsory to do VAT registration Dubai or UAE.

 

For the companies who have annual revenue more than $102,000(DHS 375,000) vat registration dubai
 UAE is mandatory.

 

Oman minister of Financial Affairs indicated that GCC countries have agreed the introductory rate of vat which is 5%.

 

The Kingdom of Saudi Arabia introduced the VAT system on 1st jan 2018 also at the rate of 5% however they increased the VAT value from 5% to 15% in the country as of July 2020(due to the effects of the Covid 19 pandemic and the crash in the Oil prices in the Gulf region) which is much higher than UAE. So it is beneficial to start business in UAE than Saudi to save much money from value added tax. Only you have to fill VAT registration form UAE and you can do it online or offline both.

 

 

Criticism of the VAT over the world

 

Fraud risk of criticism

VAT overclaiming is a risk for the state due to carousel fraud.

 

Cash Flow impacts

Multiple VAT charges over the supply chain which gives you rise to cashflow problems due to refund delays from the tax administration authority.

 

Compliance

In many European countries the customer, seller and also the marketplace are responsible for the VAT no. verification for the parties involved in the transactions.

 

 

You can do online registration for VAT easily with The VAT consultant.