VAT Return Filing Services

VAT Return Filing Services in UAE

Every business or person dealing in taxable supplies with turnover over AED 375,000 are required to register themselves with the FTA and obtain a TRN. After the Tax Registration Number is received, it is also necessary for the businesses to file VAT returns with the FTA within the prescribed time limit for the specified tax period.

The time period specified to get the VAT return filed is within 28 days from the end of the tax period. A VAT return summarizes the value of all the supplies and purchase made by the taxable person during the tax period and shows the total VAT liability that needs to be paid by the taxable person to the FTA.

The liability of the VAT is shown in the VAT return filed and is basically the difference between the output tax payable and input tax recovered during the tax period.In cases when the output tax is more than the value of input tax, the variance needs to be paid to the FTA and in cases where the input tax exceeds the output tax, the excess input tax needs to be recovered by the taxable person and the excess input tax can be set off against subsequent payment due to FTA.

In order to calculate the tax liability correctly, it is important to identify the output as well as the input tax. The details of input tax and output tax is as per below:

Input tax:

• Tax on import of goods and services
• Tax on standard rated purchases and expenses.

Output tax:

• Tax liabilities under standard rated supplies
• Tax liabilities on imports through customs
• Tax refunds provided to tourists
• Tax liability on import of services

VAT returns needs to be filed within 28 days of the end of tax period. The tax period for businesses is determined on the following two basis:

• Quarterly for businesses with an annual turnover below AED 150 million
• Monthly for businesses with an annual turnover above AED 150 million

Reyson has a team of well-qualified professionals that deal with all tax related matters in the UAE and can assist your business with easier and convenient ways to deal with VAT returns filing. We can help you keep a track of all your output tax and input tax transactions that makes it easier to calculate your VAT Liability or refund amount and ensure that the VAT returns are filed with correct details and before the due date.

Along with the assistance in VAT return filing, Reyson can also help your businesses in tax planning and provide proper guidance for payment of minimal tax liability as per the provisions of the VAT law prescribed by the FTA. We can also act as representative on your behalf as and when required by the tax authorities.