How VAT Return Filing In The U.A.E Works
VAT return filing can be performed by a tax consultancy firm in Dubai. It is an online form that needs to be submitted to the FTA. The VAT return filing would indicate the businesses’ output tax and input tax along with any other information. The return can be filed by the business it self or Tax Consultant.
The FTA informed big businesses that they need to file VAT returns by the 28th of February as the first tax period ended on 31st January. There were some adjustments made by the Federal Tax Authority to offer businesses some flexibility as a number of them had made requests for minor adjustments following this announcement.
If your business needs to perform VAT return filing and you need an authorized or taxable person, a tax consultant in Dubai can file the return on the 28th day of every month. The payment should be made by the deadline is the 28th of the following month of your filing accounting period. For instance, if the deadline is on a weekend or bank holiday, the due date will be extended to the next business day. For businesses that file late or forget to file there will be penalties to pay.
As the Federal Tax Authority applies different tax periods for different groups the taxable person can request it to be on a monthly or quarterly basis. There is an option to request to change this period. These are complex steps that a business cannot handle on its own, whether it is a company located on Dubai’s mainland or in the free zone. And changing tax period should be done by an expert tax consultant to suit the best interest of your company.
Tax period relaxation means that associations and other similar organizations like clubs can take time to comply with regulations and make the first return filing.