Purpose Of VAT Returns & Registration in UAE

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Purpose of VAT Returns Registration in UAE
Asad Abbas Co
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Introduction
VAT Return/Tax Return evaluates the value of the
supplies and purchases created by a taxable
person during the tax period because it is a
periodical statement. It demonstrates the taxable
persons VAT liability i.e., a difference of
opinion between the output tax payable and the
input tax recoverable.
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PURPOSE OF VAT RETURN FILING IN UAE
Communication of its information to
FTA. Finalization of the tax liabilities, for
overpayment of taxes of the taxpayer within the
specified period schedule tax payments/request
refund. Decreases the risk of tax avoidance.
WHAT IS A TAX PERIOD?
The tax period is a specific period for which the
taxable person shall evaluate and pay tax. The
standard UAE VAT returns filing period is on a
periodical basis. However, to decrease the risk
of Tax Evasion the Authority may allocate a
Person or class of Persons a shorter or longer
Tax Period where it believes that a nonstandard
Tax Period length is needed or beneficial and to
enhance the 7monitoring of fulfillment adherence
by these businesses. At the time of allocation of
TRN for each Taxpayer, the Authority has
specified the tax period.
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VAT RETURN FILING
DUE DATE
The 28th day of the month after the end of the
tax period is the due date to file any UAE VAT
return, be it monthly or quarterly. A taxable
person should file the return on another business
day thereafter if the due date falls on a public
holiday. The taxable person should offer a nil
VAT Return by the corresponding due date if there
are no business transactions for the tax period.
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WHERE TO FILE THE VAT
RETURN
The return must be submitted electronically on
the FTA portal eservices.tax.gov.ae. Utilizing
a taxable persons registered username and
password and retrieve the return from the VAT
tab on the navigation, bar they can log in to the
FTA entrance.
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Conclusion
Vat Registration in UAE is important in persons
life as it explains the vat liability of a
taxpayer. Filing a return can save a person from
overpayment of tax for a particular period. It
should be submitted through the government
approved portal only for security
purpose. Sources Link- https//auditandaccounti
ngconsultancy.wordpress.com/2021/09/28/purpose-of-
vat-returns-registration-in-uae/
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