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Under the UAE VAT, an official tax document known as VAT returns needs to get submitted to the Federal Tax Authority before the due date. FTA strongly suggests filing VAT returns and VAT payments not later than 28th day of the month following the Tax period. It is to be done by a Taxable Person or the one who has been authorized by the Taxable Person (a Tax Agent or a Legal Representative) at regular intermissions depending upon the tax period. VAT returns should display the details of any output tax due and input tax recoverable in conjunction with additional information as required in the VAT return.
Alankit’s key strength is its business generation not only through the leads that come into its bucket but also with the references it generates by delivering exceptional services to its clients as Customer Centricity is the rationale.
While completing VAT returns, amount must be in the UAE currency (AED) and must be rounded off to the nearest fills. Mandatory fields shouldn’t be left incomplete and “0” is supposed to be used if amount is to be declared. Every registrant is required to provide genuine details while VAT returns Filing. A sample list of the details to be summarized under Taxable Supplies is listed below:
A taxable person should do the VAT returns Filing by not later than 28th of every month complying by the Tax period regulations or a specific date requested by the Federal Tax Authority. For instance, if the first VAT returns period of a taxpayer is January 2018 to March 2018, his VAT returns Filing due date should be April 28, 2018. In case of any due payment, it should also be paid by the same deadline. If the due date falls on a weekend or a gazette/national holiday, the deadline gets extended to the first business day afterwards. Post VAT returns Filing; penalty of AED 1,000 is levied for the first time delay occurred. The penalty gets higher for non-complying of VAT returns Filing subsequently.
To every taxable individual, a standard Tax period of three calendar months is provided. However, FTA has allocated different Tax periods for a particular group of Taxable individuals.
Alankit is a dedicated solution provider that manages all the e-Governance, Accounting, Auditing, UAE VAT, Indian Income Tax, NPS and Financial Services requirements. Alankit’s superlative network with swelling global presence, flawless customer service as customer centricity is prime and up to the minute technology aids in acknowledging, understanding and developing pertinent solutions to the ever-growing demands of its clients. Thus, it makes it unchallenging for the clients to meet their compliance and investment goals in a hassle-free manner. Alankit’s assistance to its clients to make them manage their VAT transactions efficiently by complying with the VAT laws and advising on transactions is exemplary where the TAX experts not only ensure compliance with the latest rules and regulations but also provide unique and customized solutions on the basis of clients’ requirements. This makes Alankit an enduring industry expert.