Vat Return filing services
After you obtained TRN, it’s mandatory to submit an official document completed by a taxable person of a business entity to Federal Tax Authority as per given instructions on VAT registration form.
Things to be provided by the client
Provided all invoices or bills including import/Export documents of a business occurred in a specific period for which the VAT return to be filed.
NOTE: Apart of above, there are various public clarifications, references, executive and guidelines issued by the FTA on a time to time basis which needs to be filed just to be up to date.
Things to do by KNACK international
Compliance and due diligence of the books provided by the customer with physical documents (weekly, monthly or quarterly basis) and to make correction if required.
- We’ll prepare the VAT return on the basis of information provided by client.
- To ensure that VAT return to be filed before the deadline given by the FTA.
- Acting as an authorized representative in front of TAX authority, if required.
Input VAT is the value added tax added to the price when goods are purchased or services are rendered. If the buyer is registered in the VAT Register, the buyer can deduct the amount of VAT paid from his/her settlement with the tax authorities.
Output VAT is the value added tax calculated and charged on the sales of goods and services.
Exempt Supply is a supply on which VAT is not charged and for which the related input VAT is not deductible.
Zero-rated supply is a taxable supply on which VAT is charged at 0% and for which the related input VAT is deductible.
Standard Rate Supply is a supply on which VAT is charged at 5% and for which the related input VAT is deductible. All items which are not coming under both exempted category, as well as zero-rated category, are coming under standard rated supplies.
Reverse Charge Mechanism is applicable while importing goods or services from outside the GCC countries. Under this, the businesses will not have to physically pay VAT at the point of import.
The responsibility for reporting of a VAT transaction is shifted from the seller to the buyer, under Reverse Charge Mechanism. Here the buyer reports the Input VAT (VAT on purchases) as well as the output VAT (VAT on sales) in their VAT return for the same quarter.
The reverse charge is the amount of VAT one would have paid on that goods or services if one had bought it in the UAE. The importer has to disclose the amount of VAT under both Input VAT as well as Output VAT categories of the VAT return of that quarter.
Reverse Charge Mechanism eliminates the obligation for the overseas seller to register for VAT in the UAE.
Our services towards VAT:
We provide qualified and extraordinary professional assistance through experienced Chartered Accountants having vast knowledge of UAE, GCC and international markets.
We assist our clients efficiently to manage their VAT transactions by complying with VAT laws and advising on transactions, our Experts ensure that the businesses comply with the rules and regulations of VAT to avoid any overpayments and Input Credit is taken correctly on time. Our VAT Return Advisory Services are intended to comply with your business needs and to take care all lose ends.
We provide VAT (Value added Tax) Services in whole UAE with accordance to the client’s business needs. Our experts are devoted to provide the best VAT Advisory Service in the UAE to the clients in compliance with the rules and regulations of VAT in the UAE having their international experience in Taxation. Our team at KNACK is professionally equipped with relevant industry experience from diverse ends of the globe.