VAT Return Filing Services

BY AKM ACCOUNTING

Every registered person is required to file a VAT return within 28 days from the end of the tax period for which the VAT return is due. VAT return must be filed by filling and submitting ‘VAT form 201’ available on FTA online portal. You can simply login to FTA eservices portal by entering username and password and access the” VAT201-VAT returns” form to proceed further.

VAT return if not filed within the stipulated time frame will attract fines and penalties. The amount due for payment must also be settled within 28 days from the end of the tax period otherwise a percentage based penalty will be charged on the amount due.

AKM Accounting can help you filing error free VAT return on your behalf. Our VAT experts can visit your office on weekly/monthly and quarterly basis to make sure that all the business transactions are properly accounted for to abide by the VAT laws.

While filing the VAT rerun one has to be careful while inputting the information in the prescribed VAT return form. Each field has to be understood properly to enter data for filing.

Major contents that need to be understood before filing VAT return:

VAT on sales and all other outputs include:

  • Standard rated supplies in Seven emirates
  • Tax refunds provided to tourists under tax refund for tourist scheme
  • Supplies subject to the reverse charge provisions 
  • Zero rated supplies 
  • Exempt supplies 
  • Goods imported into the UAE
  • Adjustments to goods imported into the UAE

VAT on expenses and all other inputs include

  • Standard rated expenses 
  • Supplies subject to the reverse charge provisions

VAT is payable to FTA if:

VAT on sales and all other outputs is more than the VAT on expenses and all other inputs

VAT is refundable from FTA if:

VAT on sales and all other outputs is Less than the VAT on expenses and all other inputs

If a VAT registrant fails to file a tax return within the specified timeline, he will pay AED 1,000 in fine for the first offense and AED 2,000 for repetition within 24 months.