UAE enjoyed a long period of tax exemption, but the impact of the global market made it necessary to implement a tax system in 2018. VAT was one of the taxes that was levied on the sale of commodities. To help the domestic suppliers, this tax is also levied on imported goods and services. Due to the fact that VAT is levied on both goods and services across the supply chain, the UAE now requires VAT registration more than ever. Manufacturers and merchants must register for VAT in UAE in order to abide by the new tax law. While some providers are required to register, others choose to do so voluntarily.

 

Our offerings

 

VAT registration 

VAT refers to Value Added Tax. It has been considered as a mandated consumption tax on products and enterprises. At present, just about 160 countries have imposed this idea in their country law and the expanding pace of Value Added Tax (VAT) acknowledgment has brought about a higher number of VAT Consultancies the whole way across the globe.

Businesses having taxable
supplies and imports above
AED 375,000

Mandated to apply for VAT
registration

VAT Deregistration in UAE

UAE VAT Article 22: Application for VAT De-registration

All businesses with an annual turnover of more than AED 375,000 are required to get themselves registered for VAT and submit the tax returns to the FTA (Federal Tax Authority). As long as the business is operating in the UAE, a valid VAT registration needs to be available with the business. However, there could be a need at times when the business is no longer operating in the UAE or not achieving the mandatory turnover limit over the year, in such cases, the businesses could apply for deregistration with the FTA.

If a business ceases to make or deal in the taxable supplies and if they are dealing in the taxable supplies, but are unable to have a turnover of AED 375,000 in the preceding 12 months must apply for the VAT deregistration within 20 business days from the occurrence of the event.

If a business whose taxable supplies were more than 187,500 had themselves registered voluntarily for VAT and 12 months have elapsed since the date of registration, then the business may apply for voluntary deregistration.

Milestone Financial Brokers, as one of the leading VAT consultants in UAE assist the businesses in the timely fulfillment of the de-registration formalities so that the hefty fine could be avoided. For further information, contact us now.

VAT return filing service in UAE

A taxable person is responsible to submit a VAT return in UAE in the format given by the FTA, within 28 days from the end of each tax period. In accordance with the provisions of the UAE VAT law. The taxable person is also legally responsible to send the amount of tax due to the FTA within the time frame specified by the UAE VAT Law; i.e. within 28 days from the end of each tax period.

Our team will assist you in following manner:

  • We will visit your office on a periodical basis (weekly/monthly/Quarterly) to compile the information for filing the VAT Return. At the end of each VAT return period, we prepare the VAT return on behalf of your company in accordance with the provisions of UAE VAT law.
  • We ensure that the VAT returns are filed within the specified time in each tax period.
  • Proper guidance for the payment of Minimal Tax Liability as per the provisions of the UAE VAT Law will be advised.
  • Optimal Tax Planning for the company will be done.
  • We will be available to represent you in front of the relevant authority on behalf of you as and when required.

 

 

For further enquiries contact us