VAT Return Filing Solutions in UAE
Federal Tax Authority (FTA) allows filing Value Added Tax (VAT) in UAE through its online portal. The facility is available under e-services. Form VAT 201 is required to be filled by a taxable person within 28 days from the end of each tax period, prescribed by the agency. The filing and submission of the form must be in accordance with the provisions of the UAE VAT laws. The taxable person is also liable to remit the amount of tax, within the time frame. Aimstorm Solutions offers VAT return filing services in UAE. Our experts handle it super professionally. We understand your needs and furnish a customized solution.
VAT returns can be filed after accessing the online form, and our experts help you fill the VAT return form, within the due date. The filed VAT return discloses the due tax amount, or the refundable amount, as the case may be. For a
particular tax period, the taxpayer needs to disclose the total payable tax or the input credit available against the output tax separately. Excess of the output tax, over and above the input tax is the actual liability to be paid. The details to be shared in the VAT return form include output tax and input tax.
- Output tax
- Tax liability under Emirates law, as per the standard rates.
- Liability of tax on goods imported through customs.
- Any imported goods on which tax liability has not been created.
- Tax liability related to the import of the services.
- Tax refunds provided to the tourists.
- Input tax
- Tax-related to standard rate purchases.
- Tax on standard rated expenses.
- Tax on imported goods.
- Tax on imported services.
So, basically, it’s the tax levied on the consumption of goods or services. The VAT made its debut in the six-nation block of Gulf Cooperation Council (GCC) countries. It’s another source of raising revenues for Governments in the GCC. The council decided to implement taxation as part of the Government’s efforts to diversify revenues. The International Monetary Fund (IMF) has recommended fiscal consolidation in the GCC as a result of which VAT comes into being.
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Insured Client Funds
We are a proud member of the Investor Compensation Fund which acts as a guarantor of last resort for our investors. IFC covers the maximum amount of 20.000 EUR for MiFID clients.
Investor’s money is kept in segregated accounts with top-tier banks that cannot be claimed by creditors or used by us. Account base currencies are available in EUR, GBP, USD, CHF and JPY.
Negative Balance Protection
Through the use of an automated transaction monitoring and risk management system, a Consulting WP client’s account will never be allowed to reach negative balance.
Extreme Transparency Policy
Our Extreme Transparency Policy ensures that the client receives a transparent price feed, transparent liquidity, transparent historical data, transparent market information at all times.
USD 825.000.000 NOP
The total value of all of the client’s open positions combined (net open position) may not surpass USD 825.000.000.
VAT registration, identifying the VATs that are and are not applicable for particular goods and services, the changes that VAT will bring to certain accounting practices, general information required to capture VAT for tax filing purposes, the invoices and other templates needed for filing VAT, along with the relevant information needed to do so once VAT has been determined and filed appropriately, businesses need advising in order to ensure that they completely understand the process of recording and filing VAT. They need consultants who can assist them in terms of repeated VAT filing and until their management is proficient in the entire process.
A good VAT transaction advisor works with corporate management to ensure that its clients are fully informed in terms of the latest changes in VAT laws. Additionally, they need to work with the clients to ensure that VAT is filed according to the latest legislation.
VAT Audit Services
When businesses conduct a VAT audit, they analyze and examine their overall preparedness in terms of recording and filing VAT, complying with the latest VAT rules, and identifying any major deficiencies in the VAT environment or infrastructure – this includes transaction checking. A good audit team is able to cross-check if VAT has been properly accounted for and recorded in daily business transactions, and it can also check and verify if the information reported in the VAT returns is accurate, up-to-date, and relevant.
Businesses in the UAE need a good VAT audit team or consultancy service in light of the fact that a new law regarding VAT has just been passed in all GCC member states because this makes it easier for corporate management to identify, track, and record the company’s purchases and sales flow. A good audit team or consultancy service will also verify that the information has been recorded correctly, and is relevant and up-to-date. A good audit team or consultancy service also thoroughly evaluates corporate VAT transactions to ensure that they have been done in accordance with international VAT standards. They also issue a report regarding the same.
will also verify that the information has been recorded correctly, and is relevant and up-to-date. A good audit team or consultancy service also thoroughly evaluates corporate VAT transactions to ensure that they have been done in accordance with international VAT standards. They also issue a report regarding the sam All VAT audit services will comply with the rules and regulations stipulated by the Federal Tax Authority (FTA) in the form of a guidance note. The issues to be addressed by the VAT audit team or consultancy service include: document maintenance, tax collection, payment, input tax claim, etc…The audit team or consultancy service will also identify and rectify any instances of double payment of supplier invoices and double accounting on the part of corporate management. In all, any company doing business in the UAE needs a comprehensive VAT audit team and strategy to ensure that all relevant tax accrued in the form of business purchases and sales are properly accounted for to avoid having penalties levied on the businesses. The businesses can also save themselves the headache of being audited by the Federal Tax Authority.