It’s been more than a year since the United Arab Emirates (UAE) has introduced the Value Added Tax (VAT) from January 1, 2018. Taxpayers were obliged to file their VAT return on monthly and quarterly basis depending on the period set by Federal Tax Authority (FTA) on their VAT registration.
The taxpayers have to submit their VAT return on or before 28th day of the month following their tax period or first business day after, in case of public holiday or weekend. Failure to meet the specified deadline would mean penalties on the part of the taxpayer.
During the VAT return preparation, a number of certain wrong practices were identified which become a major pitfall across businesses. These wrong practices are summarized below:
Taxpayers should be wary of the wrong practices mention and should start to mitigate the issues. You are always beating the deadline for the filing in order to avoid the late filing penalty. Hence, are you filing the correct VAT return?
For consultation and inquiries on your VAT return filing, feel free to reach us! Our team of VAT Compliance professionals can help you prepare, implement and manage your VAT Return Filing requirements. Get in touch and learn more by contacting Augusto Dela Cruz (firstname.lastname@example.org) at +971 55 389 1625.