LEAD-Accounting provides services connected to VAT. It consists of a team of professionals that are ready to help you and your company with both local and international matters. LEAD-Accounting assists with identifying and mitigating tax risks, meeting compliance requirements, implementing tax strategies that complement the operational goals of the company, managing tax accounting and reporting challenges, and designing best tax practices. The following services are available via LEAD-Accounting:

• VAT Registration / Deregistration and Amendment
• VAT Return Filing in Dubai, UAE
• VAT Refund
• Voluntary Disclosure

VAT Registration / Deregistration and Amendment

The Value Added Tax or VAT is a tax levied on the use or consumption of products and services at each point of sale. A company should be required to register for VAT if its annual revenue exceeds AED 375,000 in the UAE. In addition, the UAE VAT law introduces unique VAT deregistration provisions, which require a company to be compulsorily deregistered if the company fails to meet certain criteria.

The UAE tax registration/deregistration and amendment process comes with its own set of complications. During the VAT registration process, various documents and details need to be completed. Organizing information accurately requires great knowledge and persistence. That’s where our tax registration service comes in handy. In addition, the FTA requires several clarifications and declarations for the deregistration of a company. Any non-compliance or delay may result in a heavy penalty under the UAE VAT Law.

VAT Return Filing in Dubai, UAE

According to the UAE VAT Law, it is the responsibility of the taxpayer to ensure that the VAT calculated, accounted for and documentation is in accordance with the UAE VAT Laws. We operate in a constantly evolving tax, operational and technological landscape that creates more risks for taxpayers.

A tax return is a document through which a tax registrant submits the details of his supplies and purchases to the Federal Tax Authority (FTA) in the UAE. Filing VAT returns in the UAE depends on the tax periods assigned to your company by FTA in the VAT register. The FTA, during the stages of approval of the VAT registration, determines the tax periods for the registrants, which can be monthly or quarterly as deemed by the authority.

VAT Refund

When your declaration has an input VAT greater than the output VAT. In the meantime, as a taxpayer, you can apply for a refund of the excess amount with the help of Farahat & Co’s regulated tax agents in Dubai. Input VAT is a tax payable on items (goods and services) purchased by a business or taxable person in the UAE. Output VAT, on the other hand, is collected as a tax on items sold by businesses or taxable persons in the UAE.

Eligibility for VAT refunds

Since the introduction of VAT in the United Arab Emirates, the firm and its reputable team of tax specialists assist clients eligible for VAT refunds, which include:

A taxable person or business entity that has paid an excess amount for VAT

Foreign tourists or companies visiting the UAE

Foreign governments, military corps, institutions, international organizations and the like that have incurred VAT on any item supplied in the UAE

Voluntary Disclosure

In accordance with article 10 of the Execution Regulation of Federal Law No. (7) of 2017 on Tax Procedures, a taxpayer must make a Voluntary Declaration to notify the TLC of an error or omission in his tax return, liquidation of taxes or tax return. request refund. However, FTA may reject the Voluntary Declaration in the event that a taxpayer submits an application that is ineffective or without documentary support.

We have assisted several clients in filing the Voluntary Disclosure form and gained acceptance through full application writing, document review, and ongoing liaison with the Federal Tax Authority (FTA). Our team of VAT experts will guide you throughout the process and after the application is submitted.