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VAT is an indirect tax levied on consumption of goods or services. In simple terms, VAT Return filing informs the Tax Authority about the amount either payable or receivable. Besides assigning Tax Registration Number, FTA also allocates Tax Period and Unique IBAN for Clearing Tax liabilities.
After the end of Tax Period a Registration must file VAT Return within 28 days providing all the details of supplies made and received during the Tax Period.
VAT filing is mandatory for every registrant irrespective of its turnover.
The following are the details to be provided in th VAT Return:
- Value of Standard Rated Supplies
- Value of Goods Imported into UAE
- Value of services imported
- Value of Zero Rated Supplies
- Value of Exempted Supplies
Gulf Filings has a team of Experts to provide assistance in ascertaining Tax liability and filing the VAT return with FTA.