VAT Return Filing

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VAT filing & return

VAT return filing in UAE

A VAT return outlines the value of the supplies and purchases a taxable individual or a business entity has made during the tax period and also showing the VAT liability.

When should you file for VAT?

If your business is registered for VAT, then filing should be within 28 days of the end of the ‘tax period’ as defined for your business. So basically the tax period is defined as

  1. If your business turnover is below AED 150 million then VAT filing should be on a quarterly basis.
  2. If your business turnover is above AED 150 million then VAT filing should be on a monthly basis.

Filing VAT return

Mideast Accounting can help business in calculating VAT as per the guidelines and in compliance with the regualtions set by the FTA upon furnishing all the sales and expenses. All submissions are done electronically through the FTA portal

What are the penalties involved?

  • Failure to submit VAT within the VAT period (i) AED 1000 for first time. (ii)AED 2000 on repeating the same.
  • Failure to settle the payable tax stated in the submitted tax return (i) 2% of the unpaid tax due immediatley (ii) 4% due on seventh day following the deadline.
  • Submission of incorrect tax return (i) AED 3000 for first time (ii) AED 5000 for repetition.

For complete penalty details click here