Elevating Your Business with Expert VAT Guidance – Where Complexity Meets Simplicity for Accelerated Growth in Dubai! Canaratax Consultancy is your partner in navigating VAT registration, compliance, and refunds, offering you a streamlined approach that saves time, money, and stress
VAT Advisory: Guidance on taxability
VAT Review: Error-free review of VAT statements
VAT Return Filing: Form 201 filing
VAT Training: Employee training for VAT
VAT Registration: Navigate tax registration
At Canara Tax, our seasoned team specializes in providing expert assistance in corporate tax and VAT services to companies. Our comprehensive VAT consultancy services cover all essential aspects, ensuring compliance with VAT regulations
.
Tailor services to address unique business challenges, providing customized solutions based on specific industry needs
Discover unparalleled VAT compliance services with Canara Tax Consultancy in Dubai. Our expert team ensures seamless adherence to VAT regulations.
VAT Registration: with FTA , if taxable supplies exceeds the threshold
Tax Invoices: Issue tax invoices for all taxable supplies
VAT Returns: Submit periodic VAT returns to the FTA
Compliance with Tax Rates: Apply correct VAT rates to goods and services
Timely VAT Payment: Ensure timely payment of VAT liabilities
Explore our comprehensive VAT FAQ section for clear insights into regulations, compliance, and strategies. Simplifying the complexities of VAT
The supply of some financial services
Residential properties (excluding the first supply of newly constructed residential property which qualifies for the zero-rating treatment)
Bare land
Local passenger transport
VAT-registered businesses generally:
Report their taxable supplies and purchases in periodic VAT returns
Authorized party identity: Passport or Emirates ID
• Trade license
• Certificate of Incorporation
• Articles of Association
• Power of Attorney
Business activities description
12 months' turnover in AED
Supported by relevant sales documents
|
Rate Type
|
Rate Of Tax
|
|---|---|
|
Standard Rate
|
5%
|
|
Zero-Rated Supplies
|
0%
|
|
Exempt Supplies
|
Nil
|
Explore our VAT FAQ section for quick answers on registration, documentation, turnover, and essential details for a seamless understanding
A business must register for VAT if its taxable supplies and imports exceed the mandatory registration threshold of AED 375,000.
Furthermore, a business may choose to register for VAT voluntarily if its supplies and imports are less than the mandatory registration threshold, but exceed the voluntary registration threshold of AED 187,500.
Similarly, a business may register voluntarily if its expenses exceed the voluntary registration threshold. This latter opportunity to register voluntarily is designed to enable start-up businesses with no turnover to register for VAT.
A Person required to register for VAT needs to submit a registration application to the FTA within 30 days of being required to register.
Registration applications shall be submitted via the e-Services Portal on the FTA website
Businesses that satisfy certain requirements covered under the Legislation (such as being resident in the UAE and being related/associated parties) will be able to register as a VAT group. VAT grouping would generally simplify accounting for VAT.
No special rules are planned for small or medium sized enterprises. However, the FTA is providing through its website material and resources for these entities to assist them with their enquiries.
The corporate tax period changes based on when the company’s financial year comes to an end
|
Entities With Financial Year Ending
|
First Corporate Tax Period
|
CT Return Filing and Payment Due Date
|
|---|---|---|
|
30 June
|
1 July 2023 - 30 June 2024
|
31 March 2025
|
|
31 December
|
1 January 2024 - 31 December 2024
|
30 September 2025
|
|
31 March
|
1 April 2024 - 31 March 2025
|
31 December 2025
|
The primary form for filing VAT returns in the UAE is Form 201, which captures details of sales, purchases, and relevant VAT calculations.
The deadline for filing VAT returns in the UAE is typically within 28 days from the end of the tax period. However, businesses should check for any specific updates from the Federal Tax Authority (FTA).
Late submission may result in penalties. It is crucial to adhere to the filing deadlines to avoid any financial repercussions.
VAT payments are made electronically through the FTA portal using the designated payment methods.
© 2023 Canara .All rights reserved.Designed By Cookies Technologies.
© 2023 Canara .All rights reserved.Designed By Cookies Technologies.
