VAT Services in UAE
Depending on the type of business, we provide an in-depth understanding of VAT services in the UAE.
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What is VAT?
Value Added Tax in Dubai is levied on the consumption or use of goods and services. On January 1, 2018, the UAE implemented Value Added Tax (VAT), charged at a rate of 5%. VAT will give the UAE a new source of revenue to continue providing high-quality public services. It will also assist the government in eliminating dependence on oil and other hydrocarbons as a source of revenue.
How do VAT services in Dubai work?
The examples below show the steps to collect VAT TAX in Dubai work.
Step 1
● A farmer grows dates picked and sold to a processing factory.
● The farmer collects VAT from the factory.
Step 2
● The factory processes the dates into dates syrup, which is sold to retail chains.
● The factory collects the VAT tax from the retail chain.
Step 3
● The factory supplies processed dates to the retail outlets.
● The retail outlets collect VAT from the consumers. The retailers receive a refund on the VAT paid to the factory.
Step 4
● Consumer purchases the bottle of dates syrup.
Criteria to Pay Value-Added Tax in Dubai
● If a company’s taxable exports and imports exceed AED 375,000 per year, it must register for VAT.
● It is optional for companies whose annual exports and imports exceed AED 187,500 but less than AED 375,000 yearly.
● The tax a business obtains from its consumers is paid to the government. Likewise, it receives a tax return from the government for taxes paid to its suppliers.
● Multinational investors may also claim the VAT paid while visiting the UAE.
Checklist of Documents for VAT registration in Dubai
Below is the checklist of documents for VAT registration in Dubai.
● Company’s Trade License.
● Complete the Company’s Contact Information.
● Turnover report with invoices.
● Bank details, including IBAN.
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The expert will help to tackle business issues by following proper Accounting and Auditing guidelines will also assist you to scale up your business. JAXA also provides various other services such as Tax Services, Payroll Services, Cash flow forecasting and many more.
Jaxa Chartered Accountants provides reliable VAT services in Dubai, UAE, supported by a team of experienced auditors and tax consultants to ensure complete VAT compliance.
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The UAE charges 5% VAT on taxable supplies of goods or services at each stage of the supply chain on tax-registered firms. Tourists in the UAE must also pay VAT at the time of purchase.
In UAE, VAT exemptions are for specific financial services, residential construction and supply of bare land, local travelers, and so on. To be considered exempt from VAT, however, the particular conditions outlined in the UAE VAT Act and Executive Regulations must be met.
Log in to the FTA e-Services Portal using your username and password. Refund forms can be accessed under the VAT tab, followed by VAT311 – VAT Refunds. Under the ‘Request VAT Refund’ box, access the form by clicking on the ‘VAT311 – New Tax Refund’ button per the screenshot.
Please fill in all the required details in the form. Any questions marked with an asterisk (*) are mandatory and must be completed to submit the form. You will be able to retrieve some fields automatically. Click on the ‘Submit’ button after completing the form.