VAT Return Filing with FTA Portal

Value Added Tax (VAT) was introduced in the UAE on 1 January 2018. The rate of VAT is 5 %. VAT will provide the UAE with a new source of income which will be continued to be utilised to provide high-quality public services.The businesses are required to file VAT Return online using the Federal Tax Authority FTA portal We do VAT Filing as per FTA Standard.The purpose of value added tax (VAT)  is to raise revenue to finance government spending like any other tax. VAT is a consumption tax, raising revenue from consumers spending. 
VAT Returns Filing has to be done through online portal of the Federal Tax Authority (FTA) available under e-services. The form used for VAT return filing is called Form VAT 201. A taxable person is responsible to submit VAT return in the UAE in the prescribed format given by the FTA. Every taxable person is required to submit the VAT Return within 28 days from the end of each Tax period prescribed by the FTA. This must be in accordance with the provisions of the UAE VAT law. The taxable person is also liable to remit the amount of tax due to the FTA within the time frame specified by the UAE VAT Law; i.e within 28 days from the end of each tax period.

What are the information to be provided in the VAT Return? 
A taxable person is responsible to submit VAT return in the UAE in the prescribed format given by the FTA.The VAT return discloses the Tax amount due (or refundable as the case may be) for a particular Tax Period. One has to disclose the total output tax payable as well as the input credit available against such Output separately. Excess of Output Tax over and above the Input Tax for a tax period is the amount of Tax Liability to be paid. The content of the VAT Return Form includes the following: 

Output Tax: 
Tax Liabilities under Standard Rated Supplies (5%) emirates wise. 
Tax Liabilities on goods imported through customs. 
Tax on goods imported on which tax liabilities are not created – if any. 
Tax liability on import of services.
Tax refunds provided to tourists.

 Input Tax: 
Tax on Standard Rated purchases 
Tax on Standard rated expenses. 
Tax on import of goods
Tax on import of services 
Tax amount disclosed under Output Tax over and above the Input Tax is the amount to be paid to the FTA for a particular tax period within the due date.

Moreover, the VAT Return Filing services  we provide to our customers flexible and cost-effective. These emerging services with the cost-effective measures are not easy to found. Our clients realize it and  they come towards us to attain VAT filing  and accounting services. Our services are comprised of various benefits along with the magnificent features that include dedicated accountants and VAT consultants For any queries on VAT or tax consultation for companies in the UAE, VATBOX is a leading accounting and audit firm in UAE can help you with your accounting and VAT services. Do contact us.