VAT Return Filing Services

Importance of VAT Return Filing

VAT Return Filing is basically a financial health check of your business. VAT Return Filing guarantees-

• Compliance Confidence
• Economic Clarity
• No Substantial Fines & Consequences
• No disruptions to Operations
• Strategic Decision-Making

These are some important factors of the VAT Return Filing that help you run the business as smoothly as possible.

GreenLine makes the VAT Return Filing more of a success and less of a chore in the UAE!
We provide-

• Hassle-Free Submissions
• Timely Updates
• Tailored Approach
• Qualified Professionals
• Credibility

TAX RETURN DOCUMENTS

The Tax Return Documents require the following information-

• Your complete name, Tax Registration Number (TRN), and mailing address
• The tax period for which you're filing the VAT Return
• The submitting date of the Return Filing
• The total value of your taxable supplies during the tax period, the amount of output tax you charged, and a breakdown by the UAE
• The total value of zero rates taxable supplies during the tax period
• The total value of your exempt supplies during the tax period
• The total value of supplies that fall under Clauses (1) and (3) of Article (48) of the Decree-Law (Reverse Charge)
• The total value of fees you earned for which you are seeking to recover input tax, and recoverable tax amount
• The total value of due tax and recoverable tax for the tax duration
• The payable tax amount for the tax period

VAT Penalties

If you fail to comply with the Federal Tax Authority (FTA) requirements in the UAE, it can cause heavy penalties that can add up quickly.
The major administrative penalties of VAT Return Filing:

• If you fail to file the VAT Return timely: 

The FTA will impose a penalty of AED 1,000 if you miss the VAT Return Filing deadline. 

• Wrong VAT Return Filing:

Two types of penalties may apply in the UAE on the tax registrant if he/she makes an error in their VAT return: 

• A fixed penalty of AED 3,000 for the first and AED 5,000 for the second mistake.
• The amount of this penalty depends upon the percentage of the unpaid amount owed to the FTA caused by the error.
• on-Disclosure of Errors in VAT Return:

If a taxable individual fails to willingly disclose errors in their tax return, a fixed penalty of AED 3,000 for the first occurrence and AED 5,000 for the second will be applicable. Also, he/she may be subject to a penalty of 50% of the unpaid amount owed to the FAT authorities due to the mistake and resulting tax gains for the taxpayer.

At GreenLine Attestation, we have qualified and professional VAT experts who would never leave any stone unturned to achieve your financial goals.
We will provide monthly or quarterly visits to collect all the necessary financial details for your VAT Return Filing.

We will take care of your financial well-being under the UAE's VAT laws and FTA regulations.

We not only help you with the VAT Returns but also provide you suggestions and opinions according to updated and latest VAT trends.

We ensure to review your accounts and documents to keep compliance, so if the FTA knocks on your financial door, our VAT professionals will represent your company and handle the matter.

Advantages of Hiring VAT Return Filing Services

• Quick Revenue Generation
• Smooth Business Dealings
• Easy management
• Smooth Taxation
• Attract Investors
• Time and Cost Saving

Types of Taxes in VAT Return Filing

The types of Output and Input taxes that need to be mentioned in Form VAT201 for VAT Return Filing purposes:

• OUTPUT TAX IN FORM VAT 201
• Standard Rated Supplies - Tax liability with a VAT rate of 5% will be applicable on goods and services sold in the UAE
• Imports - Tax liability on goods bought from outside the UAE through customs
• Services from Outside the UAE - Tax liability on services from outside the country and received inside the UAE
• Purchase of non-taxable products from Outside the UAE - Tax on products bought outside the UAE on which no tax liability is formed in any respect
• Tourist Refunds – Tourists are eligible for tax refunds for purchasing goods in the UAE 

• INPUT TAX IN FORM VAT 201
• Standard Rated Expenses - Tax liability with a standard VAT rate of 5% on expenses for running a business in the UAE 
• Standard Rated Purchase of Goods - Tax liability with a standard VAT rate of 5% on purchases of goods in the UAE
• Goods from Outside UAE - Tax liability on goods bought from outside the UAE through customs
• Services from Outside the UAE - Tax liability on services from outside the country and received inside the UAE