VAT / Tax Services
FAR Consulting Middle East’s team of certified VAT experts can help your business stay fully compliant with its indirect tax obligations. Our experts deliver VAT services to reduce administration burden and the complexity associated in operating within UAE markets. The firm has helped thousands of clients in adapting statutory and regulatory changes. We also offer clients direct access to tax specialists for accurate reporting and adherence to reporting deadlines.
VAT Registration in UAE
The UAE registration threshold has been set at AED 375,000, and it is based on a period of twelve (12) months instead of being aligned with the fiscal year. If it is likely for your imports and taxable supplies to exceed AED 187,500 but remain under the registration threshold, you can opt to register for VAT.
VAT registration in UAE provides clients, suppliers, and customers comfort of dealing with a registered business. From a marketing standpoint, a VAT registered business gives an impression of a more established, reputed organization.
At FAR Consulting Middle East, rely on our experts to provide:
- Assistance on VAT registration in the UAE for a faster, more efficient implementation;
- Comprehensive solutions to obtain a Tax Registration Number (TRN) and verify its validity;
- Fiscal representation for dealing with matters related to VAT implementation and registration;
- Expert guidance on the preparation, attestation, review, and submission of required legal paperwork for VAT registration, including custom registration for each applicable emirate; projected import value for a 12-month period; Power of Attorney; and identification documents of authorized signatories or company owners.
VAT Filing Returns
VAT return filing declares the amount of VAT to be paid to tax authorities and/or reimbursed to a business. The filing of a VAT return must be done quarterly as per UAE tax regulations. Take note: tax is also charged in performing business activities in jurisdictions outside the country.
Our tax specialists will ensure the proper filing of a VAT return to avoid incurring fines/penalties from non-compliance or late/inaccurate return filing. Additionally, our experts will ensure you fully understand UAE VAT compliance rules and treatment of transactions.
If you are operating outside the UAE, we can provide you the flexibility in making payments to the Federal Tax Authority with expert assistance in opening an account from a UAE-established bank.
VAT Reclaim and Recovery
Although subject to numerous conditions, a registered business may recover VAT that’s paid on the purchase of goods and/or services. For businesses needing working capital and optimum cash flow, seeking the help of tax professionals is a must to ensure they fulfill conditions for VAT reclaim and recover excess VAT paid.
Our VAT advisory team can help ensure the correct identification of supplies and imports on which tax may be recovered. This applies to the identification of reclaimable VAT across all markets where you operate. If you conduct business outside the UAE, our experts can liaise with tax authorities in supporting claims and/or information requests. Lastly, our professionals are capable of decreasing turnaround time for settlements.
VAT Implementation and Compliance
We can help you in defining a robust framework for meeting VAT obligations mandated by the local tax legislation. Our qualified tax experts offer support in maintaining full compliance with:
- Mandatory/voluntary registration thresholds;
- VAT treatment;
- FX rates;
- Support for and during tax inspections; and
- UAE bookkeeping standards
Most of our clients outsource their accounting function to us as we help ensure books of accounts of businesses are up-to-date. All purchases, expenditures, and sales are recorded with full compliance to VAT regulations.
Our credit notes and invoices are prepared using FTA-approved formats as well. As for financial accounts, they’re included in our VAT-compliant bookkeeping service to provide monthly or quarterly updates on your financial position or business position.
Changes in IT System or Structure for VAT Compliance
To comply with VAT requirements and procedures, it’s important to convey to the IT department all guidelines and information to changes in the business’s billing, accounting, and other processes. With our expertise and guidance, your IT system/structure for recording and documentation will be fully compliant.
We can also send our VAT professionals to your business premises to gain a full understanding of your existing systems and business model. An on-site visit can aid in designing a quality plan for VAT implementation for tax regulation compliance.
FAR Middle East Consulting provides control, transparency, and full understanding of changing tax regulations not just for risk management, but also to improve your cash flow. We understand that the situation of every client is unique, which is why you can expect our experts to tailor our VAT/tax services to your specific needs. Regardless of whether you need a comprehensive solution for VAT implementation or just a single service unit, call us to discuss your requirements with our tax advisory team.