Deadlines issued by Federal tax Authority
The FTA gave these companies until April 30th 2018 to register for value-added tax (VAT) to avoid administrative penalties as many of them couldn’t meet the earlier deadline due to technical, manpower and other issues.
Analysts said the companies who missed the deadline were smaller businesses, those in free zones and branches of foreign companies.
Source: Khaleej Times
The FTA has provided the first VAT return period from January 1 to May 31 and subsequently on a quarterly basis. This means the first return will need to be filed on or before June 28th 2018. You must log in into your FTA Portal and check the tax period under your profile.
Source: Khaleej Times
Our VAT specialist accountants can assist you with the following:
- Awareness Phase:
Industry specific VAT awareness and training to:
- Business owners/ Entrepreneurs
- Accountants / Account Executives
- Purchase / Procurement Executives
- Customer Service Executives
- Plan and analyze phase :
Identifying the business resources and strategy associated in implementation of VAT
- Entry Phase:
- Assistance in mapping the supply chains, business units and all other systems. Understanding the legislation prepared by the government.
- Preparation and planning solutions for the issues that would be appearing during the actual implementation of the VAT.
- Registration for VAT with the Tax authority containing appropriate details and making proper decisions with respect to Mandatory and Voluntary Tax Registration, Tax Group etc. You will receive a TRN number once your registration is successful and this would be used as a reference number while you file your tax returns.
- We also provide advice on special VAT schemes such as VAT groups as well as prepare VAT-Manual/Guidelines for your staff.
- Assistance in Implementation with your internal systems.
- Testing Phase:
Testing if the business is complaint with the new VAT Law
- Live Implementation:
- Preparing and filing the quarterly VAT returns with the TRN number.
- In compliance with the new law requiring to maintaining business accounts and important documents for 5 years, you can outsource your accounting and advisory with us.
Benefits of being VAT Ready in advance
- Minimize risk of fines and penalties because of VAT violation
- Increase the VAT returns on the business inputs
- Get your business compliant to new VAT Law & Regulations and become aware of exceptions and take the necessary measures.