Law and Compliance Review
VAT Compliance is essential for businesses
VAT compliance is essential for businesses registered for VAT in the UAE. The Federal Tax Authority (FTA) requires entities to comply with various VAT regulations, including maintaining appropriate records, following FTA invoice requirements, adhering to industry-specific guidance, understanding claimable and non-claimable input tax, following guidance on different types of supplies, complying with bad debts, goods returned, and voluntary disclosure requirements, and adhering to VAT refund and VAT payment requirements.
Our experts at Virtual Accountants LLC (VA) reviews the records maintained by the entity accountants with the above mentioned compliance perspective and adds value by identifying and rectifying the areas where noncompliance is made by the entity to ensure that FTA penalties are avoided, if non-compliance is detected in FTA’s inspection scheduled to be conducted once in every five years.
What is the purpose of VAT Compliance in Dubai?
If a company's Annual Turnover is below AED 187500, it is not required to register under the UAE VAT law. If the turnover is between AED 187500 and AED 375000, registration is optional. For startups, registration is mandatory if VAT expenses exceed AED 187500 (USD 50K).
Understanding the causes of non-compliance and address them in the future.
Our VAT Compliance Review is a comprehensive solution that can help you stay on top of your tax obligations. By analyzing your company’s financial data, we can identify areas where you may be at risk of non-compliance and recommend solutions to rectify any issues. Our goal is to optimize your tax strategy, reduce costs, and mitigate risks to avoid potential penalties.
With our expertise, you can rest assured that your tax compliance is in good hands. We provide a thorough review of your VAT compliance, ensuring that all necessary adjustments are made to guarantee tax accuracy. Our team is committed to working closely with your company, providing guidance and support every step of the way.
