Our multinational team of VAT training specialists possesses profound knowledge and understanding of local and international tax environments. Backed by extensive industry experience, we provide targeted solutions for various businesses in line with their objectives, requirements, and challenges.
Prepare your organization and people with the right knowledge and methodologies for effectively managing tax – consult with Rank TAX, one of the leading VAT consultancy companies in UAE and the Middle East.
Our VAT consultancy encompasses following key financial processes:
• Application of VAT to cross-border transactions
• Maximizing the process and application of VAT recovery rates
• VAT accounting and related policies (e.g., VAT groups and reverse charge)
• Review of Accounts payable process according to industry best practices
• Review of Accounts receivanle process, including implementation of correct VAT rates and sales classification
• Excellent monthly reports and Dashboards for management
• Multi-jurisdictional VAT obligations
How to file a Tax Return in the UAE?
As per Article (8) of Federal Law No. (7) of 2017 on tax procedures, every taxable person shall prepare and submit the tax return for each tax period to the authority and need to settle the payable tax within the timeframe specified in the tax law. Return filing must be done through online portal. The time frame for filing the VAT Return will be mentioned in the UAE VAT Regulations/ UAE VAT Law. We will support the businesses to file Tax Return / VAT Return.
What is the VAT liability of a registered business entity?
The total VAT amount charged by the business entity from its customers (output VAT) is to be reconciled with the total VAT amount paid/payable by it, to the suppliers on a periodical basis. The excess amount charged over the paid/payable amount is the VAT liability for the business entity and are to be paid to the government within stipulated time; expected to be one month from the end of the quarter.
What is the provision for notifying about VAT amendment?
Any person obliged/eligible to register for the tax must do so, as stipulated by the law. Registrants must include their Tax Registration Number (TRN), in all correspondence and transactions with the customers and FTA. They must also inform the authority – by filling a form – of any circumstance that might require the amendment of information related to their tax record within 20 working days.