Yesterday was the first day that the FTA enabled companies to complete their first ever tax report.  This was only open to companies with a Monthly Tax Period.

Along with the opening up Tax Reports, the FTA issued a guideline that provides us a much better understanding of the report details.  Almost everything is per our original understanding.
The tax form requires the following to be completed:
1. Common Company Information: Most of that info will be pre-populated.
2. VAT Return Period information.
3. VAT on Sales and all Other Outputs
  1. Standard rated supplies.  (In this field, the form will require the supplies to be detailed by Emirate).  However, this is associated with the place of incorporation of the company.  So, unless you have multiple branches, and multiple entities in a group, all of your supplies will be in one emirate.
  2. Tax Refunds provided to Tourists.  (Doesn’t apply to all current clients)
  3. Supplies subject to the reverse charge provisions.  (Does NOT include imported goods with customs declarations)
  4. Zero rated supplies
  5. Exempt supplies
  6. Goods imported into the UAE (This has the customs declared items)
  7. Adjustments to goods imported into the UAE
  8. Totals (Automatic Field)

4. VAT on Expenses and all other inputs

  1. Standard rated expenses
  2. Supplies subject to the reverse charge provisions
  3. Totals (Automatic Field)

5. Net VAT Due

  1. Total value of due tax for the period (Automatic Field)
  2. Total value of recoverable tax or the period (Automatic)
  3. Payable tax for the period (Automatic)
  4. Do you wish to request a refund? (in case of excess recoverable tax)

Payment of the outstanding VAT can be made via e-dirham account, or via a credit card per the FTA guidelines.

For our VAT related services, please don’t hesitate to contact us at vat@nuummite.com

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