What are the VAT-related responsibilities of businesses in UAE?

All businesses in the UAE will need to record their financial transactions and ensure that their financial records are accurate and up to date. Businesses that meet the minimum annual turnover requirement (as evidenced by their financial records) will be required to register for VAT. Businesses that do not think that they should be VAT registered should maintain their financial records in any event, in case we need to establish whether they should be registered. If youre a VAT-registered business you must report the amount of VAT youve charged and the amount of VAT youve paid to the government on a regular basis. It will be a formal submission and it is likely that the reporting will be made online. If youve charged more VAT than youve paid, you have to pay the difference to the government. If youve paid more VAT than youve charged, you can reclaim the difference.

Faqs | 👁 1069 | Posted October 21, 2018 | Share on Facebook | Twitter | Google+

| Modified: October 21, 2018 | Author: