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Starting from 1st January 2018, the businesses registered under UAE VAT are required to file online VAT returns. The VAT returns are required to be filed on a quarterly basis and a few types of businesses may be requested to file on a monthly basis.
The VAT return form 201 is at a summary level or a consolidated level. In which the registered person has to furnish the consolidated details of total supplies - both purchase and sales, output VAT collected on supplies, eligible input VAT paid on purchases, input VAT recovered and the total tax due.
The UAE VAT Executive Regulations has prescribed the mandatory information which needs to be declared by the registered person in his VAT Return. The following are the details which need to be contained in the VAT Return:
The Tax Registration Number (TRN) provided by the FTA needs to be furnished in all the VAT Returns. Based on the TRN number, the name and address details are expected to be auto-populated.
The VAT returns need to be submitted within 28 days following the end of the VAT return period. Here, the date on which returns are submitted will be captured.
Tax Period is the return period to which the Tax Return relates. For example, for January to March'18, it will be Jan-Mar'18.
You need to furnish the value of supplies (sales) and output VAT collected during the return period. Also, the supplies need to be categorized into the following:
This includes all the domestic supplies on which 5% VAT is applicable. Further, these details need to be furnished at the emirates level as shown below:
The details of notified supplies which are under Zero-rated list needs to be furnished in this section.
Supplies such as financial services, residential building etc. which are notified as exempt supplies need to be captured here.
Supplies such as imports and other notified supplies on which the recipient or buyer is liable to pay VAT on reverse charge mechanism.
You need to declare the value of expenses incurred on which you are eligible to recover Input Tax and the amount of Recoverable Input Tax in the VAT return period. Please note, the value of input tax credit which is restricted or which you are not eligible to claim, should be reduced from the total and only the net value needs to be mentioned. Also, the total expenses and recoverable Input Tax needs to be shown separately for standard rated expenses (on which 5% VAT was paid) and the expenses, subject to reverse charge.
You need to mention the total output tax collected and recoverable input tax during the return period.
This will be arrived at, after adjusting the Output Tax with Recoverable Input Tax. If output VAT is higher than input VAT, it will result in VAT Payable. Otherwise, it will be VAT refundable which can be carried forward to next return period or can be claimed as a refund.
The above are the some of the mandatory details which need to be furnished in the VAT return form. Apart from the above mandatory details which is applicable for most of the businesses in UAE, the return format consist other additional details listed below.
Click here to download VAT Return Format
The VAT returns are required to be filed electronically i.e. the businesses are required to prepare the return in the prescribed format and manually keen the values in FTA portal. It is a must for businesses to have a software which will not only help the business to account for VAT but also helps the businesses to generate the valid VAT return forms in the format which is accepted by FTA.
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Reverse Charge Supplies in VAT Form 201, VAT Reverse Charge Mechanism, Conditions for applying reverse charge VAT in Gold and Diamond Business
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