10 Essential Things to Know before Filing your VAT Returns

As a business leader or entrepreneur, you must ensure your business is aligned with local regulations at all times.

To avoid facing any issues with the Federal Tax Authority (FTA), here are 10 key tips to take note of, as you present your VAT Returns:

1. Three Calendar Months as the Standard Tax Period

2. Tax Returns Submission Date

3. Emirate-specific VAT on Sales

4. Zero-rated Supplies & Exempt Supplies

5. Maintaining Documentation for Exports Goods

6. Import of Services Reporting

7. Foreign Currency Transactions Reporting

8. Recovering VAT on Input Expenses

9. Recovering Input Tax & Conditions

10. Keeping Records for 5 Years