A VAT registered businesses in the UAE that make exempt, out of scope or taxable supplies must go through the Value Added Tax (VAT) return procedure. The companies who has exempted supplies are unable to claim the VAT paid on allowable expenses. The Federal Tax Authority (FTA) in the UAE has developed precise guidelines and demands that companies must follow in order to expedite this return process. This article will give a thorough explanation of the UAE’s VAT refund procedure and describe how ITC Tax Consultancy helped readers navigate this challenging environment.
Understanding UAE VAT Refunds
Businesses can recover the VAT they spent on certain expenses, including those connected to exempt or zero-rated supplies, through VAT refunds. To be eligible for a refund, though, a few requirements must be satisfied. The taxable person is required to save the tax invoice or any other pertinent paperwork including details about the import or supply for which input tax was assessed.
Eligibility for VAT Refunds
The UAE VAT law specifies particular situations in which enterprises may qualify for tax refunds. These consist of:
Role of ITC VAT Consultancy in VAT Refund Services, ITC Tax Consultancy is an invaluable resource for UAE companies looking for FTA VAT refunds. Their offerings consist of:
With the help of ITC Tax Consultancy, businesses can navigate the complicated VAT refund process with ease. By determining eligible expenses, preparing and filing refund claims, advocating for clients before the FTA, and offering helpful VAT planning advice, ITC Tax Consultancy ensures a smooth and successful refund process.
This article was published on 22 June 2023
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