A registered Value Added Tax (VAT) business in UAE that makes exempt, out of scope and taxable supplied are subjected to go through Value Added Tax (VAT) return process. Certain companies who have exempted supplies are not able to claim their VAT paid on the allowable expenses. There are certain guidelines provided by the Federal Tax Authority (FTA) in the UAE that are required to be followed for expediting their VAT return process. VAT consultancy in Dubai plays a huge role in maximizing VAT returns for different businesses in Dubai. Value Added Tax Consultants in Dubai are trained in such a manner that they are aware of all rules and regulations by the FTA so that the businesses working with them do not have to go through any problems during the VAT returns process. This blog will focus on how VAT returns can be maximized in Dubai.
What basically are UAE VAT Refunds?
There are certain expenses that can be recovered by businesses, these also include those who are connected to exempt or zero-rated supplies through the VAT refunds. For the eligibility of VAT refunds a several requirements should be satisfied. It is important that the taxable person saves the tax invoice or any other paperwork that includes all the details of imports or any supply for which the input tax was imposed.
Criteria of Eligibility for VAT Refunds:
The situations that allow the enterprises to qualify for VAT refunds are as follows.
- A new house: if the UAE owners are not any business owners, they are eligible to get VAT refund on the goods and services which are related to resources of building a new house.
- Business owners who are non-residents: Non-residents of UAE are eligible to receive VAT refunds for the products that are supplied to them in UAE, but they will be exported.
- Other special categories: According to the agreements by the state party, special categories including foreign governments, international organizations and diplomatic bodies might receive VAT refunds. Other than these categories, any people or organizations mentioned by the cabinet decision that was on ministers’ recommendation may also be qualified for VAT refunds.
Steps to follow for maximizing VAT refunds:
A few steps should be followed for maximizing your VAT refunds. These are as follows.
- Accurate Record Keeping: Make sure that all your tax records are maintained from time to time, this will help you file your tax refund with ease.
- Transparent and Timely Submission of Refund Claims: You should submit your tax refund claims in time and the record should be transparent and easy to understand so the refund process is smooth.
- Separation of Expenses: Your business and non-business expenses should be segregated; it is essential for VAT refunds. In this way it is easy to know which expenses are refundable and which are not.
- Utilization of Latest Technology: Implementing latest technology can help streamline refund process. Technology based software helps businesses maintain their record efficiently.
- Keeping yourself updated on Regulatory Changes: It is important that you keep yourself updated on any changes in the regulatory framework to stay at top of different processes, in this way timely refunds can be made. You can seek help from uaetaxgpt.ae to keep yourself updated as all the latest information is available.
- Seeking Professional Guidance: Seeking help from the best VAT consultants in Dubai can lessen your tax refund burden to a minimum. The consultants make sure that your data is maintained, different expenses are separated, and the refunds are applied in a timely manner. VAT training
- is also provided by these professionals, it can also help you guide the process.
Role of ebs Chartered Accountants in VAT Consultancy Services in Dubai:
ebs Chartered Accountants are one of the Value Added Tax Consultant in Dubai. We provide the best VAT consultancy services in Dubai. We are a team of expert consultants, following are some ways in which we can help you with your VAT refund process to maximize your return.
- We will provide you with VAT planning advice to help your business reduce any VAT liabilities and maximize refunds.
- We will identify the eligible expenses for VAT returns. We will file your paperwork accordingly.
- We will represent your business before the FTA. We will settle any concerns and present proof needed for the tax refunds.
- We will claim preparation and submission, we will make sure all the essential paperwork is included which is required for backing up the claim of refund.
Our team will help you with your VAT claims in a seamless manner. From the first step to the last step everything will be covered by our team. Contact us today to help you with your VAT returns.
FAQs
What is the maximum VAT refund in Dubai?
After you have validated your goods, you may claim your VAT refund in Cash, Card or Digital Wallets. If you choose a refund in cash, the maximum refund amount is AED 35,000.
How can I get VAT back from Dubai?
After validating your goods, you can get a VAT refund via cash, card, or digital wallets. If you can’t visit a Travelex counter for a cash refund, use the Shopper Portal link sent to your phone. If you have a planet tax-free tag on your invoice, scan its QR code for the portal.
Do I get 100% of VAT back?
You can reclaim 100% of the VAT on fuel if you are only using the vehicle for business. If you are using the vehicle for both business and personal reasons, you can either: Reclaim all the VAT and pay a fuel scale charge that is specific to your type of vehicle.