What is the procedure for VAT registration in UAE?
Registration for taxation is mandatory in the UAE for businesses trading goods and providing services. Value Added Tax (VAT) registration simply refers to the tax registration for such businesses.
Contrary to popular belief, not all businesses require VAT registration. Only
those exceeding the annual aggregate turnover threshold of AED 375,000 must
register. In addition, businesses that cross the total value of supplies in the
next 30 days, need to indulge in VAT registration.
The rising popularity of VAT is owed to an increasing number of businesses that
want to represent themselves as government-acknowledged entities. Once they are
VAT registered, they are authorized to collect it from their customers, and
later get it remitted to the government.
Other
reasons why businesses are inclined towards VAT registration in UAE:
1. Collecting VAT for taxable supply of products and services
2. Paying VAT to the government
3. Filing VAT returns periodically
4. Claim Input Tax Credit on VAT paid on the purchase
Therefore, it is a must for businesses to maintain proper VAT accounting
entries, UAE VAT return format in excel and gather information on how to file
VAT refund in UAE.
VAT returns and VAT accounting entries are not an easy task to manage by
oneself. It requires stepwise registration in the first place, better managed
by VAT consultants.
Online VAT registration can be done in 3 easy steps in a hassle-free manner:
- Create an
e-Service account with FTA and sign-up using your credentials.
- Fill the
VAT Registration Form with all relevant details required.
- Review the
form to avoid furnishing incorrect details, and submit it.
On the verification of the VAT registration process, the business gets allotted
a 15-digit unique identification number, or the VAT Registration Number or Tax
Registration Number (TRN).
Alankit is an industry leader in providing accounting services across the region with diverse market exposure and industry acquaintance. Taxes and tax-related services in the UAE include VAT registration, VAT returns services, VAT accounting entries, etc.
Saving man hours, and avoiding tedious processes, loads of paperwork, head straight to Alankit for secured, stepwise, and hassle-free VAT services.
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