UAE Tax Residence
UAE Tax Filing and Reporting
Schedule your appointment with MTR Experts, the leading tax consultants in Dubai to get prepared for UAE tax reporting!
UAE Tax Filing and Reporting
Running a business in the UAE has significant benefits, as no taxes and no import/export duties are being imposed. Especially if you’re running an onshore business, you should meet specific requirements, such as submitting the financial audit report for every quarter. So, are you getting ready for your upcoming tax audit? Don’t spend your precious time preparing papers, doing audits, and accounting; instead, spend your time developing your business and earning more profits by hiring our professional tax consultancy firm in Dubai.
UAE Tax Filing and Reporting
Contact us for our tax consulting services in UAE. MTR Expert is always there for your relief!
Do I require to file the VAT Return in the UAE?
Companies registered in the UAE must be a VAT Payer in the following cases:
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If the company is registered in the UAE.
If the company supplies goods or services to the local market, i.e., inside the UAE.
If the company’s turnover exceeds AED 375,000 or USD 102,000.
If you meet these terms, you must apply for a tax return in the UAE. The exact requirements apply to companies operating in Free Economic Zones too.
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Importance of Tax Auditing & Filing
Tax auditing is often accounting done for a tax-related purpose that is done in accordance with the steps required to file a UAE tax return. You may efficiently prepare, analyze, and file tax returns with the assistance of our qualified tax accountant in Dubai, United Arab Emirates, without making any mistakes. Tax accounting is just as important to the UAE economy as bookkeeping and auditing services are.
To assist businesses with their tax obligations, MTR Expert offers a wide range of tax accounting services in Dubai and the United Arab Emirates, including tax audits and tax return filing.
General Requirements for Tax Auditing in the UAE
Any entity conducting a business inside the UAE must file financial reporting, i.e., a VAT Return and an annual audit report with all information on expenses, profits, and losses. The audit report can be submitted in Arabic or English. There are a few key factors that need to be kept in mind while filing an annual tax audit, and they are as follows: -
- To submit a VAT return filing, the company must prepare an appropriate report within the stipulated deadline. In the UAE, the VAT should be filed for 3 to 6 months from the date of the financial year's end.
- The report should be accurately prepared, certified by the auditor, and submitted to the authorities where the company is registered. It can be either a Dubai Free Trade Zone or Dubai Mainland.
- The company should submit the annual financial return statement within a fixed time frame. If a company misses its deadline to submit its tax filing, its license cannot be renewed.
Advantages of Hiring an Audit Firm in Dubai
Companies registered in the UAE must appoint an accredited auditing firm to prepare the audit report. Even if the company doesn’t conduct any business activities in the last financial year or if there is no profit or expenses, it is still necessary for the company to prepare a report but will be simply zero results. The advantages of hiring a VAT Consultants in Dubai are listed as follows: -
- Professional auditors will always stay updated by knowing the latest tax reforms so that you can rest assured that your tax filing will meet all the requirements of the IRS.
- By hiring an auditing firm, no need to get an in-house auditor, and you do not need to invest in equipment and specialized software to get the work done. As auditing firms are already equipped with the required resources and training programs, you do not need to start from scratch. All you need to do is – Call them, enquire about their services, hand over the financial documents, and let them handle the rest.
Contact Us!
Whether to perform auditing by yourself or hire an auditing firm is undoubtedly up to you. But, getting help from professionally trained auditors can help to reduce the time and effort you allocate for a financial audit. So, why are you waiting for? Contact MTR Expert, the leading auditing firm in Dubai, UAE.
Frequently Asked Questions
1. Who must file monthly VAT return in UAE?
Regular VAT returns must be submitted to FTA by taxable firms, often within 28 days after the conclusion of the 'tax period' that varies depending on the type of business. A "tax period" is a defined time frame for which the applicable tax must be determined and paid.
2. What are the types of taxes in the UAE?
Individuals are not subject to income tax in the UAE. However, it imposes corporate taxes on foreign banks and energy firms. Specific products that are particularly damaging to the environment or human health are subject to excise taxes. Most goods and services are subject to value-added tax.
3. Is VAT return monthly or quarterly in the UAE?
Once a year, two months following the conclusion of your accounting period, you must submit your VAT return to the FTA (Federal Tax Authority)
4. How to Submit a VAT Monthly Return?
Filing a VAT return is a 4-step process.
- Download the latest VAT return in the Excel format
- Complete the excel format by mentioning all the details in the relevant sheets
- Generate aa zip file
- Upload the zip file into the FTA portal.
Get help from our tax consultants in Dubai to submit your VAT & tax returns without any hassles.
