If you are in UAE, then all you need is to return the VAT online or right through the FTA, which is also known as the Federal Tax Authority. This FTA portal has been designed to accept the returns only through online mode as offline capabilities to file VAT return through XML, EXCEL or any other usefulness are presently not available. This implies that the taxpayer is obligatory to manually deliver the values of Sales, and purchase as well.
Process of Filing VAT Return in UAE – VAT Return Form 201
- Taxable Person Details
While filing the VAT returns policy, the very first thing that you will have to do is to give the detail of the taxable person. These details will be auto-populated.
- VAT Return Period
The details like VAT return period for which you are presently filing the return, the Tax Year end, VAT return period reference number and VAT return due date will be auto-populated. The tax year end is significant for businesses that are not able to recuperate all of their input VAT and need to perform an input tax apportionment annual adjustment.
- VAT on sales and all other outputs
You need to just furnish the details of the standard rate taxable supplies at the Emirates level, zero rate supplies, exempt supplies, supplies subject to reverse charge mechanism etc.
- VAT on Expenses and All other Inputs
Then, you require furnishing the entire details of expenses or purchases on which you have just paid the VAT at the standard rate of 5% and then supplies to simply reverse charge basis right along with eligible recoverable input tax.
- Net VAT Due
This specific section indicates your VAT payable for the VAT return period. The box number 12: Total Value of due tax for the period indicates the total value of output tax that is due for the Tax Period. It will be normally calculated based on the information declared in Sales and all other outputs. It will be the sum of output VAT and Adjustments columns in the Sales and all other outputs.
- Additional Reporting Requirement
This specific section is applicable only for the businesses that have just and applied the provisions of the Profit Margin Scheme during this period. Else, you will be able to tick ‘No’ and proceed to the next section. It is only the additional reporting which does not have any financial impact on your VAT Return.
- Declaration and Authorized Signatory
It offers the authorized signatory details and ticks the box next to the declaration section to submit the VAT Return. The taxpayer comes with a certain option to save the details as a draft and submit it later.