VAT Returns Guideline Published by FTA
To address the many questions raised by businesses on the process and format for the VAT return, The FTA have issued a detailed guide to help businesses navigate the e-Services portal. The VAT return is a binding commitment on the named person filing the turn in terms of on accuracy and completeness of the return and hence the guide is designed to be read in conjunction with the Taxable Person Guide for VAT to file Value-Added Tax (“VAT”) Tax Return (Form VAT201).
The guide is designed to help businesses:
• Meet compliance obligations in respect of VAT Return filing, payments of tax and obtaining VAT refunds.
• Understand the icons and symbols included in the forms.
All VAT Returns should be submitted online using the FTA portal. The return can be submitted by the Taxable Person, or another person who has the right to do so on the Taxable Person’s behalf
The Tax return will be an online submission which will allow you to input all your Sales, Purchasing and respective VAT amounts for all your transactions
The format for the return is specified for all sales and purchases and associated VAT, adjustments, provisions for other supply types (zero/exempt) and reverse charge. You must ensure the return is accurate and all meet the compliance requirements detailed in the referenced documents.
It is important to note managing the compliance and reporting from the start will minimise errors in accuracy and record keeping that are required by the FTA. Monthly checks will increase the confidence in your finance team’s VAT processes and reporting. is advisable to manage this on ongoing basis to avoid errors which can increase cost to your business if you have to defer input VAT claims to next period or have to seek professional advice at a key time for many companies.