Tilda Publishing
VAT 2018-2019
COMMON MISTAKES & FINES, FTA AUDITS
TOP 10 VAT Mistakes in UAE
- Reverse Charge is not correctly reported upon import of services
- Exempt ≠ Zero-rated ≠ Out of scope (no VAT)
- Insurance for dependents – related VAT can not be claimed (Dubai vs Abu Dhabi)
- Capital assets scheme requirements are ignored
- Application of non-official currency rates
- Input VAT claimed against exempt supplies
- Input VAT claimed on entertainment and non-business expenses
- Non-compliant Tax Invoice and Tax Credit Note formats
- Manual rounding of VAT return data due to the 5% check on the FTA portal
- GCC rules – no GCC so far
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ACCOUNTING REQUIREMENTS UNDER
THE UAE VAT LAW
THE UAE VAT LAW
«Any Person conducting any Business must keep Accounting Records and Commercial Books of his Business…»
Federal Law No. (7) Article 2
Federal Law No. (7) Article 2
This Person shall keep these records for period:
5 years after the end of the Tax Period to which they relate.
For a further period not exceeding 4 years.
For real estate: 15 years after the end of the tax period to which they relate.
5 years after the end of the Tax Period to which they relate.
For a further period not exceeding 4 years.
For real estate: 15 years after the end of the tax period to which they relate.
Accounting records shall include the following:
- Records of payments and receipts.
- Purchases and sales.
- Revenues and expenditures.
- Balance sheet.
- Profit and loss statement.
- Records of wages and salaries.
- Records of fixed assets.
- Inventory records and statements (including quantities and values).
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Prices and functionality on the website www.accounting-software.ae
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№1 VAT accounting & inventory solution for UAE's business
• VAT compliance with automatic VAT Return generation;
• Advance accounting, payroll, and inventory in one system;
• Tax audit with FAF file is one-click away;
• Multi-company, multi-currency, and multi-warehouse;
• Ready-to-use chart of accounts and quick-start settings;
• Comprehensive reporting with drill-down to individual transactions;
• Project costing;
• IFRS compliance;
FirstBIT Accounting is the UAE's Federal Tax Authority Approved Accounting Software.
• Advance accounting, payroll, and inventory in one system;
• Tax audit with FAF file is one-click away;
• Multi-company, multi-currency, and multi-warehouse;
• Ready-to-use chart of accounts and quick-start settings;
• Comprehensive reporting with drill-down to individual transactions;
• Project costing;
• IFRS compliance;
FirstBIT Accounting is the UAE's Federal Tax Authority Approved Accounting Software.
Learn how a VAT-ready accounting & inventory solution will help you comply with the UAE's tax regulations.
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About Us
First BIT is a leader in providing complex business automation systems and all-round IT services.
With more than 20 years of expertise, the company is committed to providing businesses of any size with top-notch automation and optimization solutions. Covering the whole spectrum of financial and accounting processes and having a strong background in VAT implementation, First BIT will ensure seamless and trouble-free realignment of your business processes for the upcoming changes.
5,000+ professionals in 80 offices take care of fulfilling your business needs based on know-how and expertise gained in 150,000+ of implementations around the world.
www.accounting-software.ae
With more than 20 years of expertise, the company is committed to providing businesses of any size with top-notch automation and optimization solutions. Covering the whole spectrum of financial and accounting processes and having a strong background in VAT implementation, First BIT will ensure seamless and trouble-free realignment of your business processes for the upcoming changes.
5,000+ professionals in 80 offices take care of fulfilling your business needs based on know-how and expertise gained in 150,000+ of implementations around the world.
www.accounting-software.ae
VAT Guide is your trustful partner in taxation.
With 12 years of international tax practice, we have created an effective toolset assisting to resolve various tax issues of different comlexity. Today in the UAE, we help businesses to implement VAT, tailor existing schemes to the new rules, avoid future risks and minimize tax burden.
Due to our access to the "non-public" information and a comprehensive understanding of the business processes, we can apply cost-efficient and time-saving approaches to provide clients with maximum benefits.
Think of it as your own outsourced tax department armed with professionals ready to act immediately..
www.thevatguide.ae
With 12 years of international tax practice, we have created an effective toolset assisting to resolve various tax issues of different comlexity. Today in the UAE, we help businesses to implement VAT, tailor existing schemes to the new rules, avoid future risks and minimize tax burden.
Due to our access to the "non-public" information and a comprehensive understanding of the business processes, we can apply cost-efficient and time-saving approaches to provide clients with maximum benefits.
Think of it as your own outsourced tax department armed with professionals ready to act immediately..
www.thevatguide.ae
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+ 971 4 439 69 00
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