It has been mandated by the government of the United Arab Emirates (UAE) that taxable people are required to submit their VAT returns. With the Federal Law No. (7) of 2017 on Tax Procedures, it has been stated there that the VAT return should have the data needed by the authorities with regard to tax. Businesses that are registered for VAT are expected to follow this requirement within the period of time that is ordered by the Federal Tax Authority (FTA). Not doing so would mean that the taxable people will be faced with penalties.
Since this is a new phenomenon in the UAE, it is advisable that business owners should reach the help of a VAT consultant in Dubai. With the help of these people, you can be sure that you are inputting the right information and will not be late in passing the required VAT return.
