Well, here is a piece of huge news for business visitors in the UAE. now, they will have to start securing the VAT refunds as well.
Federal Tax Authority has now released news that the business visitors will also apply for the VAT refund.
The basic reason behind this implementation is nothing but to make the country stronger than ever. Now the business visitors will also collect VAT and will apply for VAT refund to the federal tax authority. It will add more value to the company’s economy rendering it to become successful than ever.
People who have been considered qualified for securing the VAT will be able to simply dedicate their form from the FTA website. There they will have to complete all the further processing so that they may be considered eligible for the VAT refund.
The minimum amount that can be reclaimed by the business visitors is Dh 2000.
The federal tax authority has now started to accept the applications of VAT refund from the business visitors in the UAE. The procedures have been made quite easy and transparent to ensure that the processes are completed in an effortless manner. UAE being a global hub always make sure that it assists the people in the best possible manner. By the investment-friendly rules and regulations of UAE, a huge change has been seen in the economy of the business sector. This means that VAT refund from the business visitors will also have a huge impact on the economy of the UAE. In this way, the country will be able to flourish way more than before.
Collaboration with other countries. With a lot of other steps, FTA has also collaborated with different other countries as well so that it may charge VAT from the people or businesses who enter the territories of UAE.
The refund period for all the VAT refund claims would be in one year. So, it would be better if all the businesses who have entered in the UAE’s business the market may start filing for VAT refund within the time limit.
It must be noted here that due to the strict rules and regulations in UAE if you do not complete your legal procedures on time, you may get fined or penalized. So, make sure that when you enter a country, you understand its basic rules as well. This will save you from unnecessary headache and problems
for sure. It is not just about the business visitors but also the UAE nationals to file the VAT returns.
Here is what you need to keep in mind;
- Make sure to submit the original tax receipts in order to claim a VAT refund
- GCC state countries with no VAT implementation can also claim the VAT refund
Submit your VAT refund for business visitors’ applications on time before it is too late. If you do not know the procedures, you can also take the help of VAT consultants as well. This will make the overall processes easier for you. They will complete the procedures on your behalf while keeping you away from all the fines and penalties that can get imposed on you. Click here for the advice of VAT consultants.