Starting from January 1, 2018, businesses registered under UAE VAT are obligated to submit their VAT returns online. These returns must be filed on a quarterly basis, with some businesses required to file them monthly.

The VAT return form 201 can be filed at a summary or consolidated level. Registered individuals must provide a consolidated overview of their total supplies (both purchases and sales), output VAT collected on these supplies, eligible input VAT paid on purchases, input VAT recovered, and the total amount of tax owed.

The UAE VAT Executive Regulations have specified the mandatory information that registered individuals must include in their VAT return, as outlined below:

1. Registrant’s Details:
-Full name, mailing address, and Tax Registration Number (TRN).
– The TRN provided by the Federal Tax Authority (FTA) must be provided in all VAT returns, with the name and address auto-populated based on the TRN.

2. Date of Submission:
– VAT returns must be submitted within 28 days after the end of the return period, and the submission date will be recorded.

3. Tax Period:
– The return period to which the Tax Return pertains (e.g., Jan-Mar’18 for the period January to March 2018).

4. Details of Supplies (Sales):
– The value of supplies (sales) and output VAT collected during the return period, categorized into:
– Standard Rated Supplies (5% VAT).
– Zero Rate Supplies.
– Exempt Supplies (e.g., financial services, residential buildings).
– Reverse Charge Supplies (imports and other designated supplies where the recipient is liable to pay VAT).

5. Details of Expenses (Purchases):
– Declaration of expenses incurred on which input tax can be recovered and the amount of Recoverable Input Tax during the VAT return period.
– Differentiation between standard rated expenses and expenses subject to the reverse charge. Any restricted or ineligible input tax should be subtracted from the total.

6. Total Due Tax and Recoverable Tax:
– Indicating the total output tax collected and recoverable input tax during the return period.

7. Payable Tax:
– Calculating the final tax liability by adjusting Output Tax with Recoverable Input Tax. If Output VAT exceeds Input VAT, it results in VAT Payable; otherwise, it is VAT refundable.

In addition to the mandatory details applicable to most UAE businesses, the return format includes other details such as the Profit Margin Scheme and Tax Refunds for Tourists Scheme.

VAT returns must be submitted electronically, and businesses need suitable software to not only account for VAT but also generate valid VAT return forms accepted by the FTA.

For further information on UAE VAT, VAT rates, reverse charge, VAT registration, and related topics, you can refer to the provided links and resources.

You can also Register for VAT Registration on our website:
https://thevatconsultant.com/