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VAT Refund Services in UAE
In the UAE, businesses registered for VAT may be eligible for VAT refunds under certain conditions. The process of claiming a VAT refund involves specific steps to ensure compliance with the UAE Federal Tax Authority (FTA) regulations. Here’s an overview of VAT refund services in the UAE:
Eligibility for VAT Refunds
- Businesses that have incurred VAT on purchases, expenses, or imports used for business activities can claim a refund.
- Refunds are possible if the VAT input tax is greater than the output tax.
- Companies engaged in zero-rated supplies, such as exports, may claim refunds on input VAT.
- Vat incurred for construction of a residential or commercial building, either for resale or rental purposes
VAT Refund Process
- Filing the VAT Return: Businesses need to file VAT returns quarterly or monthly, based on their turnover, through the FTA portal. If the input VAT exceeds output VAT, the excess amount can be claimed as a refund.
- Requesting a VAT Refund: After submitting the VAT return, the taxpayer has the option to request a refund. This can be done by selecting the “VAT Refund Request” option in the FTA portal.
- Completion of the Refund Form: The taxpayer must fill out the refund application form with accurate details, including the amount to be refunded.
- FTA Review and Approval: The FTA will review the refund request and may request supporting documentation. Upon approval, the refund is processed.
FINANCIAL CUBE’S ROLE IN YOUR BUSINESS VAT REFUND
- Preparing and filing accurate VAT returns.
- Submitting refund requests.
- Ensuring compliance with FTA requirements.
- Submitting all required documents
- Communicating with the FTA on behalf of the business.