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In the dynamic landscape of UAE VAT regulations, businesses often encounter complexities that may result in errors or omissions at the time of filing of VAT Returns. These challenges can lead to significant penalties if not addressed promptly. Protax Advisors LLC offers expert Voluntary Disclosure Filing Services in Dubai, ensuring your VAT compliance remains seamless and penalty-free.
A Voluntary Disclosure is a form submitted to the Federal Tax Authority (FTA) when errors or omissions are identified in previously submitted VAT Returns, Tax Assessments, or Refund applications. As per UAE VAT Law, filing of such disclosures voluntarily are mandatory to correct inaccuracies and ensure compliance.
However, businesses face challenges in Voluntary Disclosure filing process such as :
We specialize in assisting businesses with the intricate process of Voluntary Disclosures. Our expert team ensures compliance with UAE VAT laws while minimizing potential liabilities. Our Voluntary Disclosure Filing Services include:
Filing a Voluntary Disclosure demonstrates your commitment to compliance and offers several advantages.
Protax Advisors LLC stands out as a trusted partner for VAT advisory and planning in Dubai.
Below are some most commonly asked questions about UAE VAT Voluntary Disclosure Filing.
A Voluntary Disclosure is a form submitted to the Federal Tax Authority (FTA) when a taxable person discovers errors or omissions in a previously filed Tax Return, Tax Assessment, or Tax Refund application. Businesses are required to file a Voluntary Disclosure if the error impacts the amount of Due Tax payable or refundable, as stated in Article 7 of the VAT Decree Law.
Businesses must file a Voluntary Disclosure within 20 business days of identifying the error, as per the provisions of the VAT Executive Regulations. Timely filing is crucial to avoid penalties.
Yes, administrative penalties may apply if a Voluntary Disclosure is filed late or contains incorrect information. The specific penalties depend on the nature of the error and the delay in filing, as outlined in the UAE VAT Executive Regulations
Yes, a business can revise a previously submitted Voluntary Disclosure if additional errors or omissions are identified. However, the revised disclosure must also adhere to the 20-business-day timeline from the date the new error was identified.
When filing a Voluntary Disclosure, businesses must submit all relevant documents, including corrected VAT returns, tax invoices, and any additional evidence that supports the correction. This ensures that the Federal Tax Authority can review and process the submission effectively.
Businesses must file a Voluntary Disclosure for errors that impact the calculation of Output Tax or Input Tax, including incorrect tax rates, missed taxable supplies, or overclaimed Input Tax. Errors that affect the amount of VAT payable or refundable are the primary focus.
Filing a Voluntary Disclosure ensures compliance with UAE VAT laws, helps avoid significant penalties for non-compliance, and demonstrates the business’s commitment to accurate tax reporting. It also reduces the likelihood of disputes or audits with the Federal Tax Authority.
Here’s the list of latest VAT insights from Protax.
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