Wrong VAT filing would put you in trouble
Even if you have filed your tax return, there is a high chance that there will be glitches in the filing, according to tax experts in the Kingdom. Wrong VAT filing troubles are soon going to haunt UAE businesses.
One in every two companies don’t have adequate knowledge about VAT filing and moreover they are trying to file their first return only in the last week of April, which is the deadline set by FTA, Federal Tax Authority.
Wrong methods of filing
Improper invoices are a big concern. Experts point out that most of the suppliers’ invoices are coming without their proper names, addresses and TRNs [tax registration numbers], which will create problems for companies to claim input tax on that.
FTA can ask for more information
If you file returns with wrong information, FTA may raise red flags after processing the filings. This may take a few months, but such scrutiny is sure to follow after this phase. Hence, it would be a mistake to file your VAT returns with inadequate information. The companies might be under the impression that that they have filed it correctly, but the FTA will ask for audit files and other specific data. From there, they could potentially be exposed to financial penalties.
Make sure that your VAT filing is accurate and supported by proofs to avoid wrong VAT filing troubles. If in doubt, it is always better to consult with an expert tax consultant. Free VAT Guide
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