VAT Return UAE
Federal Tax Authority (FTA) has relieved the time duration of the first VAT Return filing in UAE. FTA has given a recreation to the business with regards to the first VAT Return filing as the first VAT Return period is from January 1, 2018 to May 31, 2018 and then quarterly afterwards. The filing of first VAT return must be before June 28, 2018. Some businesses have given 1 month and others have given 5 months.
What is VAT Return filing in UAE?
VAT Return is an official tax file which needs to be submitted to the Federal Tax Authority (FTA) at period of time according to the tax period. VAT Return format should explain the details of input tax and output tax and some other information required for the submission of VAT Return.
USE OF ACCOUNTING SOFTWARE
The business in UAE are required to generate the VAT return File from their accounting software, login to the FTA’s e-tax portal and upload the return file.
What is Accounting Software?
Accounting software is an invaluable resource for modern business. Essentially, it is a ‘set of procedures that includes internal mechanisms of control, books of accounts, and plans/charts of accounts that are all used for administering, recording, and reporting financial transactions. Functional modules that are typically built into an accounting software include accounts receivable, accounts payable, sales orders, purchase orders, inventory, billing, and general ledger.
What is a Tax Accounting Software?
Tax accounting software is developed to accurately capture and produce accounting information for tax reporting.Tax Accounting Software in the context of the FTA Software vendors must strictly abide by this guide when developing the tax accounting software.
Three key functionalities that must be included in the accounting software require the system to have the ability to automatically generate
1) a standard file known as the FTA Audit File,
2) VAT return file, and
3) Tax invoices and credit/debit notes.
Vendors will be required to demonstrate that their tax accounting software has this functionality and complies with the requirements in this guide.
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