VAT Advisory Services in Dubai ,United Arab Emirates
VAT Refund Processing
If output VAT is lesser than the input VAT amount, the excess balance will be VAT refundable.
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VAT Refund UAE
All the registered business are required to file a VAT return furnishing the details of sales, purchases output VAT and input VAT paid during the tax period. Here, the output VAT is the amount which is collected on sales and Input VAT is the amount which is paid to the supplier towards purchases / expenses. The eligible input VAT amount will be allowed to be adjusted with the output VAT amount. After adjusting the output VAT and Input VAT, the result will lead to one of the following situations.
VAT Payable:
If the output VAT amount is higher than the input VAT, the balance will be VAT payable which needs to be paid to FTA
VAT Refundable
If output VAT is lesser than the input VAT amount, the excess balance will be VAT refundable.
The taxpayer has the following two options in treating the excess input VAT commonly known as VAT refundable
The taxpayer will be eligible to request a VAT refund
If he does not wish to request a refund of the excess input VAT, the excess recoverable tax will be carried forward to subsequent tax periods and can be used to offset against the payable tax and/or penalties, or he can apply for a refund later at any point in time.
Read More on claiming VAT Refund through FTA Website
At RVG, we can help you to get your refunds on the time.
VAT Refund for Tourists and Inviduals
As per FTA ,Tourists and visitors can claim refund on VAT paid on purchases they made during their stay in the UAE. Recovery of payment will be done through a fully integrated electronic system which connects retailers registered in the ‘Tax Refund for Tourists Scheme’ with all ports of entry and exit from the UAE
Conditions for VAT Refund for Tourists in UAE
- The tourist should have entered the UAE on a tourist visa.
- The tourist must depart the UAE within 3 months from the date of the received tax invoice.
- The tourist must physically present the relevant goods if requested.
- The tourist may request a cash refund within one year from the date of validation of the refund request.
- The maximum amount of cash refund is AED 7,000.
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