VAT Compliance is essential for the success of VAT-registered enterprises in UAE. The UAE Federal Tax Authority (FTA) requires enrolled entities to comply with the following VAT law requirements:

·        Conduct appropriate record maintenance

·        Conformity with FTA invoice specifications

·        Compliance with FTA-specific industry guidance

·        Compliance with guidance on input tax recoverable and non-recoverable

·        Conformity with Standard, Exempt, zero-rated, and Import Supply Guidance

·        Compliance with authority-proposed bad debt, returned merchandise, and voluntary disclosure requirements and guidance

Conformity with VAT refund and VAT payment obligations

Our experts at Elucidation for Accounting (ElucidationAcc) review the records maintained by the entity accountants with the aforementioned compliance perspective and add value by identifying and rectifying the areas where noncompliance is made by the entity to ensure that FTA penalties are avoided if noncompliance is discovered during FTA’s once-every-five-years inspection.