For Office. Use. VALUE OF SUPPLY. OUTPUT TAX. Mat. Code. Dollars Cents. Dollars Cents. V 6. Supply of goods and/or services at 0%. V 7. Supply of. Please read the notes on the back before you fill in this form or if you use a special VAT accounting scheme. Fill in all boxes clearly in black ink. Appendix 8 VAT return format. Value Added Tax Return. Main. Form Type. Prepopulated. Document Locator. Prepopulated. Tax Form Filing Type. Prepopulated.
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VALUE ADDED TAX RETURN FORM attached as pdf file to the returns This guide shows how the VAT Return Form is to be completed and filed. _01 - Countries (PDF, kB, )Refund procedure according to Article /1/b VAT Act and Articles to VAT Ordinance. Effective August , the Guyana Revenue Authority introduced a VAT Return Form that taxpayers can access and download at their convenience.
The option Type of Dealer has been introduced to get the values as per the requirements for Sales and download annexures appended to VAT Return.
On the selection of this type of dealer for VATable classifications, the flag Is download against Tax Invoice is displayed along with the options Yes or No.
This requires the capturing of values in download Annexure since the downloads are from registered dealers and are against tax invoices only. For making adjustment entries to Input VAT and for transferring the amounts from Annexure to the Main Form, the required new journal adjustment flags have been provided.
On using these flags, all adjustments will be captured either in the Annexure or in the Form as required to complete the comprehensive information. If the need arises to capture the download values for the Annexure or return in case of data that has been entered for a return period using the older releases of Tally, the voucher needs to be revisited and the download value has to be keyed in accordingly.
Tally Solutions Pvt. Due to changes in the Form, some classifications are no more required and thus have been deactivated Stat.
Consignment Transfer Outward of Sale of Drug at MRP 5. Sales to Local Agents 8. Works Sales Zero Rated All entries passed using the above classifications till date, will be captured in the new Return in the appropriate boxes as required.
Accordingly, some new classifications have been activated for the new Form VAT The date of activation is shown for these classifications while creating the masters. Following is a list of such classifications: 1. Using the appropriate flag, journal entries need to be passed to capture the reversal amount. By doing so the accounting ledger values are also updated accordingly to arrive at the correct value as per returns and Books of Accounts.
ERP 9. The Dealer types provided for selection are: 1. Consumer To be selected for non-traders 2. Un-Registered Dealer To be selected for traders who are not registered. The Type of Dealer restriction is provided in order to print the Annexure as required by the Form. The Registered Dealer option will display the option Is downloads against Tax Invoice in the download voucher along with any taxable classification selected. The value of all goods and services bought and the amount of tax incurred on these supplies for the tax period.
The amount of tax that you are liable to pay for imports where payment has been deferred for a particular tax period. The total amount of tax that is due for the particular tax period.
The total value of inputs and the value of deductible tax obtained from these inputs. The net refundable tax carried over from the previous tax period.
The amount of deductible tax relating to imports. The value of the excess tax recovered due to an adjustment made to a discount. If there are any discounts applied for their supplies, the registered tax person must declare the total value of the excess tax that has been recovered by them. The total amount of tax that is deductible for the particular tax period.
The total amount of net tax that is either payable or refundable. Submitting a Tax Return You are required to submit tax returns to the National Bureau for Revenue in the electronic form that has been specifically designed for this purpose.
The following information has to be noted before you file your VAT return: You need to file your returns to the NBR and this is done electronically. To access your return form, you need to have an NBR account. You can register by clicking here. Once you file your return and submit it successfully, the NBR will send you an acknowledgement receipt via email and SMS. This, however, is not considered to be the official receipt. You officially declare the viability of the information you submit once you do so through the NBR website.
Returns must be filed to the NBR by the last day of the month following the end of the tax period. The VAT return online form and the values you must enter in each field are explained below.
The amount of VAT collected, and adjustments, if any, are entered in the second column. The total value of both sales and adjustments will be displayed automatically in the last column. However, all adjustments you make to sales you make to registered customers in other GCC states will be considered to be exports, until the integrated GCC customs system is made live.
Otherwise unnecessary you will have to face burden of Administrative penalties. A simplified Tax Invoice is to be issued by a registrant for taxable supplies of goods or services in either of the following 2 conditions as prescribed in Executive Regulation of UAE VAT:- 1.
However simplified tax invoice is need to issue by all registered dealers in UAE, which supply to consumers or to registered business where the value of the supply does not exceeds AED 10, A simplified Tax Invoice shall contain all of the following particulars a. The total Consideration and the Tax amount charged A simplified tax invoice does contain recipient details, it is very easy to generate and issue.
Therefore its need to issue in all goods and services taxable supplies. Simplified tax invoice are important documentary proof of taxable supplies having taken place. These invoices will also serve as the basis for return filing by suppliers and for claim input tax credit by the register recipients. All contain which is prescribed above and Executive Regulation is mandatory.
If a single contain is not covered at the time issuing invoice, it can be lead administrative penalties. Other important point relates to Tax Invoice:- 1. Tax invoice must be issued within 14 days 2. If the currency other than UAE Dirham, then for the purpose of the tax invoice, the amount stated in the tax invoice shall be converted into the UAE Dirham. If supply is wholly zero rated and sufficient record is available to establish the particulars of supply, then a taxable person not required to issue a Tax Invoice.
In other words a credit note is a document sent by seller to the downloader notifying the customer that he or she has been credited a certain amount due to an error in the original tax invoice or other reasons. There are following cases may be happen:- 1. Suppliers are returned or found to be deficient by the recipient 2. Decrease in value of supply 3.
Decrease in value of tax As per article 60 of Executive Regulation the tax credit note shall contain following:- a. The date of issuing the Tax Credit Note. The value of the supply shown on the Tax Invoice, the correct amount of the value of the supply, the difference between those two amounts, and the Tax charged that relates to that difference in AED. A brief explanation of the circumstances giving rise to the issuing of the Tax Credit Note.
Information sufficient to identify the supply to which the Tax Credit Note relates. Note:-As per Executive Regulation Article 60 clause-2, if sufficient records are available to establish the particulars of any supply or class of supplies and that it would be impractical to require that a Tax Credit Note is issued by taxable person.
There are certain conditions, which is prescribed in Executive Regulation, which needs to follow. A Tax Credit Note is very important document for behalf of businesses. Its need to secure document in bookkeeping record as prescribed time period in Law.
A Tax Credit Note can be impact on reduction in tax payable by the supplier on supply and reduction in input vat recoverable by the recipient on the supply. A Tax Credit Note can be issue by electronic way by dealer, but it must be capable to store a copy of the electronic tax credit note in bookkeeping records as prescribed in law.
And electronic tax credit note should have authenticity of origin and integrity of content. As per Executive Regulation Article 60 clause-4 a recipient can also be issue a Tax Credit Note, if recipient of goods and recipient of services agrees to raise a Tax Credit Note on behalf of a Registrant supplier in respect of Goods or Services.
There are certain conditions as prescribed in Executive Regulation which needs to be followed. Refunds will be made after the receipt of the application and subject to verification checks, with a particular focus on avoiding fraud.
There is also an option for Tourist to the UAE will be able to claim back the VAT on downloads they make whilst visiting the country as per executive regulation. Click on VAT Request' to access the form. Note that some of the fields are pre-populated using the information contained in your account User Profile.
Please ensure that the information is correct before completing the form. The total file size limit is 5 MB. You will obtain an immediate email notification upon successful submission of the Refund Form. Note:- The Refund Form will be processed within 20 business days of submission.
You will receive an email notification from the FTA on the result of your application. It is great news who likes to visit in UAE and like to make shopping and other things. Now they can feel happier that they will be eligible to get paid VAT amount refund before leaving the country. What is Tourist Refund Scheme? At the time of leaving country within 90 days or Sale point. They will be eligible to get refund of paid VAT amount by doing prescribed formalities at exiting point of country or sale point.
Example:- If you have made download in UAE any country from registered dealer. At the time of download you shall have to inform the seller that you are a non-residence. Then he will ask your passport copy and he will not charge VAT.
To make continue more populist in world and to increase visitors in country they have decided to make flexible scheme which can be attract more visitors in upcoming time. Who will be eligible to get refund? As per Article of Executive Regulation has provided for Tourist Scheme to refund VAT payment, subject to the fulfillment of following conditions: a The Goods which are subject to the Tax Refunds for Tourists Scheme must be supplied to an overseas tourist who is in the State during the download of the Goods from the Supplier.
What is the refund system for Tourists? The FTA is preparing a fully electronic procedure and it has also release a flag step by step refund process. As per Cabinet Decision No. What will be economic effect?
The announcement of this VAT refund scheme is good news for visitors and economy purpose. Who always make planning to come UAE now like to visit more after implement this scheme. Hence, FTA has taken a very good and future tourist attractive decision. The UAE VAT refund processor internationally is a best practice system because none of any country has both refund process i. Sale Point and Country Exiting Point. If we will talk about Japan, at the time of download you will have to inform the seller that you are a non-resident and he will ask for passport and other documents then he will not charge VAT.
In Malaysia tourist could claim a refund GST paid on goods downloadd from approved outlets. And same in Australia and the time exiting from country visitor can get there GST paid refund.