VAT (Value Added Tax) is all set to implement in Ras al khaimah in January 2018. The government, as well as many private institutions, are releasing new information regularly to help people and businesses get familiar with the new tax system as smoothly as possible. Among many things VAT related, one of the most important is VAT tax returns.As per the normal VAT standard, the returns are filed quarterly, i.e., once in 3 months, or annually in some cases. The VAT returns will be filed online on the official portal of the Federal tax authority. Businesses that are looking forward to making a smooth transition to the new tax system must get familiar with the return filing procedure under VAT in Ras al khaimah. In this article, you will learn the same.AGX auditors have been working for a number of businesses in the Ajman region to help them make sustainable arrangements to embrace the new tax regime.
VAT returns are important because they contain the records of the tax paid by the users in a given period. It is a formal document that works as a proof that the certain party has paid their tax. The government needs these records to maintain a proper taxation system where each individual pays his/her tax liability on time. These are used by the tax authorities for performing auditing and other activities as per the tax laws. Your VAT return contains the summary of your total earning and the value-added tax paid by your on that earning for that particular period.