In the UAE, Value Added Tax is a consumption tax imposed on most goods and services in most countries. You become eligible for a VAT refund from the Federal Tax Authority when your input VAT is more than your VAT output during a VAT return. BMS Auditing provides assured VAT refund services in UAE, guaranteeing you an inflow of the refunds you deserve.
Expertise
Our VAT consultants at BMS Auditing emphasize reviewing the periodical files of corporate taxpayers across industries. With our knowledge and expertise, we can help you recover your UAE VAT refund efficiently and effectively from the FTA.
What is UAE VAT Refund?
The Taxable Person, when determines that its input tax is more than the output tax on a VAT return, may submit a VAT refund application using the VAT 311 form obtainable on the FTA portal. To be sure, a VAT refund request may be made either while submitting the VAT return or even afterward, after submission of returns.
Important Points regarding VAT Refund Requests
The FTA does not provide any time limit to request to recover a refundable VAT. Tax registrants could recover VAT credit owing at any time since there is no time limit on claiming reimbursement.
Refund Period: The FTA shall consider all claims for refund within 20 business days, inform the Taxable Person of acceptance or rejection and, in the event of acceptance, process the refund within 5 business days.
Documents Required to Claim VAT Refund in UAE
To claim a VAT refund, you need to provide all of the following documents:
- Application Form to claim VAT refund in Microsoft Excel format
- Five highest tax invoices from standard-rated costs (amount)
- Five highest official and commercial documents about zero-rated supplies (amount)
- Five highest tax invoices concerning sales and other outputs (amount)
- IBAN Validation Letter
What is an IBAN Validation Letter?
IBAN Validation Letter is an issued and stamped letter from the applicant's bank. It should include:
- The account owner's name (must be the same as the taxable person's name as recorded with the FTA)
- The name and address of the bank
- SWIFT/BIC code
- The IBAN
A scanned version of this letter will be a necessary file attachment to the refund application.
Reasons for Rejection of VAT Refund Applications
The FTA may refuse to accept a refund application on any or some of the grounds below, among others:
- Failure to respond to further requirements within 5 working days.
- Incorrect or missing supporting documents
- Incongruities within the summary and the VAT returns that were submitted by the applicant
How BMS Auditing Can Help You
BMS Auditing has qualified VAT consultants to take you through the VAT refund application process. We have the experience and expertise to execute it most impeccably to minimize any delay in the submission of your application. Our services encompass:
- Full support throughout the process of VAT refund application
- Special consultancy relating to requirements on documentation
- Help in the preparation and delivery of the necessary forms
- Establishment of regular follow-ups to the FTA about your application status
Start now
Don't leave your VAT refunds to chance. Rely on BMS Auditing to maximize VAT refund potential in the UAE. Contact us today for information on VAT refund services and how we can support your business!
