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VAT has been implemented in the UAE and KSA from January 1st 2018, as mandated by the GCC.
If you are a business owner in the KSA, you have to file VAT on a monthly basis if your annual turnover is more than 40 million SAR. Rest of the businesses have to file VAT on a quarterly basis.
For business owners in the UAE, the government decides the frequency of VAT return filing during the time of registration. The standard tax period applicable to a taxable business shall be a period of three months. The authority may assign a person or a class of persons a shorter or longer tax period.
Filing VAT is a mandatory statutory requirement for all registered businesses or taxable persons. It helps you to track your tax liabilities or refunds which you can claim as a business. More importantly, your VAT return is a verified and an acknowledged business data summary made to the government.
Each VAT transaction which has been entered as a sale, purchase or any other adjustment entry has to be consolidated and reported back to the government in the form of returns. It is thereby critical to ensure that the data is correct.
Tally.ERP 9 is based on four principles to ensure business owners have a comfortable and an efficient VAT filing experience in GCC.
One of the biggest help a business owner can get before filing VAT returns is to be 100% sure that the data is correct and verified.
Tally.ERP 9 is a GCC VAT ready software that gives a complete picture of all transactions and taxes. The tax computation and analysis report shows transactions which have been included or excluded in the return, total amount of tax to be paid, and refundable amount if paid in excel. You can drill down further from each of these groups to find out why and clear all doubts in your mind.
Tally.ERP 9 has the unique capability to detect errors and help you take corrective action immediately. It raises alerts in case of tax mismatches, wrong TRNs or missing tax components.
If you are in the UAE, Tally.ERP 9 will generate VAT return in PDF format. You can use it as a reference while filling in details in the FTA e-Services portal for filing return.You can start by defining the tax period as specified by the Federal Tax Authority (FTA).
If you are in the KSA, Tally.ERP 9 will generate your VAT return in MS Word format. You can use the document as a reference while filling in details in the GAZT e-portal for filing the return.
You can save a copy of the filed return in your computer. Tally.ERP 9 will point at any changes which are made on the saved return period. You have the choice to accept these changes and revise the return as per your choice.
With Tally.ERP 9, you can keep data up-to-date and be ready for audits anytime. Tally.ERP 9 makes VAT compliance easy.