If you are registered for VAT and any circumstances occur that will impact your Tax records kept by the FTA, as provided during your registration, you must inform the FTA by updating your records within 20 business days from the occurrence of such circumstances.
Changes in the registration details can be made through two options; Edit and Amendment.
The changes made through the Edit option do not require approval from the FTA. Following are the sections where quick updates can be made:
- Banking details
- GCC activities
- Customs Registration Information
The updates made to these sections are reflected automatically in the portal without the approval of the FTA.
In the case of changes through the Amendment option, FTA approval is required relating to the below-mentioned sections:
- Entity details (applicant information)
- Identification details (trade license, associated activities and owners)
- Eligibility criteria
- Business relationships
- Contact details
- Authorized signatory and declaration
These changes are reflected in the portal only after approval from the FTA, which takes at least 20 business days for their review. FTA can also get back for further clarifications based on their review.
The general areas to be noted for the amendments, concerning the “details of the applicant” are changes in the legal status of the company, the company name, shareholding structure, renewal of the trade license, Emirates ID, passport copy etc.
The amendments are expected to be submitted to the FTA within 20 days of the change occurring and failure to do so will attract a penalty of AED 5,000 for the first time and AED 10,000 in the case of repetition.
Note: Two sections are completely restricted from the amendments:
- About the applicant, and
- Communication preferences
How Spectrum Auditing can help you with VAT audits?
We, Spectrum Auditing can assist you in getting ready for a VAT audit with the help of a dedicated team of VAT experts. We will review your transactions from the point of view of VAT laws and guide you in rectifying any non-compliance-related issues. We are happy to assist you in providing our professional services to make sure your business is complying with the provisions of the VAT law and minimize the errors and omissions so that your business is ready for any audits from the government authorities.
Being a pioneer in the field of auditing, accounting, taxation and advisory services, we ensure we keep track of all the changes that are taking place in the UAE with respect to the changes in laws, rules, regulations and keep our clients informed as well as sharing the same information through our blog section or social media handles regularly. Spectrum Auditing will guide you with the laws and regulations of UAE, be it the Value Added Tax (VAT), Economic Substance Regulations (ESR), Corporate Tax (CT), Transfer Pricing (TP), Ultimate Beneficiary Owner (UBO), Anti Money Laundering (AML), etc after reviewing your business.
Call us today for any kind of assistance at +971 4 2699329 or email [email protected] to get all your queries addressed. Spectrum is your partner in your success.
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