VAT voluntary disclosure is a process for corrections of errors/omissions in VAT returns already filed.
Filing of voluntary disclosure forms
A voluntary disclosure should be made by a taxable person to notify the FTA of an error or omission in their tax return, tax assessment, or tax refund application.
As per UAE Tax Authority, voluntary disclosures are required to be made in the following cases:
Where a filed Tax Return or a Tax Assessment is incorrect resulting in a calculation of the Payable Tax being less than required i.e. an underpayment of tax due, in an amount of more than AED 10,000.
Where a filed Tax Return or a Tax Assessment is incorrect resulting in a calculation of the Payable Tax being less than required i.e. an underpayment of tax due, by not more than AED 10,000 and there is no Tax Return through which the error can be corrected.
Where a filed Tax Refund Application is incorrect, resulting in a calculation of a refund to which the Taxpayer is entitled being more than the correct amount, unless the error was a result of an incorrect Tax Return or Tax Assessment.
IMP Note: The voluntary disclosure must be made within 20 business days of discovering the error or penalties may apply.
How Spectrum can help you?
Spectrum is a pioneer in the field of Value Added Tax in UAE and our team of tax experts will help you with the VAT voluntary disclosure process. We can visit your office and go through full transactions and advise on any improvements that are required with respect to compliance of VAT law like preparation of Tax invoice, recording of transactions, maintenance of sufficient records as required by the law or you can visit Spectrum office to understand more about VAT law requirements.
Spectrum Auditing and Accounting is an end-to-end accounting and audit services company and is a registered VAT Consulting firm based in Dubai. We offer VAT Agent & VAT Audit services in Dubai, Abu Dhabi, Sharjah, Ras Al Khaimah, Fujairah, Ajman, Umm Al Quwain covering the whole of UAE. We provide a comprehensive portfolio of VAT services ranging from Tax Advisory Services, VAT Implementation Services, VAT Return Filing, VAT Compliance Review, TAX Consultancy Services and Tax Agent Services apart from Tax Audit Service.
Call us today for a consultation.
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