FTA LAUNCHES NEW EXPORT REPORT SERVICE
It has been 3 years since the introduction of VAT in the UAE and the government has imposed strict regulations to ensure that everyone who needs to file does so and does so correctly. In the UAE Businesses can't afford to take chances when it comes to VAT due to severe fines. Therefore, it is crucial to maintain proper records and filing in time. However, many businesses have been struggling with complying with all the VAT rules and regulations therefore, Dubai customs and the Federal Tax Authority have launched the Trader Export Report Service. This is part of the UAE’s push towards a greater focus on using VAT as an income and assuring that everyone pays their part and is compliant to the rules.
This system assists clearance and shipping agents to achieve the zero rating of supply of goods exported. Which needs to be done within 90 days of export as traders need to meet this requirement on all products which are transiting in the country which will help the traders to comply with export rules for goods and services. The service will be available on the Dubai Trade Portal and apply to different types of declarations. The focus on VAT compliance has been a top priority for the UAE government and ensuring that businesses have the appropriate resources to do that is crucial.
About the author:
Walid Hasbini is an Associate Director at CES Investments and has previously worked at Berkshire Hathaway Gulf Properties as a financial analyst and strategic planner. Walid holds a Bachelors of Science in Business Administration with a focus in Finance from the University of San Francisco.