VAT Group Amendment in UAE
What is VAT Group Amendment?
Under Article 14 of Federal Decree-Law No. 8 of 2017 on Value Added Tax, businesses can apply for tax registration as a group, treating them as a single taxable entity for VAT purposes. This allows them to submit a consolidated VAT return per period. If any changes affect the tax records provided during registration, businesses must promptly update the FTA via their online portal. A key advantage of VAT group registration is that intra-group supplies are not subject to VAT, eliminating VAT implications on these transactions.
Importance of VAT Group Amendment
The VAT Group Amendment process is crucial for several reasons:
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Incorporating New Members: When adding a new party to the group, it's essential to demonstrate to the FTA that the new addition shares the same business characteristics and meets all eligibility criteria for joining the tax group.
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Removing Non-Eligible Members: If a party no longer meets the prerequisites to remain part of the group, they must be removed to ensure compliance with the regulations governing tax group membership.
BINJOY's Expertise
BINJOY boasts a seasoned team of professionals ready to assist with VAT deregistration or Group Amendment in the UAE. Navigating the tax system can be complex, making expert guidance essential. With over a decade of experience since our establishment in 2007, BINJOY ensures tailored, up-to-date services to address all your UAE VAT needs effectively and efficiently.