VAT compliance is crucial for the success of businesses registered for VAT in the UAE. The UAE Federal Tax Authority (FTA) mandates adherence to the following requirements outlined in the VAT law for registered entities:
- Maintaining records appropriately
- Adhering to FTA invoice requirements
- Following FTA industry-specific guidance
- Adhering to guidelines on claimable and non-claimable input tax
- Complying with standards for standard, exempt, zero-rated, and import supplies
- Adhering to guidelines for bad debts, goods returned, and voluntary disclosure as proposed by the authority
- Ensuring compliance with VAT refund and payment requirements