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Who needs VAT Refund in UAE?
- Businesses with Excess Input VAT: - Businesses that have paid more VAT on their purchases and expenses than they have collected on their sales can apply for a refund of the excess input VAT.
- Foreign Businesses: - Non-resident businesses not registered for VAT in the UAE, but who incur VAT on goods or services received in the UAE, may be eligible for a VAT refund under specific conditions.
- Government Entities and Charities: - Certain government entities, international organizations, and charities that meet specific criteria may apply for a VAT refund.
- UAE Nationals Building & New Residences: - UAE nationals constructing new residential properties for personal use are eligible to claim a VAT refund on the construction costs.
- Designated Business Visitors: - Certain business visitors from countries that provide VAT refunds to UAE entities may be eligible for a VAT refund under reciprocal agreements.
Who needs VAT deregistration in UAE?
- Businesses and individuals who stop making taxable supplies: - If a business or individual ceases to make taxable supplies and does not expect to make any taxable supplies over the next 12 months, they must apply for VAT deregistration
- Businesses and individuals with annual taxable supplies below the mandatory threshold: - If the annual value of taxable supplies falls below the mandatory registration threshold of AED 375,000, they may apply for deregistration, provided they do not expect their taxable supplies to exceed this threshold in the next 12 months.
- Entities no longer required to be VAT registered: - This includes businesses that are liquidated or closed down, or entities that are no longer involved in business activities subject to VAT.