VAT Return Filing in UAE

The mandatory registration limit and the voluntary registration limit:

1. A business must register for VAT if their taxable supplies and imports exceed the mandatory registration threshold of AED 375,000.
2. A business may choose to register for VAT voluntarily if their supplies and imports are below the mandatory registration threshold, but exceed the voluntary registration threshold of AED 187,500.

Similarly, a business may register voluntarily if their expenses exceed the voluntary registration threshold.

Records to be retained
All businesses, registered and unregistered, must retain records such as Balance Sheet, Profit and Loss, records pertaining to fixed assets, payroll, inventory and stock levels, as well as accounting records (payments, receipts, purchases, sales, revenues and expenses). Businesses may be required to make changes to their core operations, financial management practices, the procedures they use to keep accounting books and records, and the technology they use in their accounting practices, in addition to changes in their human resources (accountants, tax advisers, etc.)
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