Recovering your VAT funds is an important element of an effective tax strategy. Claiming a VAT refund can be a pretty complicated process, especially in the UAE and can be subjected to long delays. Taxpayers need to understand in which cases they can ask for refunds and how they can prepare themselves for timely refunds.
If a business or taxpayer is not prepared appropriately beforehand, the actual recovery process can result in financial damage to the business. It is crucial to have all the necessary documents such as a tax refund file in hand before filing for a tax refund for a smooth recovery process. Also, VAT recovery requires various procedures and obligations that a business or taxpayer may not be able to fulfil alone.
Furthermore, tax authorities imply strict restrictions when it comes to tax refunds. The delays are commonly caused by a lack of a clear understanding of the indirect tax rules, complex procedures, and delays in getting back to the FTA within the given time frame. If the tax refund went unclaimed, this can pose a serious threat to the company’s smooth cash flow and can also result in tax leakage leading to overall reduced profits.
Synergy auditing is a certified tax agency registered with the FTA. We have a team of experts who are passionate about their work and are committed to customer satisfaction and high-end services. Our huge network of tax agents has vast experience and in-depth knowledge of VAT refund procedures. With us, your business will be able to develop and improve in less time and with low administrative costs especially when it comes to claiming tax refunds.