Any business planning to import products into the United Arab Emirates must pay VAT and customs duty. To help you understand these requirements, Here is a list of audit companies in the UAE that offer these services. Several of these are the top auditors in the UAE, and we will examine them in this blog’s final section. When applicable, the sum from CIF, Customs Duty, and Excise Duty, will be used to calculate VAT. Businesses registered to collect VAT can delay paying VAT until their next deadline for filing their return and could be entitled to claim input VAT higher than that amount through reverse charge mechanisms. All they have been able to do is offer the customs department their TRN number. The shipment will be cleared without paying VAT upon the time of import after the TRN is checked. 

In some cases, the Customs Department might not update the company’s TRN number. This is a matter between Department, and the FTA. However, actions can be taken to expedite the clearance of imports while they wait. 

To delay tax payment to VAT until the following return that the VAT-registered Business can file, you can take these steps: 

• Enter the importer’s login details to get access to the FTA Portal. FTA Portal. 
• On the taskbar located at the top, select “VAT.” 
• “VAT 302 Import Declaration Code to facilitate VAT Payment” is the one to select. 
• The window that appears will pop up. In the window that appears, enter the importation authorization, the declaration’s number and declaration date into the Customs Authority field. 
• The importer was seen to have completed an application form asking for shipping information. The user will enter most of the details for shipment on this form. All we have to do is confirm that the data is correct. 
• The website will ask that you pay VAT once you’ve confirmed the above. The opportunity to delay paying the VAT until you file your tax return will be available when you click “Fetch the associated registration number.” Select this option to submit the form. 

If an agent for freight forwarding, an importer is required to do the necessary steps by themselves or require that the agent sign off the cargo together with his own TRN. The importer won’t be able to recover the VAT paid if a forwarding agent utilizes his own TRN to declare the cargo, as the importer is not responsible for paying the tax. If the customs authority demands VAT payment, an importer not VAT registered can follow the above procedures. The importer needs to register an account with the FTA Portal. After logging into the portal, follow the same steps as the previous steps. Furthermore, the importer must use a debit card or e-dirham to pay for the opportunity together. 

Code of Import 

To import products in the United Arab Emirates, a company must obtain an import authorization code. The import number is a number that Dubai Customs assigns to a business after a success in getting approval from the Registration Department. The documents required for this include: 

• Certificate of Chamber of Commerce Chamber of Commerce 
• Trade License for Company 
• A photocopy of the passport of the manager A copy of the manager’s passport 
• A duplicate of the visa pages A copy of their visa page 

• Letter of undertaking 
• A duplicate of the Emirates ID 

Trade can start at any point in the world if it complies with the authorized business activity listed in the trade licence following the issuance of the import code. 

What can ebs chartered Accountants benefit? 

ebs Chartered Accountants is an excellent auditing and accounting firm located in Dubai. VAT is among the desirable services offered by the professionals. It is always advisable to hire an expert since they have more experience than you and are always aware of the latest changes to laws and regulations-chartered accountants will ensure that your needs are completed on time to ensure that there aren’t any risks of penalties or fines. it is renowned for its reliable and time-bound delivery.  

If you’d like to have your VAT obligations completed, contact us today and make an appointment for our services.