Tax Period is the specified time frame, for which Payable Tax shall be calculated and paid under UAE Value Added Tax Law and regulations made there under.
First Tax Period is the specified time frame, for which Payable Tax shall be calculated and paid under UAE Value Added Tax Law and regulations made there under for the first time only by for the new registrants under Vat tax law.
What is the difference between tax period and first tax period?
The concept of the first tax period is to an extent is similar to the concept of first financial statement of a newly incorporated company. It should be noted that in normal course when a new company’s first financial statement are made and audited the period for the first financial statement could be from minimum of 6 months to the maximum of 18 months (i.e. On minimum side 6 months to maximum side being period of an year and part of another year) and is at the discretion of the management of the company. There after succeeding financial statement are made for the period on 12 months and this is followed year after year.
Submission UAE Value Added Tax (VAT) Return and payment of tax due as per the return must be made within 28 days from the end of the tax period whether it is first tax period or succeeding tax period.
Gupta Accountants competent team as Vat Consultants in Dubai, provides supports at all the stages of the Value Added Tax on good and services in UAE to local companies, free zone based companies and designated zone based companies of Dubai, Abu Dhabi Sharjah, Umm Al Quwain, Ajman, Ras Al Khaimah and Fujairah.
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Ramesh Kumar Gupta is a young and dynamic Chartered Accountant and has 21 years of experience in assurance, accounting, audit and business management. He is a member of the Institute of Chartered Accountants of India (ICAI). He is the Managing Partner of Gupta Accountants an accounting and advisory firm in Dubai UAE