UAE VAT Return should be prepared and submitted in AED (Arab Emirates Dirham).
Transaction of purchases, sales, income and expenses in foreign currencies should be converted in AED based on the prevailing exchange rates before they are considered in the VAT Return preparation and calculations.
The rate should be considered as on the date of the invoice.
In order to convert foreign currency to AED values, it is required to use the currency rates prevailing on the date of supply. The currency rates are published each week by the UAE Central Bank specially for VAT purposes.
Link to Central Bank of UAE www.centralbank.ae/en/index.php?option=com_jumi&fileid=61&Itemid=59
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 22 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