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How the VAT will be collected by the government?

Forum -Question and AnswerCategory: UAEHow the VAT will be collected by the government?
Seetha asked 12 months ago
1 Answers
imc Staff answered 12 months ago

The businesses making taxable supplies are responsible for proper documentation of the revenues earned and expenditures incurred along with the VAT charges associated with such transactions. A VAT registered supplier will charge VAT from all its customers on making supplies and will pay VAT to his suppliers on making purchases. The difference between these two sums is to be paid to the government by the taxable supplier.