Sam Alex
5
2023
Mar 22, 2023 11:03 AM

Should I pay VAT if I have more Bank transitions?

Should I pay VAT if I have more Bank transitions?

All Replies (5)
Nandana Nithiyanandan
8 months ago
VAT payment is not related to the number of bank transactions.

Josna Thomas
8 months ago

I don't believe so, no. Only goods and services are subject to VAT. To learn more, you should speak with a tax specialist.


Jenifer. Lovely
8 months ago

In the UAE, the payment of Value Added Tax (VAT) is generally based on your taxable supplies and not directly related to the number of bank transactions you have. VAT is typically applicable to the sale of goods and services, and businesses are required to register for VAT if their annual taxable supplies exceed the mandatory registration threshold.


Having more bank transactions may not necessarily trigger VAT liability by itself. VAT is usually calculated on the value of the taxable supplies made by your business.


Bryce Dsouza
10 months ago

The number of bank transactions you have is not directly related to whether or not you need to pay VAT. VAT is a tax on the consumption or use of goods and services. If you are registered for VAT in the UAE, you are required to collect VAT on behalf of the government and file VAT returns. The amount of VAT due is calculated based on the value of your taxable supplies and imports, not the number of bank transactions. 


Sam Alex
11 months ago

No, I don't think so. VAT is only charged for goods and services. you shuld better consult a Tax consultant for more details


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