EmaraTax is an electronic system in the United Arab Emirates (UAE) introduced by the Federal Tax Authority (FTA) to streamline and simplify tax procedures, such as tax registration, filing, payment, and refund.

EmaraTax enables businesses and taxpayers to access their tax accounts, submit tax returns, pay taxes online, and get updates on their tax obligations. FTA mandates all taxable individuals and entities to register for the Emara Tax system before conducting business in the UAE.

Major Developments

Users can access the E-service site using their Emirates Id and UAE pass.

• The Edit feature on the portal allows users to rapidly edit bank account information, which is currently updated by submitting an amendment application.
• The user will receive reminder alerts, allowing them to update their papers with FTA on time.
• EmaraTax provides a modern and efficient user experience to the Tax site, along with the following additional features:

Payment Mechanism

• Under the Payment option, you can view overdue payments, including penalties, with a complete description, tax type, and time. Payments can be made in whole or in part toward numerous liabilities. It also clarifies the status of liability or penalty and the due dates.
• EmaraTax accepts VAT payments using MagnatiPay.
• Users can pre-select the liability or penalty to which they intend to make payment within the system.
• Once the liability is selected, a unique reference code gets generated to execute all payments through banks and exchange houses.

My correspondence

• Any communications relating to submissions made with a reference number will be accessible via my correspondence option.
• Certificates issued, NOC needs, query or complaint histories, and audit communications get viewed.

User Authorization

• This option allows the Authorized user to grant a Tax Agent or another user access to the portal.
• Authorized user information can be added and changed. A new Tax Agent can be appointed from the same page.
• Authorization access might be either complete or display access. The method for this will be significantly simple than the existing procedure.

Other Services

• Users may view inquiries, complaints, waivers, and reconsiderations under services.

Additions to VAT Refund Procedure

• On the EmaraTax site, a layout for the VAT Refund application gets developed for easy application and processing.
• VAT refunds are available for each VAT return submitted in each tax period.
• The needed details sheet can get filled out online in the VAT refund portal. It was earlier attached in the VAT refund summary sheet.
• Upload supporting papers for VAT refunds individually in the online refund application, such as invoices, and official and commercial evidence, with:
  • The five highest tax invoices from standard-rated costs.
  • The top five tax invoices related to sales and other outputs.
  • The five highest zero-related supplies with official evidence in case of exports.

Additions to VAT Return Filing

• Currently, the summary of a tax registrant’s VAT return is manually submitted in the VAT return form online. The VAT return Excel template can get from the portal after the deployment of EmaraTax.
• This Excel sheet can be submitted offline and verified before being uploaded to the online platform. It ensures that no mistakes occur as a result of technical problems while filing the VAT return.
• Tourists’ tax refund data can get through the site, and this data will be extracted from Planet tax-free. The retailer must ensure that the data is correct and full.
• A new tab that enables viewing the payment status will be added to the portal.

Benefits of Emaratax

Conclusion

• EmaraTax is an excellent solution for businesses and individuals looking to simplify their tax and customs compliance activities while reducing costs and enhancing efficiency.
• Using EmaraTax may help individuals and businesses save money by identifying tax savings opportunities and optimizing their tax strategy. Additionally, the software ensures compliance with tax laws by staying up-to-date with changes in tax regulations.
• Overall, maximizing tax efficiency is an important financial goal for individuals and businesses. EmaraTax may be a helpful tool for achieving that goal by providing personalized tax planning advice and ensuring compliance with tax laws.

Buchprufer Consultants to Assist

Buchprufer assists organizations across UAE with finance and account outsourcing services. Our experts are knowledgeable about EmaraTax and its procedures. As the leading finance and accounting company in UAE, we offer comprehensive accounting and finance solutions.

Contact us right away to schedule a consultation on EmaraTax and VAT filing in UAE.