VAT and corporate tax reports

Two report tabs follow your taxes: the VAT Summary Report for any period, and the Corporate Tax summary for a financial year. Both read what is in your books and in your returns; neither files anything. Filing a return is always done by a person, from the VAT and corporate tax screens.

Open Reports in the main menu and click the tab.

VAT summary#

The VAT Summary Report shows the VAT on your sales and purchases between From and To. It counts the same entries and the same amounts as the VAT 201 return: the VAT posted in the period on issued invoices and credit notes, approved bills and debit notes, and other entries that carry VAT, such as expense claims and bank charges, in AED, with the reversals of cancelled documents. Drafts are not in it.

• 1 The period. The report opens on the current calendar year; set the dates of your VAT period.
• 2 Output VAT (Sales): one line per kind of supply, with the Taxable Amount and the VAT Amount: Standard Rated (5%), Zero Rated (0%), Exempt, Reverse Charge (5%) and Imports (5%). A kind with nothing in the period is left out. Total Output is the sum.
• 3 Input VAT (Purchases): Standard Rated (5%) and Reverse Charge & Imports (5%), and Total Input.
• 4 Net VAT Payable / (Recoverable): output less input VAT. Under it, Verasol says whether you owe the amount to the tax authority or can claim it.
• 5 Export downloads the summary as Excel or PDF.

Use the summary to check a period at a glance. The return itself, with the standard-rated supplies per emirate and every box of the VAT 201, is on the VAT screens: see VAT return.

Corporate tax summary#

The Corporate Tax tab brings together, for one financial year, what the corporate tax screens hold: the return, the reliefs, the losses and the payments. Choose the year in the list at the top left (1); Refresh (2) reloads it.

The figures come from the corporate tax return of that year, as it was last calculated. The tab shows:

• Corporate Tax Summary: the company's TRN and corporate tax registration number, the tax period, the due date with the days remaining (or Overdue) and the status of the return.
• 4 Tax Calculation: Accounting Income (Net Profit), each Add-Backs (Non-Deductible) item with the article of the law it comes from, Allowable Deductions, Adjusted Taxable Income, the losses used, Taxable Income split into the part taxed at 0% and the part at 9%, Tax Liability and Net Tax Payable.
• Key Metrics, such as the Effective Tax Rate, and the Compliance Status of the return and the advance payments.
• 5 Small Business Relief: whether the company is eligible and has elected it, with its revenue against the AED 3 million threshold. Next to it, QFZP Status (Free Zone) for a free zone company.
• Tax Loss Carry-Forward and the Advance Payment Schedule, and for a filed return the Payments of the tax recorded against it.
• Historical Comparison: the taxable income, tax and net tax payable of your recent financial years, side by side. A year from before your books started in Verasol carries the Opening balance badge and shows only the tax recorded for it, with a dash for its taxable income.

1 Advance Payment Schedule. 2 Historical Comparison.

3 PDF and Excel at the top right download the summary.

When no return has been prepared for the year yet, the tab says No Corporate Tax return has been created for this financial year. with a link (Create one now →) to the corporate tax screens. When a return was filed and the books changed afterwards in a way that changes the tax, the tab shows a red message that the return must be amended, with the figures as filed and as the books show them now.

FTA Audit File#

Export FAF at the top right of the reports page creates the FTA Audit File for a period, the file the FTA can ask for during an audit. See FTA Audit File.

Related#

• Reports
• How VAT works in Verasol
• VAT return
• Corporate tax overview
• Corporate tax returns
• FTA Audit File