All taxable individuals must comply with the requirement of filing a VAT return to the FTA, providing a summary of the incurred VAT for the designated tax period. As previously mentioned, if the input tax exceeds the output tax, the business becomes eligible to apply for a VAT refund. The FTA typically reviews, accepts, or rejects the refund application within 20 business days.
To initiate the refund claim, the taxable person must log in to the FTA e-services portal and access the refund form. All fields marked with (*) must be completed and submitted on the portal. The refund form undergoes processing within 20 business days of submission. Once the application is approved, the amount will be refunded within 5 business days.
It is crucial for companies to ensure that accurate bank account details are provided on the refund form. Failure to include bank details may result in the rejection of the application.