What is the Company TRN Number?
A company’s TRN number is a unique Tax Registration Number designated to every company that registers for Value Added Tax (VAT) in the UAE, it is a unique 15-digit number that is issued by the Federal Tax Authority. Essentially, the TRN differentiates business entities.
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Importance of a TRN Verification for Companies in UAE
- The TRN is a unique 15-digit number that is issued to UAE businesses upon VAT registration.
- A TRN enables easy communication between the supplier and purchaser of goods and services while preparing a tax invoice or any other tax-related documents.
- Obtaining a TRN is highly essential for organizations seeking to claim back the tax paid on the purchase of goods and services made by the business while processing the final goods.
- A tax-registered individual can recover the VAT paid in situations such as:
- If VAT is paid for services such as water and electricity for a commercial property, the tax can be refunded.
- A developer of a property can recover the VAT on all the business costs.
- As per the UAE VAT Law, businesses are compelled to mention the TRN in all tax-related documents such as:
- Tax invoices issued by the seller
- Filing VAT returns for the company.
- Tax credit notes of a business.
- Documents required to specify TRN as per the rules and regulations.
Company TRN Number Verification
A company’s tax registration number is often used to verify the validity of VAT registration. It is imperative for entities to have in-depth know-how of the VAT Tax Registration Number verification procedure in the UAE. This confers much surety upon the accuracy of the company’s TRN before the commencement of any transaction, or prior to preparing a tax invoice for the respective company. Approved tax agents in Dubai can seamlessly assist individuals to verify the requisite information of a tax-registered business in the UAE.
Benefits of Hiring a Tax Agent to Find a TRN in UAE
1. Tax Agents in the UAE are bonafide trustees of the Federal Tax Authority, they cultivate efficient results in line with the entity’s specified needs.
2. UAE Tax Agents facilitate and spearhead VAT registration procedures seamlessly.
3. Tax agents in the UAE avert any probable delays of the VAT registration procedure, they timely obtain the TRN.
4. UAE Tax agents assist in effectively verifying the VAT TRN. This procedure ensures that the business paying VAT (Purchaser) and the company charging VAT (Seller) have a valid tax registration number.
5. Tax Agents provide expert help in de-registering the TRN.
The de-registration procedure is often considered to be complex. Notwithstanding, top tax agents confer simplified mechanisms and solutions to businesses seeking to de-register VAT in the UAE.
Subsequent to the latest update of VAT in the UAE, notable facets of Value Added Tax (the scope and enforceability) have remained ambiguous to a number of entities. Nevertheless, it is essential for UAE companies (VAT Residents) to maintain requisite records to file returns and claim refunds for certain transactions. Moreover, approved tax agents in Dubai can seamlessly assist entities to register for VAT and to navigate the TRN. Farahat & Co is a trusted point of conduct for any VAT intricacy in the UAE. We have an expert team that is determined to cultivate streamlined and client based VAT solutions. Thus, contact us today and we shall be happy to assist you!