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VAT Financial Guarantee or Cash Deposit Release for Non Registered Importers User Guide VAT 702
1. About this guide
This guide is prepared to help non-registered importers to submit a request to liquidate partially or completely an eGuarantee or refund partially or completely an eDirham deposit provided while importing goods under tax suspension.
2. About VAT 702
VAT 702 is a form provided by the Federal Tax Authority (“FTA”) pursuant to which a nonregistered importer notifies the FTA to either cancel or liquidate an eGuarantee or to refund or collect an eDirham deposit. In line with the relevant legal provisions, there would be specific scenarios where a non-registered importer would provide an eGuarantee or an eDirham deposit to clear goods at customs, which are subject to tax and duty suspension. Upon export of the goods, the importer is eligible for a refund or a return of the financial guarantee.