VAT FINANCIAL GUARANTEE OR CASH DEPOSIT
RELEASE FOR NON REGISTERED IMPORTERS USER
GUIDE
VAT 702
August 2018
Contents
1. About this guide ..................................................................................................... 3
2. About VAT 702 ........................................................................................................ 3
2.1. When should you submit a VAT 702? ................................................................... 3
2.2. Who should submit a VAT 702? ............................................................................ 4
3. Accessing VAT 702 ................................................................................................. 4
4. Completing VAT 702 ............................................................................................... 4
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 non-
registered 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.
2.1. When should you submit a VAT 702?
You have provided an eGuarantee or eDirham deposit to FTA on the FTA eServices
portal using VAT 301 while importing goods under tax suspension
You have completed the duty suspension claims process with the relevant customs
authority
One business day has passed since the approval of your claim by customs
If the goods were imported under tax …the Importer shall submit the duty claim
suspension to the relevant customs authority and…
the VAT declaration will be updated
and have been exported completely
automatically
applicable VAT will be deducted from
and have been sold or used partially in
deposit/eGuarantee for goods sold or used in
the UAE
the UAE on VAT 702
and have been sold or used completely applicable VAT will be deducted from
in the UAE deposit/eGuarantee for goods sold or used in
the UAE on VAT 702
2.2. Who should submit a VAT 702?
You are not registered with the FTA
You have imported goods under duty suspension regime after 1 st January
have paid an eDirham deposit or provided an eGuarantee to the FTA upon import of
goods
You have either exported the goods outside the UAE, sold, consumed, damaged or
lost the goods while still under suspension in the UAE.
3. Accessing VAT 702
VAT 702 is available on the eServices portal in the respective (VAT) section.
VAT 702
For submitting a VAT 702 Form against a go to select VAT from the main menu and click
on the ‘VAT 702’ button:
IMPORTANT: As part of VAT 702, under the applicable scenarios you are required to
provide the bank account details or the eGuarantee number. Please ensure that this
information is correct.
4. Completing VAT 702
1. Declaration Details
Declaration information Please enter the information for the following fields:
Customs Authority
Declaration Date
Declaration Number
It is important that you enter the details accurately.
The declaration date should be the import declaration
date and the declaration number should be the import
declaration number
2. Claim Details
Claim information Please review the details of the claims as received from
the customs authority. This will some or all include the
following fields:
Total VAT Paid
Amount to be Collected
Amount Eligible for Refund
Paid Using eGuarantee
Amount to be Cancelled from eGuarantee
Paid Through eDirham Deposit
Amount to be Refunded
Settled through Clearing Agent
Amount to be returned by Clearing Agent
Total Paid
Total Claimed
The fields that will be available will depend on the
payment method used for settling your import
declaration.
Amount you wish to claim The total amount requested for refund must not exceed
back must be equal or less the amount eligible for refund, as per the records of the
than the amount you have customs authority. Furthermore, the specific refund
paid method requested must not exceed the initial amount
paid using the same method.
3. Finish
Payment Summary The summary of the amount that will be deducted from
your deposit/eGuarantee and the amount that will be
refunded will be displayed.
Is your bank located in the If you have made an eDirham deposit for the suspended
UAE? declaration, you can be eligible for a refund to your bank.
IBAN
BIC / SWIFT IMPORTANT: You must ensure that your account
etc. details are accurate. Some accounts cannot receive
payments electronically. We recommend that you
check with your provider before submitting this form
if you are unsure whether or not your bank has
made this facility available to you.
Upload the IBAN validation Upload the letter issued and stamped by your bank which
letter includes details about the account holder name (must be
the same as the applicant’s name), bank’s name and the
IBAN.
5. Next Steps
After completing the submission, the FTA will review your request and process it.
