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VAT IN UAE
With the introduction of VAT in UAE on 1 January 2018, consumers are expected to pay 5 percent for the product or service they use. Companies that have an annual turnover above Dh375,000 have to register for VAT. Companies that have a turnover under Dh375,000 but above Dh187,500 can voluntarily register for VAT. VAT applies equally to tax-registered businesses managed on the UAE mainland and in the free zones. However, UAE Cabinet defines a certain free zone as a designated zone, it must be treated as outside the UAE for tax purposes. The transfer of goods between designated zones is tax-free.
VAT registration will be the first step towards transiting your businesses to the VAT era. The UAE VAT registration depends on the annual turnover of the business. Before registration, you must understand what type of supplies are considered in deriving the annual supplies turnover and how to calculate the VAT turnover for registration in UAE.
All the companies in the UAE must be aware of the tax law in order to run their business smoothly. If the companies failed to follow the tax laws issued by FTA (Federal Tax Authority) they will get fines and penalties. There are some situations even though some companies follow all the laws and regulations they get fines and penalties. If the companies are not convinced by the action issued by FTA the taxpayer can file for VAT Reconsideration.
VAT Refund Claim
All VAT registered businesses or the taxable persons must submit a ‘VAT return’ to Federal Tax Authority (FTA) regularly and usually within 28 days of the end of the ‘tax period’ as defined for each type of business. Before filing the VAT return you should make sure that you have met all tax returns requirements. Failure to file a tax return within the specified time frame will cause fines and penalties.
VAT Registration Amendments
If there are any changes in the details submitted to FTA at the time of registration, you need to update the records with the FTA accordingly. We will deal with your application in the most professional way and ensure that the required amendments are registered by the FTA.
Our team is equipped by the most advanced programs and updated information, and backed by their experience as VAT experts in the UAE. Improving the profitability of your business or advising on complex tax issues, we can help you with all of these matters. Sit with us and let us help you in optimal tax planning.
Our accounting process involves preparing financial statements, audits, income-tax statements, etc. Accounting depends on bookkeeping as it contains a proper record of all financial transactions. We create various financial reports which are mandator for every Company as per the FTA regulations and also can be used by management for decision making.
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If you have anything regarding VAT, Accounting process or about your current business, feel good to discuss with us. VAT accounting in Dubai, UAE is no more a hustle. We are there to support you.