IN UNITED ARAB EMIRATES
Tax in UAE is a relatively new concept as there was no fixed layout due to the option of the free zones up until recently, while the concept of VAT was prevailing all around the world. The GCC countries agreed to enter into an agreement for the implementation of VAT on realizing that the VAT would enhance the brand value of a business and would also be an additional source of revenue for the government. On 1st January 2018, Value Added Tax was introduced by UAE. We, Fundforth Financial Solutions, are an approved and registered VAT Consultant in UAE and our Certified VAT experts will be able to help with VAT Compliance if your business operates in UAE. Fundforth has been offering VAT consultancy services in UAE, across diverse sectors. Handling VAT obligations is an ongoing challenge for all businesses and errors in this filed may lead to administrative penalties, which could accumulate if not corrected at the right time. Being the best VAT consultancy service provider, Fundforth specializes in addressing the complex automation needs of companies looking to enhance their compliance precision and considerably lessen their reliance on manual processes and in-house or spreadsheet-based technology.
- VAT Services in Dubai
- VAT Services in Abu Dhabi
- VAT Services in Sharjah
- VAT Services in Ajman
- VAT Services in Fujairah
- VAT Services in Ras Al Khaimah
- VAT in Um Al Quain
BUSINESS IMPACT OF VAT
Since VAT is an additional charge that needs to be paid, it has certain impacts on the business front. Let’s have a look where it impacts the most:
The changes or application of VAT will be having a crucial effect on the company’s structure and dealings with customers and suppliers will turn out to be critical.
The financial front will definitely be impacted since it deals with cash flow and proper allocation of cash is necessary to minimize the cash outflow.
Business procedures and functions need to be made VAT-ready before the implementation takes place.
Business relations are impacted by both the suppliers and customers’ side.
Thus, you have seen the various impacts that VAT have on the different sections of a business entity. Now, it becomes extremely important to manage the VAT books in a proper way so as to avoid any unforeseen disasters. At this critical point, a VAT consultant is what you need. A VAT consultant would help you deal with the best possible way to prepare the VAT structure that eases out the entire VAT filing process.
Are you confused about choosing the best VAT consultancy in Dubai?
Well, the answer to your query lies in the next step.
How FundForth can help?
We offer best in the industry VAT Consultancy Services in Dubai. At Fundforth Financial Solutions, we understand the business complications ranging from accounting, taxation, auditing, book keeping to VAT filing, to list a few. We provide the VAT consultancy services in Dubai, which include:
What is FundForth?
Fundforth is a platform that has been providing accounting and taxation services to start-ups and established businesses at a global level. We have a large number of satisfied clients at a global reach ranging from small and medium to multi-national businesses. We have been providing one of the best VAT consultancy services in UAE. If you are looking for a VAT consultant, you can count on us. To initiate your steps towards VAT filing, do contact us – we’d be glad to assist you.
Is there any separate treatment of VAT for free zone companies?
The FTA has issued a list of Designated Zones in the UAE, and only the free zones that are announced as Designated Zones shall follow special provisions, as published by the FTA. A Designated Zone has special treatment for supply of goods, for instance, supply of goods within a Designated Zone shall be treated as out of scope – with no VAT applicable. But services supplied by Designated Zone companies are in the same line as for Mainland Companies, and shall follow the same rules as applicable for a Mainland Company, i.e., normally taxed at 5% unless exempt or zero-rated.
What is the deadline for VAT return filing and payment? Are the dates for payment and return different?
The deadlines for VAT return filing and payment are specified in the TRN Certificate, and these are either monthly or quarterly based. The due date for submission of VAT return and payment of due tax is the 28th day after the tax period closing (monthly or quarterly).
Does one need to keep mandatory books of account for VAT?
Yes, a registrant has to keep relevant books of accounts and records, as specified by the VAT Law. And these should be kept for a period ranging from 5-15 years.
What do you mean by the recipient of goods?
Recipient of goods refers to a person or business entity to whom goods are supplied or who imports.
What is tax evasion?
Tax evasion is an illegal practice of lowering the amount of tax due to the federal authority.
What is recoverable tax?
It states that the tax amount that has been paid by a taxpayer can be repaid by the authority to the provisions of the decree-law.
What is the tax credit note?
A tax-credit note is a document that is issued by a supplier to its customers stating a deduction on the original price in respect of the goods or services supplied.