Value Added Tax
VAT Services in the UAE:
We offer VAT services to different industries and provide a concrete solution to any VAT-related concerns within the stipulated timeframe. With our skill and in-depth expertise in the UAE VAT system, we provide seamless support and assistance to our clients.
Value Added Tax (or VAT) is a form of indirect tax. It is also referred to as a general consumption tax.
Value Added Tax (VAT) system was introduced in the United Arab Emirates (UAE) by the government on January 1, 2018. The VAT rate in the UAE is currently set at a standard rate of 5%.
The UAE Federal Tax Authority (FTA) is responsible for the administration and enforcement of VAT in the UAE. Businesses must maintain accurate records and submit regular VAT returns to the FTA. Failure to comply with VAT regulations can result in penalties and fines.
We offer the following range of VAT-related services in the UAE:
- VAT Registration: The first step in the VAT process is to register for VAT with the UAE Federal Tax Authority (FTA) if a business meets the eligibility criteria. Our professional team help businesses to register VAT and provide guidance on the documents required and the application process.
- VAT Deregistration: Businesses may need to deregister for VAT if they have stopped making taxable supplies or have fallen below the mandatory VAT registration threshold. We have a well-expertise team of professionals who assist businesses with the VAT deregistration process and ensure compliance with the regulations.
- VAT Filing: Companies are obliged to file VAT returns on a quarterly or monthly basis, depending upon the size of the business. It’s important to note that failure to comply with the deadlines of the VAT returns can result in penalties and fines. We advise our clients on the timely filing of VAT returns and also assist them with the process of settlements for payments due.
- VAT Accounting: VAT requires accurate recording of revenue, costs, etc. It is a transaction-based taxation system that needs a better accounting system in place. We can help you to maintain your books of accounts as per the VAT laws in the UAE.
- VAT Consultations: Consultation helps us to know the client’s business operation in a detailed manner. This allows us to assess how to implement the VAT system in their business activities and recommend changes that are needed in their existing accounting practices.