Known as VAT, it is a tax levied on goods and services as they are purchased. Consumers will ultimately be responsible for paying it. Using the government’s assistance, the organizations are responsible for collecting and reporting the tax. In the UAE, a taxable supply is a distribution of goods or services made by a company that is taxed at a rate of either 5% or 0%. Similarly, imports are considered if the supply is taxable in the UAE if it was made within the country. The purpose of this blog is to provide facts about VAT filing in Dubai.
A new form of indirect tax called Value Added Tax (VAT) was introduced by the United Arab Emirates on 1 January 2018. It has a rate of five percent on most goods and services. The GCC countries’ VAT policy increases the economic scope of their countries by integrating an additional revenue source in the wake of the oil crisis. With a shift to a more sustainable consumption system, this new source of income will be used to provide high-quality public services. Furthermore, it aims to reduce the government’s dependence on oil and other hydrocarbons as a source of revenue. Read here to learn more about the need for VAT filing in Dubai.
The VAT consultants in Dubai at our company are capable of offering Financial solutions. We offer a full range of tax, accounting, and bookkeeping services with our experienced partners and enthusiastic team. Our VAT consultants in UAE, operate as a boutique service provider is a leader in the organization of high-level VAT implementation, and performs all necessary accounting compilation tasks. The financial statements we prepare are compliant with the applicable accounting standards.
VAT Consultants in UAE Offer a Variety of Services
VAT consultants provide a variety of services based on the type of business. VAT agents have the following archetypal responsibilities:
- VAT compliance issues and control
- Reduce VAT liabilities
- Risk identification and proper solutions
- Consider opportunities to reduce taxes
- VAT and payment should be filed
- Organize and record data
- Accounting and bookkeeping
- A supplier organization
- Customer organization
Tax Registration Process
Businesses can choose between two types of VAT Registration: Mandatory Registration and Voluntary Registration. Our VAT consultants Dubai can assist businesses in registering for the VAT based on the total value of their taxable supplies and imports. The mandatory registration threshold for any business is 375k. However, the voluntary registration threshold for a company is 187k. For foreign organizations, the mandatory threshold does not apply.
On the FTA website, businesses can create an account and register for VAT using the eServices portal. Using the FTA’s e-Services portal, taxpayers are able to submit tax returns and pay taxes 24/7.
With a reputable VAT consultant in UAE, you can do various VAT-related activities such as VAT accounting, VAT registration, VAT deregistration, maintaining proper records for VAT return filing, tax accounting, tax consultation, VAT impact study, etc with a better understanding of the VAT procedures. Asa successful vat consultant in Dubai we provide the right modus operandi to follow for UAE VAT registration.
VAT Consultants’ Responsibilities
Vat consultants have a variety of responsibilities depending on their role. Here are some of the main responsibilities of a VAT consultant:
- Maintain proper records and accounting for your organization
- Completing the VAT filing requirement
- Ensure compliance with UAE Federal Laws regarding VAT