The UAE Federal Tax Authority (FTA) has now allow taxpayers to register for VAT purposes. Value-Added Tax VAT is a tax on the consumption or use of goods and services levied at the point of sale.

The UAE has implement VAT from January 2018. The rate will be 5 percent.

Following are the services we provide on VAT:

 

Sr. No Services Periodicity Remarks
1 VAT registration & Grouping One time Understanding your group structure, its impact on VAT and how best to restructure if required and registering the Company.
2 Setting up of Invoices – sales and purchase  (Depends on the volume of transactions) One time

We will coordinate with your IT team and put in place a proper document flow for VAT.

3 Accounting and cash flow impact and process One time We can put in place a process documentation of capturing the accounting data and also proper accounting head so that it can act as guidebook to your accounts team.
4 Accounting for client Monthly Depending on the volume.
5 Ensures regular updates and documents are maintained Monthly
/Quarterly

VAT Internal audit function will be done on monthly/quarterly basis (excludes stocktaking)

6 Training to staff /updates One time We will train your team if required.
7 Help in the quarterly submission of return Quarterly We will help in verifying all the documents, uploading the data in Government website.
8 Act as tax agent As when the Tax audit notice is received This is to represent you in case there is an audit, else these services might not be required by you.

VAT will provide the UAE with a new source of income which will be continued to be utilised to provide high-quality public services. It will also help government move towards its vision of reducing dependence on oil and other hydrocarbons as a source of revenue.

For further information CONTACT US on +971 4 3604510 or EMAIL US at advisory@b4bconsultancy.com.

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