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:
|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
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.