VAT Advisory Services
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VAT Advisory Services
The introduction of Value Added Tax (VAT) in UAE, a traditionally Tax-free jurisdiction, brings with it a lot of opportunities and an equal amount of challenges. It is one of the most complex and onerous tax systems that companies find difficult to cope with. A trained professional who can guide you on the Do’s and Don’ts of the system and who can act as a mediator between you and the Federal Tax Authority is more than mandatory. We will help you through the various phases of VAT implementation and will also aid in achieving tax compliance, carrying out legal activities, managing records, preparing and filing VAT return. They are reliable and ethical; but you need to ensure that you appoint the right one.
Team of thriving VAT specialists who can help your business overcome expected roadblocks such as lack of familiarity with VAT rules & regulations, structure and compliance issues, lack of resources (availability of experts and competent staff) and lack of a robust book-keeping system.
Our Tax advisory specialists will assist you in reviewing your current business lines and flag the potential impact of the new VAT legislation. In addition, where possible, we will advise on ways to optimize your VAT position.
VAT
VAT Returns Filing has to be done through online portal of the Federal Tax Authority (FTA) available under e-services. The form used for VAT return filing is called Form VAT 201.
A taxable person is responsible to submit VAT return in the UAE in the prescribed format given by the FTA.
Every taxable person is required to submit the VAT Return within 28 days from the end of each Tax period prescribed by the FTA. This must be in accordance with the provisions of the UAE VAT law.
The taxable person is also liable to remit the amount of tax due to the FTA within the time frame specified by the UAE VAT Law; ie within 28 days from the end of each tax period.
VAT is implemented in the UAE with effect from 1st January 2018. VAT (Value Added Tax) is an indirect tax which is charged at every level of supply of goods or services or both. Businesses need to take necessary.
Steps involved in VAT Implementation Services
- Understanding the business model
- Training to the Management & Employees
- Analyzing the impact of VAT on your business
- VAT Implementation Project
- VAT Registration
- VAT Compliance Accounting
- Tax Invoicing
- IT Integration
VAT Registration is mandatory for companies and individuals doing businesses in the UAE, having an annual turnover of more than AED 375,000/-. UAE is going to implement VAT with effect from 1st January 2018. All companies / individuals coming under above threshold limit (subject to the provisions of the relevant law) have to register for VAT on or before 31st December 2017.
Registration for VAT in the UAE is an online process which is accessible in the Federal Tax Authority’s online portal. Before proceeding for VAT registration, the applicant should consider various aspects such as, weather to register as voluntary option or mandatory option, weather to register as a Tax Group or a Standalone etc. To proceed with VAT Registration please click https://eservices.tax.gov.ae/en-us/
Documents and information required for VAT Registration in the UAE:
Before applying for VAT Registration, below mentioned documents are required to be kept ready. The soft copies of the documents should also be uploaded along with the application.
- Documents identifying the authorized signatory e.g. passport copy, Emirates ID
- Trade license copy of the company
- Other official documents authorizing the entity/individual to conduct activities within the UAE e.g. certificate of incorporation, articles of association, power of attorney etc.
- Description of business activities
- Turnover for the last 12 months in AED
- Supporting document for 12-month sales
- Expected turnover in next 30 days
- Estimated value of imports for one year from each GCC countries
- Estimated value of exports for one year to each GCC countries
- Whether you expect to deal with GCC suppliers or customers
- Supporting documents for customs registration in each Emirates if applicable.
- Details of Bank Account