Value Added Tax (VAT) is sometimes referred to as a general consumption tax. It is a type of Indirect Tax.
Supply goods and services that are bought or sold have Value Added Tax (VAT) associated with them.
The government has recognized VAT as another source of raising revenues in the Gulf Cooperation Council (GCC).
The oil prices are on the decline for the past few years and as a need to diversify revenue sources, the GCC countries have decided to implement taxation.
A lot of businesses were facing problems with the implementation of Value Added Tax (VAT) when it was introduced in UAE because of the new procedures and compliance requirements.
Finace Consultancy provides comprehensive best-in-class services in taxation, finance and accounting in UAE.
We strive to help our clients develop and grow in order to achieve their goals. Tax agency has a very important role to play in VAT incorporation.
Tax agencies will help you in tax compliance, complete your tax agreement towards the authority and also represent you in businesses entities.
Other services offered by tax agents include tax registration, tax review/audit, filing returns and implement accounting procedures for tax compliance.
VAT has been introduced in UAE since 1st January 2018. Management and collection of federal taxes and fines will be done by Federal Tax Authority.
They will also handle the distribution of tax generated revenue and the implementation of tax-related procedures in the UAE.
Companies with annual revenue of over AED 375,000 are required to be registered under VAT system. During the first phase of VAT registration, companies with annual revenue between 187,000 and 375,000 will have an option to register for VAT. To validate the information, various documents are required. Authorized signatory of the company must fill this VAT registration form.
- Quality services in taxation, finance, accounting & administration in the United Arab Emirates
- Finace Consultancy will help them fulfill their tax obligations by representing a taxable person in front of FTA
- VAT Registration formalities to authorities
- Advisory services on VAT Implementation
- Assisting in submitting a VAT return to ensure there are no errors
- Guidance on Reverse Charge Mechanism for Imports
- Guidance on VAT treatment for exports
- VAT Training and Awareness sessions for your staff
- Assisting in generating tax Invoices and tax credit notes
- Review documentation in accordance with VAT law.
- Mapping of Transaction
- Helping in Constructing proper VAT Ledger(s)
- VAT Implementation
- Designing VAT structure based on your business profile