Value Added Tax (VAT) in the UAE is a new concept in the region. VAT will be effective from 1st January 2018 at a standard rate of 5% or Zero rated as the case may be. VAT is an indirect tax that is collected at each stage of production or sale and is also known as the consumption tax. VAT AT 5% is applicable on almost all the goods and services with just a few being Exempted & Zero Rated.
Steps to Implement Vat in Your Business:
VAT Registration
Prepare all the information for the registration and verify it.
Register online for UAE VAT with Federal Tax Authority
Understand the organization structure and transaction process
Provide initial training and awareness to the Management and employees.
Understand the organization structure.
Understand the business operations
Discussion for changes with IT, Accounts and all other relevant departments
Identify the specific issues in the software you are using.
Manage the VAT Transition Process
First trail run to identify issues.
Final trial run to get ready for VAT compliance
VAT Return Filing
Review of TAX invoices issued and received.
Review of TAX credit notes issued and received.
Reconciliation of ledgers and registers
Preparation of VAT returns
Preparation of VAT Audit File
Emirates Chartered Accountants Group offers clients a wide range of TAX Services in accordance with their business needs in Dubai, Abu Dhabi, Sharjah, Ajman, Fujairah, & Ras Al Khaimah. The Tax Team at Emirates Chartered Accountants Group is professionally equipped with relevant industry experience hailing from different ends of the globe.
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Feb 29,2024UAE Corporate Tax Registration
