Value Added Tax (VAT)
VAT stands for Value Added Tax also known as Good and Services Tax (GST). It is a type of consumption tax, VAT is an indirect tax applied upon the consumption of the goods and services. VAT is levied on all the stages of the supply chain and it is collected by the businesses on behalf of the government.
Value Added Tax (VAT) is actually paid by the end consumer. VAT is applied on the most of the good and services except some basic food items and essential medicines. The percentage of VAT that user pays is the cost of the product or the service.
The businesses will have to adapt the changes by identifying the impact of VAT in UAE on their businesses, the key factors for the immediate considerations are:
- Start maintaining your financial records in orderly manner
- Businesses will now need to develop more efficient processes
- Cost cutting on all fronts that you feel are unnecessary
- Restructure your business to incorporate
- Incorporate a robust accounting system that has VAT module
- Get professional help for right ways to implement systems
- Hire professional CA firms who could do the groundwork or leg work for your business for implementation
- Assess capability of existing systems
- Identify VAT implementation strategy
- Identify contracts that need an action for VAT in Dubai
- Identify inter company transactions
- With VAT implementation, Businesses will not lose anything & will work smoothly
Businesses should start preparation for the registration of VAT in UAE. The government is expected to be ready by October 2017 to take in new registration for the VAT in Dubai.
How can Saeed Al Bannai (SAB) Auditing of Account Help?
Saeed Al Bannai (SAB) Auditing of Accounts have a wide range of services to offer your business, SAB will address and fulfill all the need and demands to cover all the elements and the factors of VAT in UAE.
We have exclusively designed VAT training and awareness programs that will analyze and understand the rules and regulations of VAT in Dubai and the procedures to cover all the factors which will influence, and monitor all the components and controls that should be in the place to ensure VAT returns are submitted accurately and successfully.
- Tax and legal Advisory
- Finance & Tax Functions
- Preparation & Submission of professionally prepared financial reports after Value Added Tax in Dubai
- Registration of VAT in UAE
- VAT in UAE impact on businesses
- Understand the model of your business
- VAT transactions management
- Accounting systems under VAT law
- Filing of VAT Returns