VAT Bookkeeping – VAT Accounting Services in Dubai

VAT Accounting services in Dubai

VAT Accounting Services in Dubai

Since the VAT in UAE came into effect from this year, it is mandatory for every taxable person to maintain books of accounts under the VAT law. 

In addition to that the Federal Tax Authority (FTA) can ask for additional documents such as, annual accounts details, general ledgers, purchase day books, invoices issued, invoices received, credit notes, debit notes, VAT ledgers, records of all supplies and imports etc. Under the VAT law in UAE the books of accounts and records are to be maintained for at least five years. 

Maintaining accounts and books are mandatory by Federal Tax Authority (FTA). It is mandatory for all the businesses to maintain VAT Accounting in Dubai. SAB is offering reliable VAT Accounting services in Dubai.

Records Maintained by the Taxable Person

According to the VAT Decree Law, the taxable person shall keep the following records:

a. Records of all supplies and Imports of Goods and Services.

b. All Tax Invoices and alternative documents related to receiving Goods or Services.

c. All Tax Credit Notes and alternative documents received.

d. All Tax Invoices and alternative documents issued.

e. All Tax Credit Notes and alternative documents issued.

f. Records of Goods and Services that have been disposed of or used for matters not related to Business, showing Taxes paid for the same.

g. Records of Goods and Services purchased and for which the Input Tax was not deducted.

h. Records of exported Goods and Services.

i. Records of adjustments or corrections made to accounts or Tax Invoices.

j. Records of any Taxable Supplies made or received.

k. A Tax Record that includes the following information:

1) Due Tax on Taxable Supplies.
2) Due Tax after the error correction or adjustment.
3) Recoverable Tax for supplies or Imports.
4) Recoverable Tax after the error correction or adjustment.

VAT Accounting Dubai

It is necessary for all the taxable businesses to keep their books in an organized and standardized form and must keep all the documents to avoid VAT penalty and fines.

If a taxable person or business fails to keep required records, books and documents, penalty of AED 10,000 will be given and then AED 50,000 if the offence is repeated again.

SAB is an accounting firm in UAE offering best VAT Accounting services in Dubai. we will take care of the VAT Accounting and Bookkeeping and save your business from facing any penalties and fines. Contact us now!

SAB are registered Tax Agents by FTA and approved audit firm in Dubai by Ministry of Economy. SAB is also offering other financial services such as:

2 thoughts on “VAT Bookkeeping – VAT Accounting Services in Dubai

  • Hi,

    Hope all is well with you.

    Can you quote us for VAT review of all our filed VAT for the year 2018 and 1st & 2nd quarter of 2019. Also your fees for filing VAT.

    Note that we have invoice transactions of 5-8 invoices / month mostly outside UAE. Supplier invoices of 2-3/ month.

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