VAT Services in Dubai
VAT brings a lot of opportunities and also a lot of challenges with it. VAT is extremely complex and strenuous tax system that companies find hard to cope with. 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.
A tax expert who is professionally aware of the laws and rules of the tax system is mandatory for the businesses to guide them. It will assist the business in smooth implementation of VAT in UAE. A professional tax agent will ensure the tax compliance system, make all the procedures legal and manage records to prepare VAT return filing.
Businesses are facing challenges while preparing themselves for VAT. We have a team of professional tax experts which are certified by the Federal Tax Authority. SAB team will help you to steer your business smoothly through the new tax laws by providing best and authentic VAT services in Dubai.
Businesses must follow the rules and law of Federal Tax Authority (FTA) in order to avoid VAT fines and penalties. Most of the companies are outsourcing the VAT services in Dubai.
Implementation of VAT
- If your annual turnover exceeds the mandatory threshold limit of AED 375,000, then you are liable to pay tax.
- Voluntary registration threshold limit is AED 187,500/- per year, where, any business person can voluntarily register for VAT and continue with the normal compliance process.
Rates of VAT
The types of rates applicable are:
- Standard rate (5% VAT)
- Zero rate
- Exports of goods and services outside the UAE
- International transportation, and related supplies
- Supplies of the certain sea, air and land means of transportation (such as aircrafts and ships)
- Certain investment grade precious metals (e.g. gold, silver, of 99% purity)
- Newly constructed residential properties, that are supplied for the first time within 3 years of their construction
Areas exempted from VAT
- Supply of certain financial services
- Residential properties – sale and lease
- Bare land – sale and lease
- Local passenger transport
SAB will guide your Accounts and Finance department and update them with up-to-date progress regarding VAT. Our VAT consultants will assist your team in developing your internal VAT operations, involving finance management and bookkeeping operations, in tune with the VAT system requirements. SAB is covering all the aspects of VAT such as:
VAT registration is mandatory for the businesses who are exceeding the annual turnover of AED 375,000. Through VAT registration, companies will get their Tax Registration Number (TRN) and after that they have to start collecting VAT and file their VAT returns on quarterly or monthly basis. SAB offers a VAT registration service to ensure that companies who are eligible to have the TRN must get the TRN on time.
Read More: Online VAT Registration
After getting the Tax Registration Number (TRN), invoicing format will be changed. FTA has defined a VAT invoice format in UAE. How to prepare VAT invoice in UAE is a very important question and task for all the business. A VAT invoice must have Tax Registration Number (TRN). All the businesses must follow the format of VAT invoice issued by FTA otherwise they will get the VAT fines and penalties.
Read More: VAT Invoice Format by FTA
It is mandatory for every taxable person to maintain books of accounts under the VAT law. VAT Accounting will push businesses to be aware of all the elements and processes that should be implemented in order to properly account for VAT and be responsible of other VAT elements such as VAT returns and VAT refund. with VAT Accounting, SAB will take care of your VAT and accounts and organize your books as per VAT laws.
Read More: VAT Accounting in Dubai
VAT Return Filing
VAT Returns must be filed according to the specified dates and duration mentioned on the VAT Application or VAT Certificate, within 28 days from the end of the tax period. SAB is providing VAT return filing services in Dubai on quarterly and monthly basis, based on the dates mentioned on the company’s VAT certificate. VAT return filing will be done online on FTA VAT portal.
Read More: VAT Return Filing in Dubai
Businesses may appoint an FTA Tax Agent to act in his name and on his behalf with regard to his tax affairs before the Authority. Being your tax agent in Dubai, SAB will be responsible to provide all the records, information, documents, and financial data to the Federal Tax Authority (FTA) if requested to submit on behalf of you. We will act as a Tax Agent on behalf of you to handle all tax affairs with the FTA.
Read More: Tax Agent in Dubai
Businesses in UAE must prepare themselves for official audits from the Federal Tax Authority (FTA). To ensure your company’s VAT health, SAB has introduced a VAT audit through which our VAT experts will analyze the VAT procedures and gives recommendation about the do’s and dont’s. Our VAT audit practice will make sure that a company;s VAT procedures are in line with the requirements of FTA.
Read More: VAT Audit in Dubai
VAT Consultants in Dubai will perform the VAT impact assessment and structure your business in the most effective and efficient manner with regards to registration of VAT and filing of VAT return, in accordance with Federal Tax Authority (FTA) requirements. Our VAT Consultants are providing authentic and accurate advises on every tiny critical issues about VAT in UAE and offering best VAT consultancy services in Dubai.
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Our particularly designed VAT Training program analyze the rules and regulations of VAT in UAE and clearly shows the main contents, procedures and controls that should be established to ensure VAT returns are submitted correctly and accurately and on time. VAT Training in Dubai will make sure that all the procedures are according to the standards of Federal Tax Authority (FTA).
Read More: VAT Training in Dubai
VAT Compliant Accounting Software
It is compulsory for all the businesses in UAE to have a VAT compliant accounting software. SAB is offering ‘Finax accounting software’ which is VAT compliant. FINAX is the solution for all of your Finances and Taxes. FINAX full suite have additional features and functions like point of sale (POS) and Cloud data hosting which makes it more capable as compared to many other accounting software products in UAE.
Read More: VAT Accounting Software in Dubai
VAT Voluntary Disclosure
A voluntary disclosure is a form provided by Federal Tax Authority (FTA) to allow businesses and taxpayers to notify FTA about the errors/mistakes and omission/changes in a Tax return or Tax Refund. A VAT Voluntary disclosure form 211 in UAE helps a taxable person to make correction in the errors they have committed while submitting a VAT Return or applying for the VAT Refund.
Read More: VAT Voluntary Disclosure
There are certain situations where the person or the business must deregister for VAT such as if the business have stopped making taxable supplies or closing a company or the turnover is not exceeding the threshold limit. SAB will assist your company to go through this complex procedure of VAT De-Registration in order for you to run your business smoothly and efficiently without any complexities.
Read More: VAT De-Registration
Best VAT Services in Dubai
SAB is equipped with a team of thriving VAT specialists who can help your business to overcome expected roadblocks such as lack of familiarity with VAT rules & regulations, structure and compliance issues, lack of resources and lack of a compliant accounting system.
Our exclusive VAT consultancy services involves providing an understanding of the VAT Laws and Executive Regulations, understanding your business model and evaluation of VAT’s impact on your business and help you to prepare and execute all VAT related concerns.