VAT Services In Dubai

What is VAT?

Value Added Tax (VAT) was introduced in the UAE on 1 January 2018. The rate of VAT is 5 percent. VAT will provide the UAE with a new source of income which will be continued to be utilized to provide high-quality public services. It will also help the government move towards its vision of reducing dependence on oil and other hydrocarbons as a source of revenue.

VAT Services in Dubai.

Our VAT Services in UAE include VAT Consulting service, where we help our clients remain compliant with the UAE VAT Laws. We start by understanding their nature of business, types of business transactions, item structure, sales turnover, invoice formats, and accounting records.

We then go on to assess how VAT provisions apply to their business and whether their internal business processes, accounting, and IT infrastructure are geared to handle the VAT requirements. Accordingly, our VAT Consultants suggest changes to their business processes, accounting records management, and invoice formats so that they comply with regulatory requirements.

We do offer VAT Transaction Advisory services where we guide companies on complex aspects of their business. Companies with multiple branches, multiple products, international presence, and complex organizational structure require an expert opinion on how they should make their business transactions to remain VAT compliant. Our VAT Consultants in UAE have helped many such companies in structuring their operations as per the UAE VAT Law requirements.

We provide verbal and written advice on all routine/procedural VAT compliance issues upon specific request from the company. We also provide advice on the new amendment/development in VAT law.

VAT services help you grow your business in Dubai:

• To prevent errors in filing tax returns.

• To claim the input tax paid as per the VAT law.

• Provide guidelines to avoid fines and penalties.

• Maintain the books of account for five years, as per law.

• Conducts the tax audit to safeguard the company from material misstatement.

• Get updated and trained regarding the latest changes in the VAT law and its impacts on accounting.

• Provide guidelines for the preparation of invoices for sales.

Services Provided by VAT Consultants

• VAT compliance issues and control

• Minimizing VAT liabilities

• Identifying risk and proper solutions

• Identifying prospective tax planning opportunities

• VAT Filing and payment.

• Data recording and organization

• Accounting & Bookkeeping

• Purveyor organization

• Client organization

How to File VAT Return in UAE?

Businesses have to file for tax returns electronically through the FTA portal ‘eservices.tax.gov.ae’ and fill in Form 201:

• Particulars of the taxable person

• The period of VAT return

• VAT on expenses and all other inputs

• VAT on sales and all other outputs

• Net VAT due

• Added Reporting Requirements

• Statement and Certified Signatory

Benefits of Filing VAT Return?

• VAT compliance brings goodwill to the business.

• Good business collaboration. In effect, many large companies are habitually indisposed to carry out business with non-VAT-registered companies.

• The business picture gets highlighted once registered under VAT law.

• VAT is easier to administer when compared to any other indirect tax.

Businesses Required to File VAT Return?

The standard tax period for VAT return is:

• Quarterly for businesses with an annual turnover below AED150 million

• Monthly for businesses with an annual turnover of AED150 million or more

• The FTA may, at its discretion, allocate a different tax period for a certain type of business

Advantages of VAT

Relatively few nations perceive VAT as a sort of tax. With the presentation of VAT, labor and products are taxed even at the grass-root level. In this manner, a straightforward tax instalment measure is set up. Allow us to examine the different benefits of the VAT framework:

• As VAT is demanded at all degrees of procurement. Any type of tax avoidance gets intense.

• VAT when applied consistently frames an enormous piece of the income assortment.

• It fortifies the tax strategy and addresses the monetary arrangement shortage.

• An aggregate of 160 nations out of 193 follow the VAT framework for taxation.

• VAT is an all around the world acknowledged tax framework. It establishes a decent connection with different nations for an exchange of goods.

VAT keeps an intensive mind on every one of the exchanges that happen, consequently, the tax instalment measure turns out to be more effective and just as simple.

Risians Accounting is an accounting firm in Dubai, Offers accounting services, business consultant services. Risians Accounting is a group of chartered accountants who has a decade of working experience in different industries and projects. By using