UAE Ministry of Finance has released an information on the newly introduced Value-Added Tax (VAT) in UAE, which will be applied starting from 1 January 2018. Businesses can register for VAT from September 2017.
Value Trust as your VAT consultant, can help you with the following as we lead you step-by-step towards familiarizing you with the new concept of the VAT.
VAT Calculation, VAT Accounting, and VAT Documentation Services
- Maintaining your accounting and bookkeeping
- Preparing tax calculations
- Maintain an accounting software on your behalf that can adopt VAT calculations
- Charging VAT on supplies at the correct rate
- Calculating net tax payable to local tax authorities
- Calculating VAT deductible on purchases
- Calculating and claiming refunds for VAT for businesses that are resident and non-resident
- Keeping the correct documentation in relation to invoices, records, account, VAT returns, etc.
- Support for filing tax returns with local tax authorities
VAT Law Compliance, VAT Registration, and VAT Implementation Services
- Ensuring that your business is aligned to the compliance practices with VAT requirements
- support on registering your company with the local tax authorities
- Business impact assessment—mapping existing systems and identifying key VAT touch points
- Updating you regarding all the changes in tax regulations (such as VAT penalties, which is to be announced by MoF)