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VAT Registration In The UAE Services
The UAE government implemented the Value Added Tax (VAT) Act on January 1, 2018, to a variety of commodities throughout the nation at an average ratio of 5%. Local businesses may avail of VAT registration in the UAE to recuperate some of the cost as a result of this new tax.
We offer Free Consultation for VAT Registration. Please have a look at our packages mentioned below. We have helped from Startups to SME from VAT Registration to VAT
Special VAT Packages
What is Value Added Tax (VAT)?
Value Added Tax or VAT is a tax on the consumption or use of goods and services levied at each point of sale. A VAT is a form of indirect tax and is used in more than 180 countries around the world. The end-consumer ultimately bears the cost. Businesses collect and account for the tax on behalf of the government.
Value Added Tax (VAT) was introduced in the UAE on 1 January 2018. The rate of VAT is 5 per cent. The VAT will provide the UAE with a new source of income which will be continued to be utilised 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.
The implication of VAT on individuals
VAT, as a general consumption tax, will apply to the majority of transactions in goods and services. A limited number of exemptions may be granted.
As a result, the cost of living is likely to increase slightly, but this will vary depending on an individual’s lifestyle and spending behaviour. If an individual spends mainly on those things which are relieved from VAT, he is unlikely to see any significant increase.
The government will include rules that require businesses to be clear about how much VAT an individual is required to pay for each transaction. Based on this information, individuals can decide whether to buy something.
The implication of VAT on businesses
Businesses will be responsible for carefully documenting their business income, costs and associated VAT charges.
Registered businesses and traders will charge VAT to all of their customers at the prevailing rate and incur VAT on goods/services that they buy from suppliers. The difference between these sums is reclaimed or paid to the government.
Whatever the size of your organization, exact bookkeeping, and financial reporting are fundamental to support your corporate functionalities. These issues can be tedious and hard to execute easily, especially when you proceed to develop and receive complex plans of action. Having experience in Vat Registration, Vat Filing, Corporate Accounting and Financial Reporting, we make sure to deliver valuable services, simply to our customers’ expectations.