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VAT Consultancy Dubai, Abu Dhabi, Sharjah, UAE

VAT Consultant in Dubai UAE

The VAT is an expense that applies to use of all services/products. GCC Government has adopted this taxation system starting from 1st January 2018. Its implemented on goods and services with the exception of food items, healthcare, and education. The standard tax rate is very nominal – five percent. End-user are mostly affected by the implementation of tax however businesses have to make certain changes to their processes and procedures to comply with the legal requirements implemented by the government.
 

All businesses with annual revenue of Dh 375,000 or more are required to submit their VAT registration online applications within 30 days of being required to be registering. As per the regulatory Authority Federal Tax Authority Registration (FTA), all businesses in UAE must ensure the recording of their financial transactions, apart from that VAT registration requirements have done and ledgers are updated in time to avoid penalties.

Registration will be mandatory in case the revenue limit cross AED 375,000, if turnover is greater than AED 187,500, but didn’t exceeds AED 375,000 then optional or voluntary registration should be done.

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vat consultant in dubai

VAT Registration in UAE Process

FAR- VAT Consultants in Dubai, Abu Dhabi, Sharjah UAE can assist you to go through a simple process to start with VAT registration in UAE.

  • Provision of relevant documents for VAT registration
  • Receive your trade license, proof of business setup, banking details & signatory papers
  • Prepare documents to apply for business authorization like POA, MOA etc
  • Relevant description of Business activities in the form of declaration.
  • File your income from the previous 12 months and provide expected a figure
  • Financial experts will calculate the value of imports and exports
  • Manage your planning in order to deal with GCC officials & customers.

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vat consultancy dubai

These are the constraints of the latest Commercial Company Law No.2 of 2015:

Article 26: Every organization or company must maintain the accounting reports for the duration of 5 years in distinction to the closure of the company’s financial year as per Article 26 of the Company Law.

Article 348: According to this article, fine of AED 50,000 – AED 500,000 will be imposed for collapsing in keeping the accounting record.

Article 349: Fine of AED 20,000 – AED 200,000 will be forced if the association/company fails to maintain the VAT accounting records for the period specified i.e., 5 years.

The Rule for Calculating VAT in UAE

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Requisites in VAT calculation and VAT Accounting system

  • Make sure that the bill for purchasing goods must be incorporated. Also, confirm about the taxable stuff either tax has been appropriately charged means the input tax that should be given by the dealer and particulars specified in the invoices.
  • Assign the price on the retailing value at the instance of transaction or provision of accounts together with reducing the amount of input tax in order to reach the sum that has to be paid.
  • Compute the payment of tax and deposit to Government within due date.
  • Study related to Financial Experiences
  • To legitimize the paid tax, you need to sustain invoices, financial records, VAT returns, proper stock, VAT accounting and further significant proceedings at the moment of purchase.
  • Supply the significant information that is appealed by the Government in filing the VAT return in UAE to the Government authorities within the specific time.
  • VAT Calculation
  • Filing VAT
  • Convey reports on VAT Filing and Processing