Due to their limited resources, many businesses in the UAE face difficulties complying with regulatory requirements while also carrying out their daily operations. Moreover, they are not knowledgeable enough about VAT laws to meet their legal obligations. To give businesses total peace of mind when it comes to VAT compliance, VAT consultants offer VAT services in Dubai. They have a registered agent status with Dubai’s Federal Tax Authority (FTA).
VAT services in Dubai: An overview VAT is a levy that is computed on each supply of goods or services made within the region and is paid for by the buyer (or, in the event of an import into the region, by the importer). Every stage of the supply chain is affected by it, including (i) import by the importer, (ii) transfer to a retailer, and (iii) sale to the final consumer. A company operating in the United Arab Emirates needs to:
If your company’s yearly revenue exceeds AED 375,000, you must register for VAT in the United Arab Emirates (voluntary registration is allowed if turnover is above AED 185,000).
Invoice the UAE for the goods and services it receives.
levy VAT on the products and services it provides inside the region.
Reconcile the VAT collected with the FTA, offsetting the VAT paid.
Keep in mind that VAT is not applied to goods or services exported from the United Arab Emirates (unless they are going to another GCC implementing state).
What does VAT service in Dubai focus on?
Phase 1:
Assessment of the Impact of VAT and Education
A thorough analysis and diagram of the current situation
VAT touchpoint identification and risk assessment
Creating a Roadmap for VAT Implementation
Evaluation of the system’s capabilities
Phase 2:
VAT Transition, Training, and Implementation Backing
Process, accounting, and IT requirements planning and design
Determining the need for additional software
putting new processes and systems into place
Tests and practice runs
Executing training initiatives
Speaking with customers and vendors
Phase 3:
Assistance Following Implementation
Assistance with filing the VAT return
Examination of the initial tax return and system results
Continuous support for VAT compliance systems
VAT registration in Dubai:
VAT registration is both required and optional in Dubai. Companies must determine which supplies are taxable and whether they require VAT registration. One can avoid late registration penalties and comply with regulatory requirements by registering on time. VAT Services make sure that all necessary paperwork is submitted and that the VAT Registration Form is properly filed with the Federal Tax Authority (FTA). Our VAT consultants guarantee a simple and quick tax registration process because they are well-versed in the regulatory requirements.
The VAT Registration Service prioritizes:
assembling and submitting the necessary application forms
translating pertinent documents for the purpose of tax registration
Suggestions regarding the data that should be submitted to the FTA
Suggestions regarding the date on which the VAT registration should begin
Communication with the FTA until the Tax Registration Number (TRN) is obtained.
Conclusion: It is difficult to stay on top of regulatory changes in the ever-changing indirect tax regime and apply the appropriate VAT provisions to different business transactions. Numerous VAT consultants in Dubai possess the necessary expertise and experience to offer you top-notch VAT services.
