How to Implement VAT in Your Business?

Value Added Tax (VAT) UAE

Value Added Tax (VAT) in the UAE is a new concept in the region. VAT will be effective from 1^st January 2018 at a standard rate of 5% or Zero rated as the case may be. VAT is an indirect tax that is collected at each stage of production or sale and is also known as the consumption tax. VAT AT 5% is applicable on almost all the goods and services with just a few being Exempted & Zero Rated.

Steps to Implement Vat in Your Business:

1. VAT Registration

• Prepare all the information for the registration and verify it.
• Register online for UAE VAT with Federal Tax Authority

2. Understand the organization structure and transaction process

• Provide initial training and awareness to the Management and employees.
• Understand the organization structure.
• Understand the business operations
• Discussion for changes with IT, Accounts and all other relevant departments

3. Analyse the impact of VAT on business

• Analyse your financial statements and check the VAT impact on your business
• Identify the specific issues in the software you are using.

4. Manage the VAT Transition Process

• First trail run to identify issues.
• Final trial run to get ready for VAT compliance

5. VAT Return Filing

• Review of TAX invoices issued and received.
• Review of TAX credit notes issued and received.
• Reconciliation of ledgers and registers
• Preparation of VAT returns
• Preparation of VAT Audit File

Emirates Chartered Accountants Group offers clients a wide range of TAX Services in accordance with their business needs in Dubai, Abu Dhabi, Sharjah, Ajman, Fujairah, & Ras Al Khaimah. The Tax Team at Emirates Chartered Accountants Group is professionally equipped with relevant industry experience hailing from different ends of the globe. 

Looking for TAX Services in the UAE?

We provide:

• Tax Agent’s Service
• VAT Return Filing
• VAT Service
• VAT Registration
• Excise Tax Service
• VAT Deregistration

For Tax Services in Dubai:

Mr. Pradeep Sai 
sai@emiratesca.com 
+971 – 556530001

For Tax Services in Abu Dhabi:

Mr. Vinay. E. R 
vinay@emiratesca.com
+971 54 378 44140

For Tax Services in Northern Emirate (Sharjah, Ajman, RAK, Fujairah)

Mr. Praveen 
praveen@emiratesca.com
+971 – 508873115