Value Added Tax (VAT) Consultants in UAE
Value-added tax, or VAT was introduced by the UAE government on 1st January 2018. VAT is a kind of consumption tax that is charged when a good or service is valued. It is a tax that is levied against the goods and services that are acquired by both individuals and corporations.
Except for food, healthcare, and education, it is implemented on all commodities and services. The typical rate of the value-added tax is five percent, which is considered to be relatively standard. The implementation of VAT has the most significant impact on end-users; nonetheless, businesses are required to make certain modifications to their processes and procedures in order to comply with the legal requirements that have been enacted by the government.
Each company with a yearly income of DH 375,000 or more must submit their VAT registration in UAE application online within 30 days of becoming subject to registration requirements. In accordance with the directives of the regulatory Authority Federal Tax Authority Registration (FTA), all companies operating in the UAE are required to guarantee that the recording of their monetary transactions has been carried out.
In addition to this, the requirements for VAT registration must have been met, and ledgers must be kept up to date on a timely basis. Failing to do so could result in financial penalties.
VAT Consultant Services in Dubai & UAE
ExpressPRO has a team of tax experts who are well-versed in the field and receive regular training on the latest developments in tax legislation that may affect their clientele. Any update provided by FTA is evaluated and discussed within the team, and an analysis is performed to determine the impact of the tax law revisions, which is subsequently conveyed to the clients in a timely manner.
Every type of transaction must be checked for VAT compliance on a daily basis to guarantee proper accounting for it in the books of records and timely submission to FTA. In order to manage VAT-related activities and assure compliance, many companies opt to hire competent professionals in the field.
Businesses and entrepreneurs in the UAE increasingly outsource their VAT accounting needs. However, many businesses are still hesitant to outsource since they aren’t sure it will improve their operations or if it would even work. It’s a great step in making your company flourish.
To ensure the continued success of our clients, we take a comprehensive strategy, using cutting-edge methods to resolve any challenges that may arise from taxation.
Value-Added Tax Registration Made Easy When You Work With Us
The process of registering for Value-Added-Tax in Dubai can be simplified with the help of VAT registration professionals. Many companies have benefited from the expertise of ExpressPRO VAT implementation team. We, as VAT consultants in UAE, will provide a Value Added Tax services and strategy that will work for your business so that you may determine how the implementation of value-added tax will affect your company.
We help you gather the necessary information for your VAT registration. In order to fully grasp the intricacies of your company, from services to accounting, taxation, auditing, and VAT, we undertake a comprehensive analysis. You may count on our VAT experts, who have extensive experience in taxation in your industry that complies with worldwide standards, to ensure that your VAT tasks are completed accurately and on time.
UAE VAT Registration Requirements
Applying for VAT Registration in the UAE necessitates the following documentation:
- Copy of trade license
- Passport copy of business owner and partners
- Copy of Emirates ID of owner and partners
- Memorandum of Association (MOA) of the company and Articles of Association (AOA)
- Company contact details and address
- Bank account details
- The monthly income statement for 2017 till date as per FTA format
- Nature of business and activities performed
- Expected turnover in next 30 days
- Customs registration details (if applicable)
- Authorized signatories Emirates ID, Passport and authorization documents
We provide assistance in organizing all of the pertinent paperwork that are required for VAT registration.
- The required documentation is given to the Federal Tax Authority of the UAE.
- One must declare the products and services that the business offers.
- A declaration of the whole amount of revenue must be submitted.
Our Top-Notch VAT Services in UAE
- Keeping the tax return filing process error-free.
- To reclaim input tax paid according to the VAT law.
- To provide guidelines to avoid fines and penalties.
- To keep accounting books for five years by the law.
- Conduct tax audit to safeguard the company from material misstatement.
- Get updated and trained on the latest changes in the VAT law and their impact on accounting.
- Provide guidelines for the preparation of sales invoices.
Our VAT Methodology
We are able to conduct an analysis of the current VAT, any foreign indirect taxes, as well as trade operations, and make recommendations for ways to better manage risk, recover cash, or improve jurisdictional control. We are able to contribute to improvements in technical accuracy, enable improvements in process efficiency, and reduce the risk of non-compliance by implementing cutting-edge business technology. We can also assist with the analysis of data pertaining to indirect taxes, which will allow you to make more informed business decisions.
ExpressPRO VAT Services in UAE
Companies who do not adhere to the rules and regulations of VAT may be subject to harsh penalties. These fines have the potential to damage not only the goodwill of the company but also the reputation of the entrepreneur in the market. In addition to delivering first-rate value-added tax, or VAT, services in Dubai and the rest of the United Arab Emirates (UAE), ExpressPRO also provides clients with tax consulting services, as well as tax implementation and recovery services.
ExpressPRO is widely recognised as the industry’s preeminent platform for handling VAT services in the UAE on behalf of both newly founded and long-running companies located in the Emirates. In the United Arab Emirates, we also offer services in the areas of accountancy and bookkeeping, risk management, internal audit services, anti-money laundering, and many other business-related services.
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