Posted on Nov 08, 2017
GCC regions are going to introduce Value added tax (VAT) effective from 1st January 2018, it will affect the entire system as it will have a broader impact on the businesses, SMEs have to prepare themselves in advance as they have to be more proactive in preparing themselves for VAT preparation.
Presentation of VAT is an exceptionally striking advance of UAE government, as the idea of VAT isn't new it is actualized in numerous nations over the world. Tax is a technique which is utilized by governments to expand their incomes which can be used further for the general public like they can be used in schools, hospitals, defense and many other important aspects of daily life.
SMEs in the UAE need to venture up their endeavors to guarantee they're set up for VAT.That is as indicated by procuring office Hays, which found that more than 70 for every penny of large organizations have execution systems set up contrasted with 42 for each penny of small organizations. They additionally found that of the organizations that have set a financial plan to represent the tax collection framework, the lion's share don't hope to spend more than AED 100,000 a year. HaroonJuma, Managing Director at TaxWorks, clarifies why it's essential for all organizations to have some sort of execution methodology set up.