It is a proven fact, that efficiency of the company is greater when internal processes are streamlined, all the inputs work and concentrateon the core activities of the business, rather than indulging in non-core activities related to the business. It is also very hectic and time consuming for the companies to manage tax related issues with the concerned authority i.e. FTA, in-house. Therefore, it is an essential need for the companies to appoint subject matter expert to handle such tax related matters. And it will only result in gain for the company; few benefits of tax agent have been listed below.
It is mentioned in the article 14 of the federal law no 7 of 2017, that soon a procedure for listing a tax agent in the register will be specified. After establishment of this procedure, our tax agents will be the registered tax agents in the UAE, and thereby, the services are probable to become more dedicated and effective. Our services is not limited to tax advisory only, rather it goes beyond, by including VAT implementation services and Tax consulting service etc.
UAE and associate GCC nations in the form of Value Added Tax (VAT) on all goods and services at a standard rate of 5% with effect from 1st January 2018. Now the question is that Will consumers spend take a hit or it will be business as usual for the retailers and manufacturers?
The new value-added tax (VAT) is coming into effect from 1st January 2018 for the very first time in UAE, Ultimately it will affect small businesses as well, main concern of small businesses is all about the financial and operational impacts of VAT compliance, especially since they’re used to operating in a low-tax business environment. Most people have a preconceived notion that VAT is a burden for all including small businesses. However, if your business is organized with the help of a VAT expert, VAT may not be too onerous to you.