Our multinational team of VAT training specialists possesses profound knowledge and understanding of local and international tax environments. Backed by extensive industry experience, we provide targeted solutions for various businesses in line with their objectives, requirements, and challenges.
Prepare your organization and people with the right knowledge and methodologies for effectively managing tax – consult with Unitedvat.com, one of the leading VAT consultancy companies in UAE and the Middle East.
Our VAT consultancy encompasses following key financial processes:
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.
As per Article (8) of Federal Law No. (7) of 2017 on tax procedures, every taxable person shall prepare and submit the tax return for each tax period to the authority and need to settle the payable tax within the timeframe specified in the tax law. Return filing must be done through online portal. The time frame for filing the VAT Return will be mentioned in the UAE VAT Regulations/ UAE VAT Law. We will support the businesses to file Tax Return / VAT Return.
The total VAT amount charged by the business entity from its customers (output VAT) is to be reconciled with the total VAT amount paid/payable by it, to the suppliers on a periodical basis. The excess amount charged over the paid/payable amount is the VAT liability for the business entity and are to be paid to the government within stipulated time; expected to be one month from the end of the quarter.
Any person obliged/eligible to register for the tax must do so, as stipulated by the law. Registrants must include their Tax Registration Number (TRN), in all correspondence and transactions with the customers and FTA. They must also inform the authority – by filling a form – of any circumstance that might require the amendment of information related to their tax record within 20 working days.
