Businesses in Dubai need to manage their tax-related services effectively. A small mistake in VAT can cause a big loss to the VAT position of the company. In terms of VAT and understanding in a broader way, and to manage in a better way, and fulfilling all the standard guidelines given by Federal TAX Authority (FTA) the company must have a VAT consultant.
This article will help you to understand and maintain VAT records on track Federal Tax authority (FTA) which is accountable for the collection and management of taxes. The authority provides all the necessary guides and clarifications and helps the organizations.
VAT value added Tax, introduced by UAE Government in 2018, is an indirect tax levied on the consumption of goods and services. The imposition of VAT has greatly impacted the functioning of businesses with increased risk, volume, and complexity of transactions.
Since the time of VAT’s inclusion, many consultancy firms have been set up to provide professional support to taxpayers and ensure proper tax procedures.
VAT Consultancy firms provide the following essential services:
Advisory
For certain aspects like Taxability and Transactions, you require professional guidance. Vat consultancy services in UAE offer relevant advisory services according to the type of your industry and its needs.
Registration
is a process or a set of procedures to be followed for registering with the Federal Tax authority (FTA). Any person who satisfies certain conditions can apply for VAT or exercise tax registration in UAE. FTA issues a tax registration number called TRN, which allows the TRN holder to collect and remit Tax.
The following documents are required for FTA registration:
1. Document for signature authorization: passport, emirates ID, etc
2. Trade license of the company
3. Certificate of incorporation
4. Business activities details
5. Expected turnover in the next 30 days
6. Estimated value of imports for one year from each GCC country
7. Estimated value of exports for one year from each GCC country
8. Bank account details
Deregistration
Under two certain conditions, UAE requires a registrant to apply for Tax De-registration:
1. If he stops making taxable supplies
2. If the taxable supplies made over 12 consecutive months are less valuable than the Voluntary VAT registration.
Within 20 days of the occurrence of any of these conditions, the registrant is required to deregister.
Return filing
is an online process in UAE through which tax registrants can demonstrate can present their sales and purchases and remit the due Tax. VAT return filing doesn’t mandate the submission of legal documents like tax invoices or credit notes.
Training
Every member of an organization must have a basic understanding the ng of the tax laws of the economy. VAT training in UAE aims to provide conceptual knowledge to senior management and working officials
