Online registration for VAT in UAE now open

 
The UAE’s Federal Tax Authority (FTA) announced that online Registration for VAT in UAE is now open through the Authority’s website .Businesses exceeding  Dh375,000 annual income  must be applied for the registration of VAT in UAE

 

 

The FTA also stated that Businesses with taxable supplies and imports that are less than that mandatory minimum, but exceeds the voluntary registration limit of Dh187,500 annually, can optionally register for VAT.

FTA urged businesses with an annual turnover of over Dh150 million to register before October 31, 2017. All businesses with an annual turnover exceeding Dh10 million should register before November 30, 2017.

 NamAssociates is here to help your business to register for the first time, our experienced VAT consultant in Dubai will be able to provide the  best services for VAT filing and Registration of VAT in UAE. 

 

The FTA also stated that Businesses with taxable supplies and imports that are less than that mandatory minimum, but exceeds the voluntary registration limit of Dh187,500 annually, can optionally register for VAT.

FTA urged businesses with an annual turnover of over Dh150 million to register before October 31, 2017. All businesses with an annual turnover exceeding Dh10 million should register before November 30, 2017.

Namassociates is here to help your business to register for the first time, our experienced VAT consultant in Dubai will be able to provide the  best services for VAT filing and Registartion of VAT in UAE. 

List of Holidays of 2018 in UAE

The UAE government last month launched the Hijri calendar 1439, shortly after the Islamic New Year began.

Here’s a detailed list of all holidays, including religious ones, for the new Hijri year, according to the Islamic Affairs and Charitable Activities Department of the Government of Dubai.

These holidays are subject to moon sighting.

Name of the holiday Date in Hijri calendar Date in Gregorian calendar Holiday duration
Hijri New Year 1 Muharram 1439 Thursday 21 September 2017 1
Ashoora Day 10 Muharram 1439 Saturday 30 September 2017 0
Flag Day 14 Safar 1439 Friday 3 November 2017 0
Commemoration Day 11 Rabi Al-Awwal 1439 Thursday 30 November 2017 1
Prophet’s Birthday 12 Rabi Al-Awwal 1439 Friday 1 December 2017 1
National Day 13 Rabi Al-Awwal 1439 Saturday 2 December 2017 2
Greg. New Year 13 Rabi Al-Aakhir 1439 Monday 1 January 2018 1
Israa Wal Miraj night 27 Rajab 1439 Saturday 14 April 2018 1
Half of shaban month 15 Sha’ban 1439 Tuesday 1 May 2018 0
Beginning of Ramadan 1 Ramadan 1439 Thursday 17 May 2018 0
Bader Al Kubra 17 Ramadan 1439 Saturday 2 June 2018 0
Fateh Makkah 20 Ramadan 1439 Tuesday 5 June 2018 0
Lailat Al Qader 27 Ramadan 1439 Tuesday 12 June 2018 0
29th Ramadan 29 Ramadan 1439 Thursday 14 June 2018 1
Eid Al Fitr 1 Shawwal 1439 Friday 15 June 2018 3
Arafat (Haj) day 9 Thul-Hijjah 1439 Tuesday 21 August 2018 1
Eid Al Adha 10 Thul-Hijjah 1439 Wednesday 22 August 2018 3

 

VALU ADDED TAX

VAT Consultant in dubaiInstances where penalty is imposable in UAE VAT law :

(a) Person carrying on a business failing to keep the required records and other information

specified in this Law and the Tax Law.

(b) Person carrying on business, failing to submit the data, records and documents related

to Tax in Arabic to the Authority when requested.

(c) Taxable Person failing to submit a registration application within the timeframe specified

in the Tax Law.

(d) Registrant failing to submit a deregistration application within the timeframe specified in

the Tax Law.

(e) Registrant failing to inform the Authority of any circumstance that requires the adjustment

of the information pertaining to his tax record kept by the Authority.

(f) Person appointed as a Legal Representative for the Taxable Person failing to inform the

Authority of his appointment within the specified timeframe, in which case the penalties

will be due from the Legal Representative.

(g) Person appointed as a Legal Representative for the Taxable Person failing to file a Tax

Return within the specified timeframe, in which case penalties will be due from the Legal

Representative’s own funds.

(h) Registrant failing to submit the Tax Return within the timeframe specified in the Tax Law.

(i) Taxable Person failing to settle the Payable Tax stated in the submitted Tax Return or

Tax Assessment he was notified of, within the timeframe specified in the Tax Law. Article- 25 of VAT decree

 

To know more about the registration, our VAT consultant in UAE will be able to help your company out with the procedure of the registration.

 

Get in touch with us today:
203 Al Safa Tower(Mostafawi Carpet Building)

Khalid Bin Walid Street, Bur Dubai,

Dubai, United Arab Emirates

Call Today +97155-8876440

Email – info@namaccountants.com

Penalties and fines for tax violators|Tax agents in UAE|

The UAE Council of Ministers on Monday has announced the penalties for violations of the country’s tax law.

Since UAE will be implementing the VAT starting from 1st January 2017, our best and experienced value added tax consultant in Dubai will be able to provide the best advice for one.
The Cabinet decision states that a fine must be no less than Dh500 and no more than triple the value of the tax on the transaction in question.
In the case of a business failing to keep the required records and other information specified in the tax laws, the business will be fined Dh10,000 the first time and Dh50,000 for a repeat offence.
Businesses were required to have a full accounting of their stock and to begin keeping records as of October 1, 2017, upon the introduction of the UAE’s Excise Tax. We will offer your business with the best team of VAT advisory in Dubai, to help your business with a range of VAT services and advices.
Since UAE will be implementing the VAT starting from 1st January 2017, our best and experienced value added tax consultant in Dubai will be able to provide the best advice for one. our VAT consultant in UAE will be able to help your company out with the procedure of the registration.

Separately, a failure by the businesses to display prices inclusive of excise tax will incur a Dh15,000 fine.
As for VAT, the new decision states that a failure to comply with conditions and procedures related to keeping the taxable goods in a designated zone or moving them to another designated zone will result in a fine of Dh50,000 fine, or 50 per cent of the tax, whichever is higher, paid on the goods that resulted in the violation.
The Cabinet also decided on the fees for services provided by the Federal Tax Authority (FTA).
This decision outlined what fees would be collected for the services provided by the FTA to its clients.
Tax registration services and the issuance of an electronic tax registration certificate will be free of charge, the decision said. An attested paper registration certificate, however, will carry a Dh500 fee, whilst registration — and renewal — fees for tax agents were set at Dh3,000 for three years.

Our experienced VAT tax consultant in Dubai is licensed and experienced and will make sure that you get the best benefits when the tax is implemented

sin tax starts from today|VAT in UAE

VAT consultants in UAEFrom Monday begins taxing soft drinks and cigarettes. Following over two years of consultations with the private sector, the tax taking effect on Sunday called the Excise Tax, is the first of two planned for the UAE. it places as 50% on carbonated sugary drinks and a tax on energy drinks and tobacco products of 100%

second tax  named VAT value added tax is about to start on 1st January of 2018

Since UAE will be implementing the VAT starting from 1st January 2017, our best and experienced value-added tax consultant in Dubai will be able to provide the best advice for one.

We will offer your business with the best team of VAT advisory in Dubai, to help your business with a range of VAT in Dubai services and advice. That is, many small businesses will not need to register for VAT. We have made this decision to safeguard small businesses from the extensive documentation and reporting that a system like VAT in UAE  requires.

 

THE PROCESS OF FINANCIAL AUDIT IN DUBAI

Audit Firms in UAE
A financial audit is a sort of target assessment of an organization’s monetary reports regulators, investors, chiefs and the directors that the financial statements are finished and exact. This auditing procedure gives assurance only, it is not an assurance. The procedure of financial audit in Dubai is as per the following:
Step 1: Planning:
The auditing process requires appropriate planning for the process. It will include the amount of audit required. This will depend on the size and the departments in an organization. The arranging procedure will also include the understanding of the association, the businesses identified with it and procedures performed in it. The auditor will design about the route in which the audit procedure will be finished, documentation process. The way toward getting to the danger of errors in the money related statement will also be arranged. Based on this planning, the auditor will distinguish as far as possible required for the completion of this procedure.
Step 2: Financial audit tests:
Whenever an auditor is going to begin the auditing process, he will get the comprehension about the association by applying different audit tests. He will also survey the invoices that are related to the all the expenses, to clear up that the costs are grouped effectively and the seller really exist. The kind of audit test which is to be connected to a particular association will be recognized in the planning process.
Step 3: Account analysis:
In the account analysis process, the auditor will check all the details of the account and its accordance with the data introduced in the documents. The auditor will record the explanations for the changes in the records since the last audit. The required research and data social event will also be finished by the auditor to justify those changes.
Step 4: Preparation of audit report:
After the testing and the analysis procedure, the auditor will set up a sentiment report. This report will contain all the information about the association, the tests that are being utilized and the points of interest of financial statements. It will also contain the weaknesses in any issues which still need elaboration. The report will be submitted to the higher specialists after completion.

VAT consultants in dubai

vat in uae
January 1, 2018 has been declared as the starting date for levying the value added tax (VAT) in the UAE. And despite the importance of such a move, recent developments with regard to the Qatar crisis have impacted on VAT’s combined roll-out. While some took practical steps, others are still abstaining from handling this issue

The main aim of our consultancy firm is to offer the clients with the best advices from our best VAT tax consultant in Dubai, so that you are able to understand VAT and its impact on your business. These services are paid for from the government budgets. VAT will provide our country with a new source of income which will contribute to the continued provision of high quality public services into the future. It will also help government move towards its vision of reducing dependence on oil and other hydrocarbons as a source of revenue

The sharp fluctuations in oil prices have resulted in financial headwinds in all oil producing and exporting countries, including in the GCC. Public finances, which depended on oil revenues for decades, could not thereby keep up with current or prospective conditions in global oil markets.

Thus, to meet the requirements from these developments, it was necessary to take some measures including financial reforms, now that it is no longer possible to completely depend on oil revenues to fund annual budgets. And even though such revenues make up 90 per cent of budgetary resources for most of these countries.

To help your business to register for the first time, our experienced VAT consultant in Dubai will be able to provide the best advice. This will be according to your business model and the needs and requirements of your business.

The UAE is part of a group of countries which are closely connected through “The Economic Agreement Between the GCC States” and “The GCC Customs Union”. The GCC group of nations have historically worked together in designing and implementing new public policies as we recognize that such a collaborative approach is best for the region

Registration process will be made simple for you with the help of our VAT consultant in UAE and the consultant will help your business to understand the registration for the system. Not only that,

Our best VAT tax consultant in UAE will also be able to help out the businesses, which falls in the revenue of the latter category in the best possible way.

The sharp fluctuations in oil prices have resulted in financial headwinds in all oil producing and exporting countries, including in the GCC. Public finances, which depended on oil revenues for decades, could not thereby keep up with current or prospective conditions in global oil markets.

Top 10 Benefits of Starting Business In UAE Free Zones

Company Setup in Dubai

UAE free trade zones have been set up to entice worldwide organizations to this part of the world and give them a bother free condition for manufacturing, exchanging and giving services. Setting up a business is speedy and modest, and taxes are either negligible or non-existent.

The UAE has 37 free zones with nine new ones being created. Segments extend from products exchanging, wares, education, health care, information technology, and fund to business services, media, vehicles, and environment.

  1. 100% free transfer of funds
  2. 100% foreign national owner ship
  3. Liberal bank account opening and maintaining
  4. Long term leasing options available at great terms to investors
  5. Easy availability of legal, housing, immigration, labour and other facilities
  6. 100% repatriation of revenue and profits
  7. Documentation is less and more foreign investors
  8. Exemption from personal taxes as well as import and export taxes.
  9. Offers UAE residence visas
  10. Business confidentiality is strictly maintained

 

ELIGIBILITY FOR VAT IN DUBAI

 VAT consultants in dubai
Value added tax (VAT) is a sort of tax that is connected to the products. It is a type of an informal tax that is also called a multi-organize tax. The government of Dubai is actualizing this duty for the improvement of administrations that are given to the residents. With this extra source of the finance, the government will have the capacity to give better services to the people. The VAT is connected on every one of the merchandise that is delivered in the organizations that are registered with VAT. It is the tax that is connected on each progression of generation and the total amount is calculated after the finishing of the production.
The difference between VAT and general sales tax:
A sales tax and VAT are both a kind of utilization tax. For a layman, there is no distinction between the sales tax and the VAT. Some may also think that there is no contrast between the working of both taxes. In any case, there is some key distinction between both charges. The sales tax is the one that is forced on the clients just at the last stage. VAT, then again, is forced on every step of production. In addition, VAT is additionally connected on the imports of services and products to guarantee and keep up a proper working of tax.
VAT in Dubai:
The VAT will be executed in Dubai from January 2018. The rate that is chosen for VAT is 5%. The collection of VAT will be finished by the government. The organizations and the entrepreneurs need to keep up appropriate documentation for the finish of registration process. After that, they will have the capacity to charge the specified amount of VAT on every one of the products and services they are providing.
Eligibility for VAT in Dubai:
There are many people who have an inquiry that does all organizations needs to register with VAT. The response to this inquiry is no. Not all organizations need to register for VAT in UAE. It is basically just for the organizations which satisfy certain criteria of VAT. The qualified organizations should have a specified turnover. This criterion clearly indicates that the small businesses that don’t have the predetermined turnover won’t need to register with VAT. This choice is made by the government to spare the entrepreneurs from the hectic documentation and paperwork. In addition, the organizations that don’t produce services that are subjected to VAT don’t require to be registered with VAT.

Federal Decree-Law No. 8 of 2017

VAT consultants in dubai
President His Highness Shaikh Khalifa Bin Zayed Al Nahyan has issued the Federal Decree-Law No. 8 of 2017 for Value-Added Tax, with one of the lowest rates in the world.

A preliminary step to implementing VAT in the UAE as of January 2018, the 5 per cent tax is set to be imposed on the import and supply of goods and services at each stage of production and distribution, including what is deemed to be a supply.

“The Federal Decree-Law issued by H.H. Shaikh Khalifa bin Zayed is the bedrock of the UAE’s planned tax system, which was designed to meet the most stringent of standards and best practices,” said Shaikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance and Chairman of the Federal Tax Authority.

“The Value-Added Tax, which is set to be implemented across all GCC countries over the next two years, will bring a new revenue stream for the national economy and GDP.

“The new tax system will provide extra support for the Government to implementation of VAT

The newly implemented  Value Added Tax  in the GCC depending on the readiness of each member State between 1 January 2018 and 1 January 2019 pertaining to the Common VAT Agreement of the States of the GCC, will have positive results on the economy, far exceeding its 5 per cent rate, given that revenues will be redistributed to development projects that benefit society at large and accelerate progress until the UAE reaches the top of global rankings across all sectors.”

The Decree-Law provides that all supplies of goods and services are subject to VAT at a standard rate of 5 per cent with the exception of specific supplies subject to the zero rate and what is exempted as specified in the Decree-law.

Namassociates provide best  VAT consultancy services with extensive experience, resources, and exposure to tax regimes of many countries to address your needs of adhering to local regulations as well as being profitable.

Our namassociates team takes care of VAT, Excise Tax, international taxation, indirect taxes, guiding about local tax laws, and compliance with tax and VAT regulations in different countries.

We offer following services for hassle free management of your tax issues: