Even though UAE is usually perceived as a totally tax-free country because of lack of income tax, this notion is untrue. Simply to call a few, there are tourism fees, property tax, and custom duties that are imposed on consumers and businesses. However, VAT goes to be implemented within the UAE for the first time. Governments usually impose VAT in order to increase revenue and provide more public service.
Advantages of Value Added Tax (VAT)
- AT is simple to administer as compared to other indirect tax.
- There is mass participation of taxpayers.
- As compared to other taxes, there is a less chance of tax evasion.
- The price does not increase as a result of VAT.
How to prepare for VAT?
VAT rules are often complicated and also the implications don’t seem to be always considered. Implementation of VAT wants careful planning for its success. Our expert VAT consultant can help you consider each stage of the implementation process.
We can provide a simple accounting systems and implementation of VAT rules. That are,
- Analysis of IT system and accounting requirements
- Assist with the VAT registration
- Assistance in claiming VAT refunds
- Analysis of the VAT impact on your business
- Preparation and filing the VAT returns