Category: value added tax consultants in dubai (page 1 of 3)

Seed Group, WTS Dhruva sign partnership deal

The decision is aimed at supporting UAE businesses in achieving VAT compliance

Seed Group has announced a partnership agreement with a registered VAT and tax advisory firm WTS Dhruva.

The group, a conglomerate of companies, owned and operated by the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, said the decision is aimed at supporting UAE businesses in achieving their VAT compliance, avoiding any risks of errors at any point of the VAT filing process and beyond, as well as offering VAT advisory services and solutions through a customised automated reporting VAT digital compliance tool designed for the GCC.

“Over the last year, WTS Dhruva worked with multinational clients and regulators on challenging tax environments, policies issuance and infrastructures. The firm will have a positive role by supporting businesses come to grips with tax issues,” Hisham Al Gurg, CEO of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum and Seed Group said.

The senior management of the Private Office and Dhruva believe that existence of a specialised tax-focused boutique organisation will change the dynamics of the tax consultancy and compliance support for businesses in the region.

Dinesh Kanabar, CEO and founder of WTS Dhruva, said: “With nearly 300,000 VAT registered companies across the UAE, it is critical that these businesses receive holistic VAT advice.”

Pratik Shah, resident partner and VAT expert, said VAT impacts every aspect of a business from finance, human resources, IT and systems through sales to marketing as the tax is levied at every stage of the supply chain.

“VAT also provides an opportunity for an organisation to redesign certain aspects of the business to mitigate tax exposure at the same time being compliant under the law,” he said.

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FTA to hold tax clinics to promote compliance

The campaign kicks off on August 12 in Ras Al Khaimah

 

 

Ras Al Khaimah: The Federal tax Authority (FTA) has officially launched phase one of its “tax Clinic” initiative, which seeks to maintain direct and constant communication with taxable businesses.

For three months, the campaign will cover all seven emirates to raise tax awareness across the country, urging taxable businesses to register with the Authority and promoting compliance with tax Return requirements and the timely payment of due taxes. Phase one will take place in Ras Al Khaimah over the course of three days – from 7:30 am to 2:30 pm – until August 14, 2018, at the headquarters of Ras Al Khaimah’s Department of Economic Development (RAK-DED) and Ras Al Khaimah Economic Zone (RAKEZ).

 A press statement issued on Monday explained that the “tax Clinic” campaign will be organised as a collaboration between the Federal tax Authority and the departments of economic development and municipalities in all emirates.

 Two teams of analysts and specialists from the FTA’s Registration, tax Returns and taxpayers Services will go on an extensive tour, which includes several meetings and an interactive seminar in each individual emirate, with taxable businesses that have not yet registered in the tax system or that have fallen behind on submitting their tax Returns and settling their due taxes – particularly, small and medium enterprises (SMEs).

The sessions introduced attendees to the procedures, reassuring them that registration for taxes, submitting tax Returns and paying due taxes can all be completed – by the taxpayer or an authorised tax Agent – easily and in a matter of minutes through the e-Services portal on the FTA’s official website.

The Authority noted that the team of specialists will answer questions from business owners to identify and address the reasons that prevented these businesses from registering and submitting tax Returns, in addition to resolving any technical issues they may have faced while using the Authority’s digital portals.

The FTA explained that these meetings are organised in coordination with the departments of economic development and municipalities, who invited taxable businesses to attend and participate in the “tax Clinic”, held at the Customer Service Centres of each emirate’s department of economic development and other relevant authorities.

 The FTA pointed out that in order to expand the scope of beneficiaries of these seminars, the Authority broadcast the meetings live via social media channels.

 The Federal tax Authority called on businesses to attend the “tax Clinic” and benefit from the opportunity to ask any questions they may have, reiterating its commitment to coordinating with the relevant federal and local entities to implement the tax system and boost cooperation. This, in turn, serves to increase awareness among all stakeholders, maintain the utmost transparency and accuracy of information, and effectively address public enquiries to promote compliance with tax laws and prevent violations.

The Authority is intensifying its coordination meetings and awareness programmes to spread knowledge of the principles of the tax system, its executive and supervisory mechanisms, and its implementation, in addition to shedding light on the facilities and services that it provides to help taxpayers easily comply with tax regulations with minimum to no impact on their activities.

For more details visit : http://www.namaccountants.com/vat-consultants-in-uae.html

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The Role of Tax and Accounting Services

tax service

Tax service and accounting are one of the most important functions of any business firm. Irrespective of their nature, size or scale of operations, organizations employ accountants, payroll managers, tax service, consultation and auditors to streamline the financial and regulatory records of their day to day transactions, bookkeeping processes and different in-house accounting wants and requirements. With the rise in employment and number of business transactions, these companies are finding it additional convenient to source this core function to professional tax service and accounting services providers.

Apart from making diligent and experienced adjustments to accommodate client requests, they additionally provide access to state of the art infrastructure and software support to manage confidential accounting data-smartly and in a quick manner.

Most of those service providers are supply professional and high-quality services. They provide an exhaustive list of services starting from the most critical jobs like tax and come filing to the generic ones like debt bank, payroll management, reconciliation, preparation of final accounts and income-expenditure statements, accounting of receivables and payables and another day to day data entry work.

The additional corporations are looking towards minimization of operational and transactional costs, availing customized tax preparations and other services-the reliable and trusted way.

Nam Accountants offer customized professional accounting and tax services to high-growth companies across various industries.

Concept of VAT in UAE

VAT I n uae

Businesses and consumers are charged with various forms of taxes and it’s vital to know what we are being taxed for. Value-added Tax (VAT) may be a form of consumption tax that is levied on totally different varieties of product and services provided to consumers. Most of the revenue generated by businesses for the availability of products and services are subject to tax. The tax is fully bared by the final consumers of the goods.

The quality Value-added Tax (VAT) rate is 20 %. But for bound categories of products and service, a reduced VAT rate of 5 % or a zero VAT rate of 0 percent might apply. Domestic fuel, sanitary hygiene product and energy-saving equipment are charged a 5 % VAT rate. Books, food and public transportation qualify for the 0 percent VAT rate. Certain product and services are altogether exempted from the VAT. This category of products and services include education, insurance, medical treatment and fundraising.

After understanding the basics of the VAT, we tend to are certain that you can have additional questions about the topic. Alternative common queries regarding VAT includes the business registration for VAT, VAT payment and refunds and also VAT connected notices, forms and application guidelines. VAT may be a complicated tax matter for most people to know. To read up additional or to get professional facilitate with reference to the VAT, get in touch with your local tax agent or search for more data online.

 

More About VAT

VAT Consultant

Value added Tax or VAT is defined as the consumption tax that’s levied on product and services rendered to customers. VAT is absolutely bared by the end customers of various product and services. The taxable portion of the sales gained by businesses and organizations can then be used to pay the taxes owed to the govt for worth added activities, and also for taxes on input and raw material. In several countries, it’s a very important supply of income for the govt. Therefore, most countries throughout a certain style of tax the same as VAT, on its end customers. It is a form of tax charged on the majority types of business transactions. It’s passed down from one party to a different on the value chain of a product

AT doesn’t base its tax on the sales price, however only the value added activities of every stage of production. While each VAT and sales tax is charged on the top consumers, VAT is also remitted by the various parties among the supply chain.

The rate for VAT varies between countries and additionally for the products and services provided. Most things are charged with the quality rate while a number of the things that are deemed beneficial to the society and country could be charged with a lower rate. The usage of domestic fuel and power, the usage of energy-saving equipment and sanitary hygiene product are a number of the items that qualify for the 5 % VAT. As for the zero rate VAT, a number of the items qualified include books, newspapers, public transportation and food. The main reason why lower rates of VAT are charged for these items is due to the importance and the benefits of the goods and services.

How to Choosing Your VAT Consultancy Firm in UAE

vat consultant

Once you decided to have your company VAT-registered, then that’s once the set up started to roll. The primary thing in order is to find credible VAT consultants in Dubai to initiate the method. With the mandate of the UAE government for corporations to register.

Knows accounting as well

Basic knowledge in accounting is very important. Once VAT is applied to your accounting, changes are expected to implement. Your tax consultant should be ready to guide your finance team on however they’d be ready to incorporate this on their system and show your team a minimum of the basic computation that they’ll follow.

Range of service

Some tax and VAT consultancy in UAE, offer limited services, only for computation. however if you’re a business trying forward to registering your company, it might be best to appear for one that offers a variety of tax consultancy services – from registration to computation and refund consultancy. This could stop you from getting services of multiple suppliers to get the work done. This would possibly lead to confusion, communication issues and delay. Keep in mind that each company has their own systems and process that they follow and hiring over one consultant might have conflicting processes and can simply create the registration harder than it seems.

Organized and accurate

When you are handling numbers, a systematic technique should be followed to ensure the accuracy of the results. The employees of you tax firm is expected to supply correct computation therefore you’d know how much exactly are you handling in terms of numbers.

Knowledgeable in international Tax computation

This is crucial especially for businesses that are running world operations. VAT and tax rules differ on every location and there’s no one-size-fits-all resolution to tax issues. Your tax consultancy firm should be informed on different tax rules and knows that one is applicable for your case. They should be able to give correct computation location wherever your business is running thus you’ll be able to estimate the taxes you wish to obey on each branches.

How the businessmen should be ready for VAT

vat consultancy in dubai

Value added tax (VAT) may be a sort of indirect tax that’s to be paid by the residents. It’s the tax that’s charged on each stage of the assembly until the final stage. The VAT is to be enforced in UAE from January 2018 and every one business that fulfills the specified criteria should register for VAT. The quantity of VAT is collected by the government with the assistance of the documents which will be maintained by the businesses. However, not every business has to be registered with VAT.

Requirements for VAT Registration

These are divided into three types,

  1. For businessmen registering as an authority
  2. For a businessman applying for a VAT certificate as an individual
  3. The requirements for a Dubai-based business registering for VAT
  4. for businessmen registering as an authority
  • Application letter with authorized signatory
  • Act of incorporation copy
  • Decree copy
  1. for a businessman applying as an individual
  • Applicant’s resident permit
  • Applicant’s request letter with signature
  • Applicant’s passport copy
  1. Dubai-based business registering for VAT
  • Trading license copy
  • application letter signed by the company’s authorities

After the registration of VAT, you would like to properly mention the amount of VAT you have got charged for the production of goods or the quantity that the business has paid to the govt. All the reported documents should be submitted through a proper procedure and may be submitted on-line. Moreover, if any business has charged over the amount of VAT you have paid, you would like to pay the distinction to the govt. Same like this, if you have paid a lot of amount of VAT than you have got charged, claim it back from the government.

PROCEDURE OF FILING VAT RETURNS IN DUBAI, UAE

vat consultant in dubai

What is VAT Return?

It is a statement that shows the taxpayer’s VAT liability for an exact amount. This formal document has the main points of the tax liability: tax payer’s name, tax paid, tax saved, etc.

VAT Return Important?

This document is important for the reason that it’s all the recorded tax paid by customers for a period of time. It serves to be a signal that a registered business has paid the tax due. To have a correct and working tax system within the country, these documents are required for that maintenance to make sure that each tax liability is paid on time.

Procedure for Filing VAT Returns in Dubai, UAE

There is no facility that may be designed and dedicated for VAT tax returns filing alone. Businessmen won’t manually file their VAT returns. Everything is done online. It’s fairly easy to be familiar with the online portal to able to recognize the process and file VAT.

The details that may be utilized by the taxpayer are the e-mail address and password that were used in making an account upon registration on the portal.

  • Go to the Federal Tax Authority website at tax.gov.ae
  • Go to the e-services section of the website
  • Add the login details, which are the TRN and password
  • Choose the return filing option
  • The VAT return should then be filled with your business’ details
  • Upload the necessary documents
  • Check the details to ensure that they are all correct and submit the form with the documents

Nam accountants, one of the best VAT Consultancy Dubai, UAE. We offer cost-effective VAT services. We have high qualified VAT consultants in Dubai.

VAT in UAE | How to Implement VAT in Your Business?

value-added tax consultant in Dubai
VAT or Value Added Tax is an indirect tax; it is a new concept in UAE. This is collected at each stage of sale and is also known as the consumption tax.
Steps to Implement the VAT in our business
1. VAT Registration

  • Prepare the information for the registration
  • To verified the information’s
  • Register VAT with Federal Tax Authority

2. To understand the organization structure

  • Understand the business operations
  • Provide training to the Management and employees

3. Analyze the impact of VAT on business

  • To analyze your fanatical stamen
  • Check the VAT impact for your business

4. VAT Return Filing

  • Preparation of VAT returns
  • Review of TAX credit notes issued and received.
  • Preparation of VAT Audit File

Nam accountants offer clients with a wide range of Tax or VAT service to their business needs in the Dubai, UAE.

How to file VAT Return in Dubai and Across UAE

VAT consultants in dubai

VAT (Value added Tax) is set to implement in Dubai in Jan 2018. The govt, as well as several personal institutions, are releasing new data frequently to assist people and businesses get familiar with the new tax system as smoothly as possible. Among several things VAT connected, one among the foremost important is VAT tax returns.

As per the normal VAT standard, the returns are filed quarterly, i.e., once in three months. The VAT returns are going to be filed online on the official portal of the Federal tax authority. Businesses that are trying forward to creating a sleek transition to the new tax system should get familiar with the return filing procedure under VAT in Dubai.

What is a VAT Return and why is it important?

A VAT return is that the formal document/statement of the VAT liability of a taxpayer for a selected tax period. It contains the small print of VAT liability of the person, tax paid by him, etc. for a tax month or quarter.

VAT returns are vital as a result of they contain the records of the tax paid by the users in a very given period. It’s a proper document that works as a proof that the sure party has paid their tax. The govt. needs these records to keep up a correct taxation system wherever each individual pays his/her liabilities on time. These are utilized by the tax authorities for activity auditing and different activities as per the tax laws. Your VAT come contains the summary of your total earning and therefore the value-added tax paid by your on it earning for that exact period.