Tag: TAX agents in dubai (page 1 of 4)

Tourists to get refund on VAT from November

All non-UAE residents above 18 years old will be eligible for tax-free shopping.

The UAE looks set to put an up-to-date system in place for VAT refund to millions of tourists from November. The VAT refund system will be initially available at Abu Dhabi, Dubai and Sharjah airports and by year-end, it will be extended to 12 exit points, including the land borders and ports, it is learnt.

Federal Tax Authority (FTA) and Tourist Refund Scheme operator Planet have issued guidelines setting a minimum limit of Dh250 to claim VAT refund.

Planet said all non-UAE residents above 18 years old will be eligible for tax-free shopping. According to its website, tourists will be able to validate their tax-free forms at Dubai International, Abu Dhabi and Sharjah airports until December 16 whereafter the system will be in place at nine more locations – Al Maktoum airport, Abu Dhabi Port Zayed, Al Ain Airport, Al Ain land border, Fujairah Airport, Ras Al Khaimah Airport, Al Ghuwaifat land border, Hatta land border and Dubai Mina Rashid Harbour.

The operator further said tourists could be asked to present their goods to confirm they are unused. It said only the owner of the passport under which the tax free forms are registered will be entitled to collect the refund.

Anurag Chaturvedi, managing partner, Chartered House, tourists will receive 85 per cent of the total VAT amount after deduction of an administration fee of Dh4.80 per tax-free form.

Citing an example, he said if a tourist buys electronic goods worth Dh210 from a store and spend another Dh315 on buying souvenirs from another store, he can claim tax refund of Dh15 on purchases of Dh315 and not against electronics purchase of Dh210 as it’s below the minimum spend limit set by the authority.

“If the tourist spend Dh315 in the UAE, he/she will get refund of Dh7.95,” he said.

Thais Cunha, associate, Aurifer Middle East Tax, said tourists will be able to receive VAT refund for their purchases made from registered retailers.

“Retailer will charge VAT and also ensure that the customer has all the appropriate documentation to reclaim it,” Cunha said.

According to Planet, the tourists’ tax free tag needs to be validated within 90 days of the purchase. If receipts are not validated within 90 days, the tax free tag expires and VAT cannot be claimed.

An invitation sent out last week to retailers and tax consultancies across the UAE by the FTA and the Dubai Chamber of Commerce and Industry to brief them about how to register for the tourist refund scheme revealed that Tourist Refund Scheme will be rolled out in November 2018.

“Tourist can take goods and tagged receipt to the airport, seaport or border crossing. He will be required to visit Planet’s validation point (through self-service kiosks) to validate the invoice. Once validated, the tourist will choose a refund method – cash or credit card,” Chaturvedi said.

Joy Alukkas, chairman and managing director, Joyalukkas Group, also welcomed the step, saying Dubai is known as the City of Gold and this means the best quality and designs at the best possible prices.

VAT refund will help Dubai maintain its position with tourists since one of the biggest shopping attractions for them in Dubai is gold and jewellery. We warmly welcome this strategic step and are sure it will have a very positive impact for both the industry and the tourists visiting UAE,” Alukkas added.

Deepak Babani, executive vice-chairman of Eros Group, welcomed this initiative by the FTA, saying it’s a very a simple and friendly procedure for the tourists.

“It is a very positive step and procedures are simple. We were wondering about how much deduction will be for the tourists refund, but we’re happy that it’s just 15 per cent. It should definitely improve sales locally,” Babani said.

Anil Dhanak, managing director, Kanz Jewels, said tourists VAT refund will essentially put Dubai’s grip on the title ‘City of Gold’ firmly in place.

” Five per cent increase on the finished gold products had dampened demand for jewellery but we expect the tourists who come to buy gold in Dubai now will find a significant price difference between their home country and here as it had been previously,” Dhanak added.

According to a Dubai Chamber of Commerce and Industry study, tourist spending in the UAE is projected to increase from Dh154 billion in 2017 to Dh205.5 billion by 2022. In Dubai alone, a study by Mastercard had estimated visitor spending at Dh104.6 billion last year, a growth of 10 per cent. According to the annual Mastercard Destination Cities Index, Dubai outpaced all other cities in visitors’ spending in 2016.

UAE, along with Saudi Arabia, levied five per cent VAT on a host of goods and services from January 1, 2018. Bahrain and other GCC countries will implement VAT as part of GCC framework in 2018-2019.

For more Details visit :   Vat Consultants Dubai

 

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.

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

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Contact us : http://www.namaccountants.com/contact-us.html

Auditors in Dubai

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Auditors in Dubai – Among the top listed financial auditors in Dubai, UAE, Nam Accountants Group has gained immense respect and popularity as top Auditors with their rich service culture embarked in the area of auditing, business accounting and management consultancy. It was incorporated as an accounting firm with a strong vision of enhancing the business health and personal wealth of its clientele spread across the globe. The auditing firms in Dubai submit audited financial statements annually for ,Auditing in Dubai airport free zones,. Our auditors in Dubai make sure that the annual financial statements are submitted three months prior to the end of the financial year. If they failed to do so, then heavy fine can be imposed on the investor. Therefore, it is necessary that you choose any one out of many reputable audit firms in Dubai. Checking the track record of the auditing firm and their current or previous clients’ feedback can give you a good idea about the reputation of the auditing firms in Dubai, UAE..

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Our service is to ensure financial security and social responsibility of a business in order to enhance confidence level in every client.

 

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We go beyond providing our clients with conventional services – we customize valuable, data-based financial insight that enables our clients to bolster the cost-effectiveness of their processes and improve the allocation of their resources. Our team is composed of professionals, certified accountants and auditors in UAE, of combined experience providing auditing and consultancy services to clients in the UAE. By having a complete expert team in-house, we are able to offer a full spectrum of unified business solutions to our clients.

 

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AUDIT FIRM IN DUBAI AIRPORT FREE ZONE

In the corporate world, business efficiency is the key to gaining competitiveness. When your business maximizes its resources, without increasing cost, you are left with more capital to spur growth and expansion. More importantly, an efficient business is able to steadily increase profit margins over time.

Give your business a competitive edge with the help of Auditors – your partner for growth and success.

DUBAI AIRPORT FREE ZONE is an ideal base to do business in the Middle East by providing a business-friendly environment, world class infrastructure, tax exemptions, and full repatriation of earning, total ownership and exceptional facilities. It is a rising hub of the country significantly known for extensive trade and commerce both in the national as well in the international arena. The demand for Auditors in Dubai Airport Free Zone is always high

Auditing in the companies can be of three types. It depends on the owner of the business that which type he requires for his company. They are:

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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.

Tips on How to Choose a Tax Agent

tax agent

It’s once again the tax season however you haven’t hired any Tax Agent and now you’re troubled because your company is at risk. What to do in such situation? Who to believe and who not to? Evidently right now there are thousands of queries running in your brain and you’re doubtful regarding the consultant that you’ll hire will be good or bad.

Here you will find the tips which will be help for you while choosing a Tax Agent.

  1. Asking the Right Person

First step is to ask from among friends and relatives who have some experience on this activity. Appearances are deceiving. Friends and relatives who seem prosperous are not essentially those who have the simplest tax agent. However, those who have own some business and many properties may have someone whom they calculate to do their tax statements. These individuals obviously would suggest someone.

  1. Deciding Which Tax Consultant

After short listed for the tax agents, make an appointment to visit their office. Tax agent is privy to extremely confidential financial info. Before deciding that one, the experience and credentials of the chosen one should be established.

Tax preparation needn’t be something to be anxious concerning. As long as you’ve got the proper tax consultant with you then there’s nothing to worry about. Assist the tax professional by keeping records in an organized manner. Don’t build unrealistic demands unless ready to supply information and data that may build those demands happen. Good accounting work takes time and effort. Your cooperation and honesty is important to positive results. The tax consultant could be a key person for your financial well-being. Make sure to have the proper tax agent for worry-free tax statements.

If you are looking for a Tax or VAT Consultancy in Dubai,

Visit: www.namaccountants.com

Choosing a Tax Agent in Dubai

We have lot of benefits from having a good Tax agents in Dubai. Here are some tips for getting good Tax agents in Dubai, to help you get in order your individual tax returns.

  • Complete tax situation
  • You have more tax issues. This includes being behind in filing tax returns, owing tax to the government among the range of accounting services.
  • You are having issue filing your own individual tax return.
  • You want to protect your business, like acquisition, financial and leasing.

The tax agents who is qualified to handle particular areas that you may need to help in dealing with. Here are some tips:

  • Do not trust agents accountants who say that everything are often deducted or that they will deliver big tax refunds every time.
  • If you have got a straightforward, uncomplicated tax return, you’ll approach any retail accounting company to assist you prepare and file it. The price usually depends on the amount of tax forms to be accomplished and also the seniority of the tax accountant.
  • Get only certified and authorized tax agents in Dubai. Keep in mind that there’s a range of accounting expertise.
  • You have the option of going to a Tax consultancy firm.

In you search for the correct tax agent in Dubai; you will be dealing with tax experts.

If you have any assistance in Tax preparation, Visit: www.namaccountants.com

Things You Need To Know About the New UAE Tax Law 2018

VAT Consultant in dubai

According to the new law in Dubai – UAE, value added Tax (VAT in UAE) is applicable to varied categories of businesses and services. All the industrial activities are currently subjected to the payment of 5 % value-added tax VAT in Dubai, UAE.

New tax law

The Federal Decree Law No. (8) Of 2017 on value added Tax expressed by the Ministry of Finance summaries the tax prospects among the country; the responsibilities the VAT rate which will be carried out by the gathering of those taxes for the growth of the country; the taxes which will be applied on the supply chain. The new UAE tax law also defines the UAE tax registration and de registration, additionally as the necessary threshold for tax registration, tax registration, registration exceptions and tax group for government bodies additionally as voluntary registration.

Things that you must know about the new UAE VAT Tax Law:

  1. Businesses operative across UAE got to adhere to the changes within the price structure, compliance as well as structure structure as well as file tax returns on Monthly and Quarterly basis due to the VAT implementation in UAE and comply with the UAE VAT needs and updates at all times.
  2. Obtain VAT registration from the FTA
  3. Reclaim any UAE VAT they have paid on business-related goods or services
  4. Charge VAT in UAE on taxable goods or services
  5. Keep a range of commercial and business records for FTA’s evaluation.
  6. In case of a UAE nonresident, the new UAE Tax law who makes supplies of goods and services in the country requires registration in accordance with the provisions of the Decree-Law. The Federal Tax Authority shall register him with effect from the date on which he or she started making supplies in the UAE. It could be an earlier date if agreed by the FTA and the non-resident entity.

The most easy and quick solution to maintain all sorts of communication and understand guidelines provided by the Federal Tax Authority is to get in touch with Nam Accountants. Our VAT Consultant in Dubai will give all the support to your VAT and Tax Services.

Important Things You Need to Know About VAT Accounting

VAT Consultant dubai

If you are a VAT Consultant in Dubai, you know more about it, the lot of benefit you and your business will derive from it. Here are some essential things that you got to know about VAT Accounting.

  1. VAT Registration or VAT Consultation

If your turnover is more than £68,000 per year, you must register for VAT. Once you’ve got registered for VAT that is once VAT consultants are helpful to you. They will advise you on the most recent regulations and keep your business on the great side of HM Revenue and Customs.

  1. VAT Schemes

Our business can register for VAT need to account for tax when they invoice customer. Customs has a variety of VAT schemes that allow your business to save lots of time for VAT after they are actually paid. To work out that scheme bests suits you, request the qualified recommendation of a skilled VAT consultant.

  1. VAT Records

If you are keep accurate VAT records regarding any Tax paid. Keeping correct VAT records helps you to avoid paying an excessive amount of tax. To find out more about keeping correct VAT records, speak to a VAT accounting specialist.

  1. VAT Responsibilities

A VAT consultant can allow you to know your VAT responsibilities and assist you to stay to them. You do not need to be a VAT expert once you have a VAT consultant, they will keep you informed of all of your responsibilities regarding worth added Tax.

 

Effect of VAT Implementation in the UAE

VAT Consultant in UAE

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.

VAT Implementation

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

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.