Tag: Value-added Tax

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.