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VAT Agent Dubai UAE
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VAT Agent Dubai
VAT Agent Dubai UAE our services: Registration with VAT Authorities in Dubai, UAE, Providing of VAT Implementation Advice and VAT Advisory Manuals in Dubai, UAE, Filing of Periodical Returns and calculation of VAT liability in UAE, Assisting with other VAT compliance in UAE. VAT Planning and Advisory Services
Saif Chartered Accountants is a professional firm of Chartered Accountants, established in Dubai as an auditing and accounting firm. We have a full-fledged team with professional qualifications and experience in the field of accounting, auditing and business consultancy. Established in 1994, with offices in Dubai, London, Cardiff, Hamriyah Free Zone, Sharjah and associate offices in RAK Free Trade Zone, Abu Dhabi, and India. Saif Chartered Accountants cater to a wide spectrum of clientele from diversified industries located in UAE and UK
Brief Introduction of Tax in UAE
Each member state of the GCC will establish their own separate national legislation concerning VAT and as such, the detailed compliance requirements and a set of rules will be outlined in each respective legislation. As such we outline below an overview of the expected general underlying VAT compliance requirements. An inherent feature of the VAT is the self-assessment nature, meaning every business which is VAT registered (or required to be VAT registered) must record, assess and report its VAT obligations and entitlements, in accordance with the law, to the tax authorities
Registering for VAT
Businesses and individuals engaged in any business activity whose turnover exceeds the mandatory VAT registration threshold specified by the respective national VAT laws must register for VAT. Voluntary VAT registration will be optional where the business turnover is below the mandatory VAT registration threshold – careful consideration should be given to the potential amount of VAT reclaimed on purchases by the business as well as the compliance costs in administering and reporting the tax, before making such a decision. Businesses not registered for VAT cannot charge VAT on their sales and cannot claim any VAT incurred on their inputs.
It is essential for the businesses to maintain records of all business transactions which will include:
- Import or Export
- Tax Invoices
- VAT Exempted or zero-rated supplies and purchase of goods
- Debit or credit notes
- Records of goods/ service used personally and provided for free
