VAT & ACCOUNTING SERVICES IN UAE

With the UAE VAT tax reforms introduced in 2018, all companies in the UAE are subject to VAT registration and filing periodically. The Federal Tax Authority of UAE will act as the governing body for all VAT regulations and compliance.

 

The UAE and other GCC countries have introduced Value Added Tax (VAT) since 2018. Currently, there is 5% VAT for all transactions in UAE with exemptions on certain services like local transport, selected financial services, bare land, etc.

GENERAL CRITERIA FOR VAT REGISTRATION IN UAE

A business must register for VAT if its taxable supplies and imports exceed AED 375,000 per annum. It is optional for businesses whose supplies and imports exceed AED 187,500 per annum. By end of 2018, all companies in UAE are voluntarily required to register for VAT even if their annual revenue is less than AED 375,000 per annum.

The VAT is charged at each step of the supply chain. The end consumers generally bear the VAT cost while Businesses collect and account for the tax, in a way acting as a tax collector on behalf of the government. Companies have to keep a record of their financial transactions and ensure the accounts are audited periodically so that they stay compliant with the VAT regulations and avoid any default.

DOCUMENTS REQUIRED FOR VAT REGISTRATION IN UAE

  Trade License of the company

  Certification of incorporation or registration certificate

  Article of association/partnership agreement or any other document indicating business ownership

  Manager profile

  Passport copy and Emirates ID of manager

  Physical office location of the business

  Contact details

  Bank account details and statements

  List of businesses of the directors/partners in UAE for the last 5 years with their trade license copies

 

Along with the required documents, there are few declarations to be submitted by the company to obtain the Tax Registration Number and complete the Tax Registration process in the UAE.

LIST OF DOCUMENTS STATING DECLARATIONS ABOUT

  Business activities of the applicant

  Actual or estimated financial transaction values

  Annual Turnover of the previous year with supporting documents

  Details of expected turnover in the next 30 days

  Import/export transactions

  List of GCC activities of the business

  Details about customs registration

TAX CONSULTATION AND ACCOUNTING SERVICES IN UAE

ACCOUNTING SERVICES IN UAE

You can benefit from our expertise in all areas of financial planning, accountancy or business development and realize your potential for financial growth. Handing off your bookkeeping burden to ACS UAE will allow you to focus on the core issues of your business, such as growth. Having accurate accounting of your books will allow you to make more informed decisions concerning your business.

Whether you are a straightforward start-up business or an established business with complex controlling and reporting structures, our services are always tailored to your needs and delivered with equal enthusiasm. Our management accounting is tailored to your business requirements and may be as complex as your group reporting requirements demand.