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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.
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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.
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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.
