VAT Consultant in UAE
Value added tax was introduced in UAE in the year 2018. It is an indirect tax charged for the consumption of goods and services at the rate of 5% all across the country.
VAT Consultancy Services In UAE
Even if VAT is collected from the consumers it greatly affects the systems followed by businesses. It is mandatory for businesses to register for VAT, if their taxable supplies and imports exceed AED 375000 per annum and is optional for those with AED 187500 per annum. If your business is registered for VAT, then it is recognized by the government.
Businesses pay taxes collected from the consumers to the government and get a refund from the government for the tax that has been paid to the suppliers. It goes the same for foreign businesses as well; they can also recover the taxes once they visit the country.
VAT is applicable for tourists as well. They can claim for a refund if purchased from a VAT registered store and is completely processed through electronic systems according to the ‘Tax Refund for Tourists Scheme’.
How is VAT collected?
VAT is a tax paid to the government; it is collected by the VAT-registered businesses from the consumers on behalf of the government. It is applicable for all the citizens and tourists who purchase goods or services from any VAT registered store.
VAT has different aspects to it; the VAT return filing is one among them. It is done by VAT registered businesses at the end of each tax period. Registering for VAT brings in certain changes to the usual functioning of your business. Maintaining the VAT records is a mandatory and an added pressure as it requires a lot of documentation.
As VAT is something new for the citizens, it took some while to get in terms with it. People still find it hard to compute their taxes and maintain the necessary records. It is indeed a burden to compute the taxes, file the returns and paying it on time, on top of the organizational functions.
VAT consultancy is never a luxury but a necessity for your business. It helps in a better understanding of the procedures and to learn how it affects the functioning of your business. Seeking external help will benefit the organization in every possible manner. A professional can provide you with all the required support to cope up with the situation at hand and to adapt to the changes swiftly.
AON provides our clients with any services related to VAT. Our team of experienced professionals will guide and support your organization in all the necessary ways. Maintaining the invoices of sale and purchases, recording every single transaction of the organization and every other function in respect to VAT are all offered at Aon. We also offer VAT computing services such as:
Assess the impact of VAT on your business
Bookkeeping services for VAT
Preparing VAT returns
Our consultancy team at Aon Management Consultants will help you sought out every minute detail regarding VAT and its computation. We have been handling and serving our clients ever since VAT was introduced in UAE.