Value Added Tax or VAT is one of the indirect tax. It introduced in the UAE on 1 January 2018. VAT is a new source of income for the UAE thus ensuring the provision of high-quality public services.
VAT is one of the common types of tax found around the world. Over 150 countries have implemented VAT. Including 29 European Union (EU) members, Canada, New Zealand, Australia, Singapore and Malaysia.
VAT is the tax on the value added to the commodity at each stage in the production and distribution chain. This is the tax system to collect tax on the value the final or retail POS(point of sale).
VAT is a tax on business transactions that affects all purchases and sales. VAT has evolved as a trend that has set its footprint in almost all recent comprehensive tax reforms. VAT, as a rule, calculated at every stage of import of goods and services.
Value Added Tax (VAT) is an indirect tax that paid by consumers when they buy most goods and services. VAT is a consumption tax because it is borne by the final consumer of goods. Contact VAT consultation Dubai.
The VAT due on any of the sale is a percentage of SP(sale price). But from this, the taxable person entitled to deduct all the tax already paid at the preceding stage. So, the final price of the product is equal to the sum of the values added at each stage. The final VAT paid made up of the sum of the VAT paid at each stage.
Businesses United Arab Emirates (UAE) with an annual turnover of AED 375,000 must follow the new VAT laws. This involves collecting a standard tax rate of 5% at each stage of the supply chain, on behalf of the government.
Dubai was one of the first countries to put in place VAT in UAE in 2018, as was Saudi Arabia. But, some countries have delayed implementation until 2019 and even 2021.
We, bookkeeping and accounting firms in dubai use a personalized approach to servicing clients. And ensuring that they enjoy a tailored solution through a dedicated tax consultant.
Our consultant will help you about new policies and regulations relevant to VAT. And advice you on the changes that have to made to your existing business structure. Our team comprises some of the brightest accountants in the field. And we are ready to service your needs today.
Business type of VAT consultation Dubai: Service Provider
Areas covered by VAT consultation Dubai: Dubai, UAE