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Steps to consider before implementing VAT by every businessmen in UAE

1. Check whether the company needs to be registered for VAT or not. If the annual turnover of the taxable items is more than AED 375,000/, you have to register for VAT.

2. Find the one suitable software for your company.

3. Place right and skilled people on board to handle the challenges on VAT compliance in accounts, IT and document controlling department.

4. Study the operational activity of your company and appoint a Tax Expert to analyze it for proper Tax Planning. A tax expert will give you advise on taking best tax planning including the best possible supply chain for company, services, intercompany transactions, options to take maximum input tax credit of the purchases and expenses.

5. Register for VAT through Federal Tax Authority’s online portal.

6. Maintain proper records in the company and VAT returns are filled within the due dates as per the UAE VAT law.