VAT in the UAE is a one of general consumption tax which is collected incrementally based on the value added at each stage of production or sales. It is an indirect tax also known as the consumer tax. VAT in UAE is charged at each stage of the supply chain where the end users have to pay the tax.
Steps to Implement VAT in Your Business:
1. VAT Registration
* Perform registration and verify it.
* Register online for VAT in UAE with Federal Tax Authority
2. Understand the organization structure and transaction process
* Provide initial training and awareness to the Management and employees.
* Understand the business operations and organization structure.
* Discussion for changes with IT, Accounts and all other relevant departments
3. Analyse the impact of VAT on business
* Analyse your financial statements and check the VAT impact for your business
* Identify the specific issues in the software you are using.
4. Manage the VAT Transition Process
* First trail run to get ready for VAT compliance and identify issues.
5. VAT Return Filing
* Review of TAX credit notes and invoices issued and received.
* Reconciliation of ledgers and registers
* Preparation of VAT Returns and Audit File
SME Tax Consultancy offers customers with a wide range of TAX Services with accordance to their business needs in the Dubai-Ajman-UAE. The Tax Consultancy group at SME Business Management Consultancy are professionally expert with relevant industry experience hailing from different ends of the globe.