A value-added tax (VAT) is a type of consumption tax that is placed on a product whenever value is added at a stage of production and at final sale. The amount of VAT that the user pays is the cost of the product, less any of the costs of materials used in the product that have already been taxed. NAS has expertise in Value added Tax (VAT)” Implementation and support services in Abu Dhabi,UAE. Value Added Tax is an indirect Tax system which is in place in almost more than 150 countries globally. United Arab Emirates in specific and GCC council in general has taken a decision to implement the VAT system with effect from January 1, 2018.
Value Added Tax concept is applicable on all local consumptions and services in UAE. VAT will be levied at each stage of purchase of goods or services.
Concerned businesses will have time to prepare before VAT will come into effect. Businesses will need to meet requirements to fulfill their tax obligations. Businesses could start preparing themselves now so that they will be ready later. To fully comply with VAT, businesses might need to make changes to their core operations, their financial management and book-keeping, their technology, and also if needed even their human resource mix (e.g., accountants and tax advisers). It is essential that businesses try to understand the implications of VAT now and once the legislation is issued make every effort to align their business model to government reporting and compliance requirements. NAS has an expert panel of Chartered Accountants Ras Al Khaimah,UAE who are well versed in VAT implications and are qualified to help you with any of your doubts regarding implementation of VAT in UAE.
|Recording financial transactions and ensuring that accounting records are accurate and up to date.||Register for VAT for businesses that meet the minimum annual turnover requirement (as evidenced by their records).|
|Even for businesses that do not think that they should be VAT registered; they should also maintain their accounting records.||In case of inspection of Authority consultation and advising clients.|
|VAT training: Our experts conduct training sessions for VAT implementation for clients and businesses.||VAT consulting: NAS team provides consultancy services for VAT implementation, impact analysis, changes to be adopted in the accounting records and systems, training the accountants in the organization etc.|