Looking for the best VAT service providers in the UAE? It all comes down to the research!
There are plenty of professional VAT experts available in the market who you can approach for all your VAT related needs and queries. The best way is to make a comprehensive list of all your needs and your budget. Once you've found a service provider whose services suit your needs and is streamlined with your budget, you can go ahead and hire them!
Most VAT consultancy audit firms in Dubai are run by highly educated and experienced auditors with decades of expertise in their particular fields of practice!
Once you have jotted down your requirements, you need to look for a VAT consultancy firm that works with clients similar to you! If you like their work and you are comfortable with their charges, you can definitely go ahead and hire them for VAT consultation!
The UAE government has added the Value Added Tax (VAT) as a part of the mandatory tax schemes in January, 2018. This translates to the fact that you will have to pay the government 5 percent VAT on purchasing any goods. The government has taken this step to reduce dependency on oils and hydrocarbons as the only mode of revenue generation. Sometimes, especially in business, the VAT amount added can seem to be very confusing. Not just that, there are certain cases where you can avail a tax exemption or reduction from the government. However, most business owners are not aware of such intricate details. This is exactly where a VAT consultant comes in!
A VAT consultancy service is a firm where expert VAT consultants will guide you through all the paperwork and advice on making business investments that helps in VAT reduction.
VAT in UAE stands for Value Added Tax. VAT was introduced in the UAE in 2018. The government of the United Arab Emirates decided to include VAT on the purchase of goods and other products. The government decided to add VAT as a part of revenue generation because they didn't want to be completely dependent on oils and hydrocarbons as the sole mode of revenue earning!
The government of UAE is very strict regarding payment of VAT. Late penalties get added to the VAT in the following order -
Beyond this, legal action will be taken for tax evasion
Are you willing to learn about the intricacies of VAT and how to implement VAT in the UAE? If you're someone who is interested in VAT consultation and would like to pursue it as a career,let me tell you that it is one of the most booming opportunities in the UAE. All you need to do is conduct a thorough research in the field and look for top institutions that teach VAT taxation as a major subject in the UAE. Go through the scope of the subject as well as the opportunities available to you as a VAT consultant. You can also opt for various online certificate courses or degree courses and establish a career as a VAT consultant in the UAE.
A business whose taxable imports and supplies exceed 375,000 Emirati Dirham per annum needs to pay taxes to the government. And for businesses whose imports and supplies are below 375,000 Emirati Dirham per annum but exceed 187,500 Emirati Dirham per annum, it is optional to pay this tax. This tax is called VAT (Value Added Tax) and existence of these tax slabs require businesses to do VAT registration.