• +971 2 4450 552
  • visiontaxuae@gmail.com
  • Abu Dhabi – United Arab Emirates

VAT Consultancy

  1. VAT Consultancy

It is essential that businesses try to understand the implications of the new taxes and make every effort to align their business model to government reporting and compliance requirements.
In the UAE, VAT will be levied at a rate of 5% on most goods and services, although there will be some exceptions. We can perform VAT impact assessment and structure your business in the most tax-efficient manner with respect to the utilization/refund of input VAT, Implement appropriate Accounting systems and tailor your record keeping to meet the requirements. Businesses can find the matter of VAT extremely difficult to decipher, but failure to do so could result in costly penalties from the Federal Tax Authority. As one of the leading VAT consultancies in the UAE, we can assist with any VAT issues you may come across. Whether you are an independent accountant, a charity or not for profit organization, or a business owner keen to find out more about how making the right VAT decisions can benefit the financial health of your company- we can help.
The FTA said that although tax returns must be submitted electronically, accounting records and documents relating to business activities must be kept, including the balance sheet, profit and loss account, payroll records, wages, fixed assets, records, and inventory statements.
Failure to keep required records and other information specified in Tax Procedures Law (Ref Article (78) in Federal Law No. (7) of 2017 on Tax Procedures) will attract a penalty of AED 10,000 for the first time and AED 50,000 in case of repetition.
We assist with all VAT related advice and consultation , which includes the following:
• Application of protocols and controls for proper tax compliance
• Analysis of Value Added Tax on businesses in the country
• Development and application of VAT structure within the company
• Guidance on the documentation and information required
• Reviewing your business activity and transactions for VAT compliance
• Providing a standard data template (Input and Output transactions)
• Review and analysis of data and underlying documents
• Preparation and submission of all statutory reports
• Progressive training of personnel in preparation of Value Added Tax
• Restructuring of the entire supply chain, including processes, transactions, and supply chain
We employ a personalized approach to servicing clients, ensuring that they benefit from a tailored solution through a dedicated tax consultant. Your dedicated tax consultant will help you understand all you need to know about the new policies and regulations relevant to VAT, and advice you regarding the changes that have to be made to your existing business structure. Our team comprises some of the brightest accountants and financial specialists in the field, and we are ready to service your needs today.