VAT consultancy in Dubai
Over the past couple of years, Dubai has become a hub for businesses. Because of the ease with which one can set up their businesses here or can expand their business operations, owing to the political provisions and booming economy which promises high returns and profits, thousands of people, not just from the country but from all over the world have come to Dubai in order to start their own businesses. While operating a business in Dubai turns out to be quite profitable, it is also important to remember that you need to adhere to certain rules and regulations of the government with respect to running your business, as it is with any other country. As a business owner, one of the obligations you need to fulfill is registration for VAT in Dubai. Our company, with their expertise in and in-depth knowledge in VAT registration and with an excellent track record, can solve all the VAT-related issues such as VAT consulting, VAT registration, VAT Training, VAT returns, and Tax Laws and regulations. Ever since the introduction of VAT from Jan 1, 2018, businesses have been seeking the services of the top VAT consultants in Dubai, who are registered with UAE’s Federal Tax Authority (FTA) as a tax agency and a dedicated tax agent. The proper or structured implementation of VAT has become a compulsion and the VAT consultancy has become an absolute necessity to comply with the UAE VAT Laws. Our company contributes to the growth of client’s business by ensuring personalized accounting practices, using advanced technology to improve compliance quality while reducing cost. We strive to provide superior, swift, and hassle-free VAT service to our clients from all sectors of the industry in Dubai, Abu Dhabi, Sharjah, UAE. You will find our VAT service process transparent and convenient as well as error-free. VAT implementation in UAE has its benefits for the current business growth. VAT in UAE will aid by better infrastructure with contributions to the public infrastructure, higher business efficiency with a systematic approach to business, improved liability management and check of cash flow, and boost to the government with a more stable economy.
- VAT consulting, implementation in your business and further optimization.
- "Hot-line consulting" — question/answer support 24/7.
- Building your VAT strategy and planning.
- VAT risk identification and mitigation.
- VAT & Accounting compliance — outsourcing.
- VAT return preparation — outsourcing.
- VAT Trainings for staff and management aimed to minimize the human factor in causing VAT risks.
- HR policy amendment helping to reduce negative VAT impact.
- VAT reimbursement.
- International tax planning and structuring.
- Company set-up in various locations.
VAT Penalties in Dubai:
Penalties and fines are an unwanted burden for your business. The general penalties under VAT in UAE are the following. Failure to keep proper records and information leads to a penalty of AED 10,000, whereas it is AED 50,000 the second time. Failure to submit accounts when demanded by the authority, register within the timeframe, and designate a legal representative leads to a penalty of AED 20,000. Failure to inform the FTA in UAE after any amendment leads to a penalty of AED 5,000, whereas it is AED 15,000 the second time.
VAT Registration in UAE Process:
- Provision of relevant documents for VAT registration
- Receive your trade license, proof of business setup, banking details & signatory papers
- Prepare documents to apply for business authorization like POA, MOA etc
- Relevant description of Business activities in the form of declaration.
- File your income from the previous 12 months and provide expected a figure
- Financial experts will calculate the value of imports and exports
- Manage your planning in order to deal with GCC officials & customers.
Benefits Of Hiring VAT Consultant In UAE:
Value added tax consultants in UAE are professionals who have all the knowledge of VAT laws and procedures in UAE. They also have an idea on how to calculate VAT as per the latest rules without getting the business into a risk. Some of the benefits of hiring VAT consultants in UAE are as follows:
- Ease of registering VAT in UAE
- Gain the expertise of professionals in dealing with VAT
- Saving efforts and time
- Maintain confidential data for business
- Proper recording of VAT for your business
- Helps in VAT planning
- The improved process of finance