VAT CONSULTANCY SERVICES
Value Added Tax (VAT) has been implemented from 1st January 2018 in UAE.
Voluntary registration process is also open for businesses less than the minimal annual revenue.
VAT will be applied on all goods and services, except the basic necessities, with flat rate of 5%.
Applicability of VAT
Companies and corporations with annual revenue of equal to or more than AED 375,000
5% VAT is applicable on all the non-essential commodities and consumers purchasing these commodities will pay VAT.
VAT is be applied separately from excise tax that is already in effect on tobacco, energy drinks and soft drinks
It is applicable to all commercial tenants, such as shops, offices etc
VAT is also applied to goods imported into UAE.
In case of products for re-export, VAT will only be applied once in the final destination of goods
Who is exempted from VAT?
Purchase of all the essential products including food products, medicines, educational commodities etc. is exempted from VAT
VAT will not be applied on businesses that provide essential services like education, health etc
There will be no VAT on residential tenant contracts
Selling of newly constructed homes is also exempted from tax
How we can assist you
TCA International FZE has an experienced taxation team that can assist you on all the aspects of VAT in UAE.
The new VAT system has changed the whole scenario of business.
VAT is different from GST as it is applied on whole supply chain of business that affects the overall product price, its cost and procurement.
It demands the overhauling of the current financial, accounting and IT structure of any business.
In this case, a perfect consultancy firm with solid background can help you get through all these emerging problems. You can fully trust TCA International FZE to overcome all the issues related to VAT in UAE.
We can provide services including:
Calculating VAT on supplies & purchases
Providing accounting software for VAT calculations
Calculating VAT on import & exports
Registration of your business with the Federal tax authorities
Consultation on VAT