VAT Consultants in Dubai, UAE
VAT consultants in Dubai with experience and in-depth knowledge of VAT registration and an excellent record of accomplishment can handle all VAT-related issues such as VAT advice, VAT registration, VAT training, VAT returns, and tax laws regulations.
Following the introduction of VAT on January 1, 2018, companies are seeking the services of leading VAT advisors in Dubai who are registered with the UAE Federal Tax Authority (FTA) as tax agencies and special tax offices. Proper or structured VAT implementation has become mandatory and VAT consultants have become an absolute necessity to comply with UAE VAT laws.
How can VAT consultants in Dubai help businesses by offering VAT advice and compliance services?
Since the introduction of Best Vat Consultants In Dubai on January 1, 2018, VAT consultants have been helping businesses to comply with the UAE’s VAT regulations. VAT consultants help business owners with effective tax planning to control tax flows and manage working capital. VAT consultants can mainly help businesses with VAT advice and VAT compliance services.
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Some of the main VAT services offered by VAT consultants in Dubai are,
Ensuring timely filing and reconciliation of VAT returns
Auditing of VAT records, returns, and reconciliations
Providing advice to clarify FTT notifications to clients
Acting for the FTA with regard to tax matters
Reviewing and amending source documents.
VAT advisory services include:
UAE VAT planning
VAT advisory services
Advice on VAT registration as an individual or as a tax entity
Applicability of the reverse charge mechanism for imports
VAT training and information for staff
VAT legislation
VAT is levied on the consumption or use of goods and services, with the end user being the ultimate debtor of the cost. The UAE levies a VAT rate of 5% on the taxable supply of goods or services to VAT-registered businesses at each stage of the supply chain. However, businesses collect and account for VAT on behalf of the government.
UAE entrepreneurs must register their businesses for VAT purposes in accordance with Federal Decree-Law No. 8 of 2017 on VAT and Cabinet Decree (52) of 2017 on the Regulations for the Implementation of Federal Decree-Law No. 8 of 2017 on VAT. VAT applies equally to taxable companies operating in the UAE and in free zones.
VAT registration in Dubai
Companies with taxable supplies and imports of Dhs375,000 (US$1,000) or more are required to apply for VAT registration. Under the UAE VAT Law, companies with taxable supplies and imports between AED 187,500 and AED 375,000 may apply for voluntary VAT registration.
However, companies with taxable supplies and imports of less than AED 187,500 are not required to apply for VAT registration. The VAT registration application can be done online, but companies can utilize the services of efficient VAT consulting firms in the UAE to properly complete the process. It should also be noted that any name or company, owner, director or authorized person must be entered in the correct Arabic language as well as English.
The documents required to apply for VAT registration in the UAE are:
A copy of the commercial license
Copy of the passport of the company owner and partners
Copy of the Emirates ID card of the owner and partners
Articles of Incorporation (MOI) and Articles of Association (CA)
Contact information and address of the company
Bank account details
Monthly income statement 2017 to date in FTA format
Nature of work and activities carried out
Expected turnover in the next 30 days
Customs registration information (if available)
Identity documents, passport, and power of attorney of the authorized signatory
Once all documents have been submitted, the FTA will review the application. If all requirements are met, the application will be approved by the FTA and a Tax Registration Number (TRN) will be issued within 2-3 weeks. The process to register a tax group starts with a company as described above and then the details of the group need to be entered. If the taxpayer fails to register for VAT within 30 days, a fine of Dh20,000 will be imposed.
VAT consulting services offered by Jitendra Chartered Accountants
Businesses need to choose the right company for VAT consulting services in Dubai, UAE based on a number of factors, including the tax consultant’s experience, expertise in finance, IT, operations, VAT calculation, VAT refund, and tax return filing. A VAT consultant who is well versed with all the technological advancements in the field can smoothly check accounts, claim refunds, fill out forms or solve complex VAT issues.
Jitendra Chartered Accountants (JCA) has a skilled team of VAT consultants with local expertise in VAT accounting, VAT returns, VAT refunds, and all other VAT-related laws and regulations in the UAE. Jitendra Chartered Accountants is a regulated tax firm with an Arabic-speaking registered tax representative with the Federal Tax Authority (FTA) who can assist in all tax-related matters and represent companies in tax cases against the FTA.
