VAT Service In Dubai
VAT - Value Added Tax
The value-added tax (VAT), which came into effect from January 1, 2018, in UAE, is a consumption based tax which will be applicable at each stage of the ‘supply chain’. That means, any UAE business making a taxable supply of goods and services will have to pay VAT on that supply. The VAT UAE is based on the same concept as followed by the other countries which use this tax system, however, the standard rate is fixed at 5% for all taxable supplies for VAT in UAE.
As per the VAT rules and regulations, some basic services (and goods) like food, public transport, and some healthcare services are exempt from the VAT, while some other services will be taxed at zero percent. You can find out more about VAT-exempt and non-exempt supplies on our blog. The VAT shall be levied at each stage of the supply chain, but there is a concept of input credit through which businesses can claim their taxes back from the government, and the ultimate VAT cost is borne by the end consumers.
Our Services
MARKEF has a team of dedicated and experienced tax professionals who are constantly trained and updated on the latest tax law changes. Any update by FTA is reviewed and discussed within the team. An analysis is done to identify the impact of the tax law amendments. This is then communicated to clients on a timely basis.
VAT compliance is a critical function which needs to be monitored on a daily basis and for each type of transaction. In this way, we can ensure accurate recording in the books of the accountant and submit accurate reporting to FTA within the due date. Organizations choose to appoint professionally qualified staff to manage VAT-related tasks and ensure compliance with the same.
VAT REGISTRATION
Registration for VAT in the UAE is an online process which is accessible in the Federal Tax Authority’s online portal. Before proceeding for VAT registration, the applicant should consider various aspects such as, weather to register as voluntary option or mandatory option, weather to register as a Tax Group or a Standalone etc.
VAT RETURN FILLING
We ensure that the VAT returns are filed within the specified time in each tax period. We will visit your office on a periodical basis (weekly/monthly/Quarterly) to compile the information for filing the VAT Return. At the end of each VAT return period, VAT Return of your company will be prepared and submitted in accordance with the provisions of UAE VAT law.
TAX AGENT
As your tax agent, we will be responsible to provide all the information, documents, records and data to the Federal Tax Authority (FTA) if requested to submit on behalf of you. We will act on behalf of you with regard to your all tax affairs with the FTA as a tax agent.
VAT PENALTY
We will review the reasons of any penalty and advise on it and assist to file penalty waiver request to the Federal Tax Authority (FTA) reconsideration committee and provide all necessary support during this process.
VAT advisory
VAT advisory services provide businesses with expert advice on all matters related to VAT. This can include guidance on how to structure their business to minimize their VAT liability, advice on how to deal with VAT audits, and assistance with VAT planning.
VAT training
VAT training services provide businesses with the knowledge and skills they need to manage their VAT obligations effectively. This can include training on how to prepare VAT returns, how to maintain accurate records, and how to comply with VAT regulations.
How Does VAT work in Dubai?
VAT in Dubai follows the same principles as VAT in other countries. When a business sells goods or services, it charges VAT on the sale. This is known as output VAT. The business can then deduct the VAT it has paid on its purchases, which is known as input VAT. The difference between output VAT and input VAT is the amount of VAT that the business owes to the government.
VAT returns must be filed on a quarterly basis, and businesses are required to keep accurate records of all their transactions. Failure to comply with VAT regulations can result in hefty fines and penalties.
Who Should Register for VAT in Dubai?
Businesses that have an annual turnover of AED 375,000 or more are required to register for VAT in Dubai. Businesses that have an annual turnover between AED 187,500 and AED 375,000 may choose to register for VAT voluntarily.
What are the VAT Rates in Dubai?
The standard VAT rate in Dubai is 5%. However, there are certain goods and services that are either exempt or zero-rated.
How to Comply with VAT Regulations in Dubai?
To comply with the VAT regulations in Dubai, businesses need to keep accurate records of their VAT transactions, file their VAT returns on time, and ensure that their invoices meet the requirements set by the Federal Tax Authority (FTA).
How can a VAT Service provider in Dubai help your Business?
A VAT service provider in Dubai can help businesses to comply with the VAT regulations by providing a range of services, including VAT registration, VAT return filing, and VAT advisory services.
We Understand all Aspects of Taxation
- VAT Refund
- Advisory Service on call
- VAT Consultant Service through meetings and discussions
- Providing inputs for using VAT compliant software for your company
- Support for VAT registration for your company as individuals or as tax groups
- Handling industry specific issues with precise guidance to comply with the UAE VAT law
- Advisory Services with regard to Customs clearance as well as designated zone related issues
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MARKEF is a leading Accounting Firm offering wide range of services including Accounting and Bookkeeping, Audit and Assurance, VAT and Corporate Tax, Business Consulting, Management Consulting, and Business Setup Services in Dubai and across United Arab Emirates.
- Office No.1929, Tamani Art's Offices Tower, Business Bay, Dubai, United Arab Emirates
- +971 4 589 2828
- +971 50 105 4241
- E-mail : info@markef.com
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Mon - Sat : 8:00 - 18:00
Sunday Closed
