Value-added tax (VAT) is charged from end-consumers whenever they consume or buy a service or a product. It is consumption tax charged on the value-addition done at each stage of a logistics or supply network, from the time the good is produced till it is sold. All registered business organizations are responsible for charging their customers VAT at the existing rates and also pay for VAT when buying goods from their suppliers. The difference between these two amounts is then required to be deposited or paid to the government agencies.
Implication of VAT on businesses
- Businesses will be responsible for carefully documenting their business income, costs and associated VAT charges.
- Registered businesses and traders will charge VAT to all of their customers at the prevailing rate and incur VAT on goods/services that they buy from suppliers. The difference between these sums is reclaimed or paid to the government.
VAT Advisory Service
Accounting firms providing VAT Advisory services ensure that the books of accounts and records of the clients are as per relevant laws. Aviaan Accounting is a leading provider of VAT advisory services in Dubai, UAE.
- Assessment of VAT impact
- Implementation of VAT compliant Accounting Software
- VAT bookkeeping services to avoid any penalties for VAT non-compliance
- Training on VAT
- VAT returns filing services
- Company registration for VAT
- Design and implementation of VAT structure
- Assessment of VAT on sales price and profitability
Why Aviaan Accounting?
- Cost effective
- Qualified Professionals with extensive VAT experience
Comments are closed.