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Implications of VAT in UAE for businesses?

Implications of VAT in UAE for the businesses?


UAE is one of the gulf countries where Value Added Tax will be imposed on businesses as announced by the ministry of Finance UAE. So far there is no draft legislation for VAT in the country, it may be a bit premature for businesses to start implementing any significant changes in the mode of doing business in the UAE.

However, the following aspect could be kept in mind to be prepared for dealing with Vat implementation:

  • Obtaining understanding of VAT regulations
  • Updating the accounting software systems and invoice templates to meet with the VAT provisions
  • Training of the existing employees (accounting /finance staff) as regard to VAT compliance and reporting
  • Hiring of new resources with increased work load
  • Hiring appropriate levels of consultants for adhering to increased compliance requirements and fillings
  • Maintenance of appropriate books of accounts and records
  • Looking at the terms of long terms contracts already executed to assess the implications of VAT
  • Assessing increased cost implications on sales and revenue
  • Reviewing implication of free zones trading with mainland companies in UAE
  • Keeping in view compliance deadlines and any possible audits imposed by the regulatory authority.


 How to reach me:
Email: waheedensari@hotmail.com
LinkedIn: Waheed Ensari

This course is available for delivery in UAE, Kingdom of Saudi Arabia, Bahrain, Qatar, Oman, Kuwait, Egypt, Sudan, Africa, GCC.

To know more whatsapp +971 55 8400399, email: waheedensari@hotmail.com

Take on VAT Readiness Survey here

Labels:
Location: Dubai - United Arab Emirates

Comments

  1. VAT in UAEMay 1, 2017 at 1:49 PM

    Great information about VAT UAE and very easy to understand. In the UAE, VAT will be implemented from 1st of January 2018 at the rate of 5%.

    ReplyDelete
    Replies
    1. Waheed EnsariNovember 26, 2017 at 9:51 AM

      VAT Registration Countdown begins | Hurry Up and Get Registered

      Getting registered for VAT in Dubai is priority number 1 for every organization, with a minimum turnover of AED 375,000 and above, for VAT registration VAT in Dubai with the Federal Tax Authoritys’s website gov.ae. After registration for VAT, the tax Registration Number will be issued by Federal Tax Authority.

      http://www.thebscon.com/how-to-register-for-vat-in-dubai/

      Delete
  2. MohammedNovember 26, 2017 at 9:25 AM

    VAT Registration Countdown begins | Hurry Up and Get Registered

    Getting registered for VAT in Dubai is priority number 1 for every organization, with a minimum turnover of AED 375,000 and above, for VAT registration VAT in Dubai with the Federal Tax Authority on the website www.tax.gov.ae. After registration for VAT, the tax Registration Number will be issued by Federal Tax Authority.

    http://www.thebscon.com/how-to-register-for-vat-in-dubai/

    ReplyDelete
  3. Sarah JassonMarch 28, 2019 at 2:42 PM

    I am really glad I have found this info.A good web site with interesting content, that is what I need. You have done a outstanding job!
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