Some tips for businessmen in UAE regarding VAT. Effective Date 1 st January 2018 Applicable: Applicable on Goods and services Tax rate 5% Mode of compliance Online portal registration started from 17 September 2017 Exempt Industry: Health Care, Passenger transport, Education.

UAE VAT Law; Structure VAT Consultancy in UAE, Saudi Arabia, GCC It doesn’t take so long to read and understand the newly promulgated UAE VAT Law AKA Federal Decree-Law No. 8 of 2017 on Value Added Tax. It also seems to be incomplete as a very vital component auxiliary regulations are still to make to the surface, the “Executive Regulation”. The VAT Law speaks about the Executive Regulation as under: - Article 82  Executive Regulation The Cabinet shall issue the Executive Regulation of this Decree-Law at the suggestion of the Minister. The VAT law is divided in to 8 titles in total each discusses  and defines relevant previsions on Value Added Tax. Title One: Definitions Contains key definitions and basic understanding of the law. Title Two: Tax Scope and Rate Defines the scope of VAT and rate at 5%, whereas Title Six (6) deals with Zero Rated and Exemptions Title Three: Supply, Supply of Goods and Services Definition of supply of goods and se...

VAT Impact Assessment & Developing the Implementation The assessment and impact of the Value Added Tax (VAT) on organizations and this includes the VAT Impact – Assessment & Implementation. We have designed the deliverables as a Project so that it remains in-line with the overall VAT compliance objective of organizations in GCC. Impact Assessment & Developing the Implementation Road Map Review of existing relevant business processes and end to end transactions to map the existing process i.e. “as-is process flow” Identify and elaborate the VAT touch-points so that the associate compliance risk can be identified and appropriately addresses in the Implementation phase . Assess the existing system capability by flowing through trial VAT transactions to assess the system upgrade requirements, if any. Develop a VAT Road Map so that as-is process is mapped with to-be process. Designing the process of Accounting & IT requirements along wi...

Applying Value Added Tax Certificates (VAT Certificate) Dubai - UAE VAT and Tax Certificates VAT UAE will be issued by the Ministry of Finance UAE for government entities, private sector organizations, small businesses and individuals in United Arab Emirates - UAE. Following certificates will be issued by the UAE government: - Value Added Tax (VAT) Certificate Tax (VAT) Domicile Certificate Value Added Tax Certificate  (VAT Certificate - UAE) will be issued for government entities, Private companies and individuals to claim their tax exemptions for Value Added Tax (VAT) in various countries around the globe. To get more details on this please click   here . Required Documents for VAT Certificate Letter signed by the authorized signatory Copy of decree & act of incorporation Tax Domicile Certificate , the countries having agreements of avoidance of double taxation with UAE will be able to claim exemptions from charge of Value Added Tax (VAT...

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 al...

Value Added Tax (VAT) Training in Dubai Course Overview The course examines the rules and regulations of VAT and clearly demonstrates the procedures and controls that should be in place to ensure VAT returns are submitted accurately and on time. This seminar will give you a complete understanding of VAT, covering all the essentials and giving you the confidence to know if you are dealing with VAT correctly. Extra Benefits: A  Seminar Pack  containing the information presented on the day A Certificate of Attendance LEARNING OUTCOMES Upon the successful completion of this course the participants should be able to:   Understand the concept of VAT and its impact on the economy Understand the impact of VAT on the operational and the financial performance of the business Differentiate various types of supplies with reference to VAT Differentiate Input VAT and Output VAT Categorize the supplies for VAT calculation Understand the i...