Tuesday, 20 March 2018

How to Implement VAT in Your Business?

Value Added Tax (VAT) is an indirect tax and it is a new concept in UAE because recently there launched the VAT. This is collected at each stage of sale and is also known as the consumption tax.

Some Steps to Implement the VAT in our Business

1. VAT Registration

After launching the VAT in UAE each and every business must be required to be VAT registered it doesn't matter the business is small and medium enterprise.
The registration applications are accepted through the official online portal.

  • Prepare all the information for the VAT registration
  • To verify the information on check government portal
  • Register VAT with Federal Tax Authority

2. Understand the organization structure

The organizational framework reflects the leading role of MoF in the fields of finance and economy.
The UAE government achieving the sustainability of federal financial resources and development plans.

  • Understand the business operations
  • Required to Provide training to the Management and employees

 3. To Analyze the impact of VAT on business  

The value-added tax (VAT) has been announced, tax paid on most business overage can be offset as input tax, but some expenditures do not qualify for tax dues.

  • To analyze your  dogmatic stamen
  • Examine the VAT impact for your business

4. The VAT Return Filing

  • Preparation of VAT returns
  •  observe of TAX credit notes issued and received.
  • Preparation of VAT Audit File

who have provided incomplete or incorrect registration details are also not given their TRN or registration certificates by the FTA. These businesses will have to pay fine of Dh20,000 according to the FTA Law.

No comments:

Post a Comment

VAT Apply on Pre-Owned Items in UAE

The UAE introduce the  New VAT Rules . The rule will apply to any used Pre-Owned Items such as household items, furniture, automobiles...