The GCC-wide introduction of Value Added Tax (VAT) from January 1st, 2018, for businesses in the UAE. This will impact not only businesses with local transactions but also cross border transactions within the GCC and non-GCC countries. The Concept of VAT is new for UAE but In most of the countries VAT or similar taxation was introduced in the past.
IN UAE a business must register for VAT if their taxable supplies and imports exceed the mandatory registration threshold of AED 375,000. Furthermore, a business may choose to register for VAT voluntarily if their supplies and imports are less than the mandatory registration threshold, but exceed the voluntary registration threshold of AED 187,500.
The UAE economy is clearly divided between the onshore sector, dominated by local business interests, with restrictions on foreign ownership, and the offshore sector that consists of a number of Free zones. Our expertise, insightfulness and awareness of the country’s business and regulatory requirements on company formation and registration processes can help you to set-up the various company set-ups that exist across the United Arab Emirates.
Our Services in this Area include:
1. Maintenance of complete books of account.
2. Accounts receivable and accounts payable.
3. Accounts reconciliation.
4. Credit control
5. Preparation of financial and management accounts.
To satisfy your statutory requirements, your company must prepare the appropriate sets of accounts each year. We can do it accurately for you, which will help you to ascertain the financial health and profitability of business at year end.