VAT Services in Dubai
Our FTA compliant VAT Services in Dubai cover VAT Registration, VAT Return Filing, VAT Voluntary Disclosure, VAT De-Registration, VAT Training, VAT Audit, VAT Consultancy, and VAT Reconsideration.
VAT Stands for Value Added Tax (VAT) and it is a form of indirect tax. VAT is also known as Good and Services Tax (GST). VAT has been implemented in UAE since January 1, 2018.
Businesses in UAE are facing many challenges in regards to handling the VAT and they are looking for the best VAT Services in Dubai. VAT is applied to all the steps of the supply chain and the end consumer will be the one who will get an impact because of VAT. Businesses in UAE will collect VAT on behalf of the government.
New VAT Rules in UAE has been announced – Click to Read More.
VAT brings a lot of opportunities as well as a lot of challenges with it. Many scenarios of VAT are extremely complex and the companies find them hard to cope with. Taxable Businesses in UAE must obey the law and regulations of the Federal Tax Authority (FTA) to avoid VAT fines and penalties in UAE. The companies are outsourcing the VAT services in Dubai, through this way the companies will focus on their business goals.
A tax expert who is professionally aware of the laws and rules of the tax system is mandatory for the businesses to guide them. It will assist the business to implement VAT smoothly. A professional tax expert will ensure the tax compliance system, make all the procedures legal and manage records to prepare VAT return filing.
VAT Consultants in Dubai, UAE
Xact Auditing is fully equipped with a team of professional and experienced VAT experts who will help you to run your business smoothly by providing the best and authentic VAT services in Dubai. Our VAT experts in UAE will understand your business and evaluate the impact of VAT on your business.
Xact Auditing will ensure that all the functions of your business are in line with the laws of the Federal Tax Authority (FTA). Our VAT Agents will ensure complete VAT compliance such as proper VAT invoice format and timely filing of VAT returns and many other operations that will help you achieve your goals.
VAT Implementation in UAE
- A business must register for VAT if the taxable supplies and imports exceed the mandatory registration threshold of AED 375,000, the business is liable to pay tax.
- Furthermore, a business may choose to register for VAT voluntarily where the total value of its taxable supplies and imports (or taxable expenses) is over the voluntary registration threshold of AED 187,500.
VAT Rates in UAE
The types of VAT rates in the UAE are:
- Standard rated (5% VAT)
- Zero-rated (0% VAT)
- Exempted (No VAT)
Zero-rated VAT
- International transportation, and related supplies;
- Exports of goods and services outside the UAE;
- Certain investment grade precious metals (e.g. gold, silver, of 99% purity);
- Supplies of the certain sea, air, and land means of transportation (such as aircraft and ships);
- Newly constructed residential properties.
Exempted VAT
- Local passenger transport
- Bare land – sale and lease
- Residential properties – sale and lease
- Supply of certain financial services
VAT Registration
The businesses must apply for VAT registration if the taxable supplies and imports exceed the mandatory registration threshold of AED 375,000. Furthermore, a business may choose to register for VAT voluntarily where the total value of its taxable supplies and imports (or taxable expenses) is over the voluntary registration threshold of AED 187,500. Xact Auditing offers a VAT registration service to ensure that companies who are eligible to have the TRN must get the TRN on time.
Read More: Online VAT Registration
VAT Invoicing
After registering your business under VAT, your business must issue a VAT invoice. All the businesses must follow the VAT invoice format issued by the FTA to avoid VAT fines and penalties in UAE. How to prepare a tax invoice in UAE is a very critical question and task for all businesses. Tax Registration Number (TRN) must be mentioned on all the tax invoices. If there is no TRN mentioned on the tax invoice then the customer should not pay VAT.
Read More: VAT Invoice Format by FTA
VAT Return Filing
VAT return filing is mandatory for all taxable businesses. Once you have registered for VAT in UAE, you are required to file your VAT return and make related VAT payments within 28 days after your tax period ends. If your business fails to file a VAT return on a timely basis or submits the wrong VAT return filing then the business will incur VAT audit and VAT fines from the FTA. Xact Auditing is offering quality and timely VAT return filing services in Dubai on a monthly and quarterly basis.
Read More: VAT Return Filing
VAT Refund
Input VAT is the tax payable for items (goods and services) purchased by a business or taxable person in UAE. On the other hand, output VAT is collected tax on items sold by a business or taxable person in UAE. If your business is paying more tax as compared to the tax your business is collecting from the clients, then you are eligible to claim an FTA VAT refund in UAE. Xact Auditing offers VAT refund services to help our clients with their VAT refund applications.
Read More: VAT Refund
VAT Voluntary Disclosure
VAT Voluntary Disclosure form is provided by the FTA to the taxpayer who wants to notify the FTA of an error or omission in a tax return or tax refund application. VAT voluntary disclosure form requires a very keen consideration and it may well be worth-while obtaining professional advice from a registered tax consultant before making any voluntary disclosures so that the potential flow-on consequences can be considered and addressed.
Read More: VAT Voluntary Disclosure
VAT De-Registration
VAT deregistration in UAE allows a taxable person or a business to cancel their VAT registration and suspend their Tax Registration Number (TRN). VAT Deregistration is an online process. Only the businesses that are registered under Federal Tax Authority (FTA) can de-register from VAT. Xact Auditing will assist you in de-registering your company from FTA. We will ensure that the process of VAT deregistration will be completed without getting any VAT fines from FTA.
Read More: VAT De-Registration
VAT Courses
The objective of our VAT training is to assist all the accountants, tax experts, and professionals across the UAE to understand the basic and technical mechanism of VAT in the UAE. Our VAT training courses in Dubai will ensure that your business is following the rules and regulations of the Federal Tax Authority (FTA). VAT training will enable you to implement VAT properly and efficiently in the organization.
Read More: VAT Courses
VAT Audit
By conducting a VAT audit, the government will verify that whether the business is following all the VAT laws and implementing VAT as per the regulation of FTA. Through the VAT audit in UAE, FTA will check the VAT returns and VAT refunds submitted by the taxpayer. Xact Auditing will entirely represent your business in front of the Federal Tax Authority (FTA). We are providing a VAT health check to ensure VAT compliance.
Read More: VAT Audit
VAT Consultancy
If businesses make a single error while handling VAT, there will be heavy fines imposed by FTA. In that case, an expert opinion will help you to avoid those fines. VAT is a very delicate subject and needs to be taken care of with experience and knowledge. The goal of VAT consultancy is to offer the best and authentic VAT solutions to all the businesses in UAE. Our VAT consultancy will help your business to ensure VAT compliance as per the FTA laws.
Read More: VAT Consultancy
VAT Reconsideration
VAT reconsideration allows a taxable person to appeal for the review of the decision made by FTA. All the companies in UAE must be aware of the tax laws to run their businesses smoothly. Any business or a person who received a penalty from FTA can apply for VAT reconsideration in UAE within 20 business days after receiving the penalty. The authority will review the decision and might waive off the penalties if the business proves the case.
Read More: VAT Reconsideration
FTA Compliant VAT Services in Dubai, UAE
Xact Auditing is covering all the aspects of VAT services in Dubai, UAE. For FTA-compliant VAT services in Dubai, UAE, Contact us. We have professional and experienced tax specialists who can handle all kinds of complex issues related to VAT. We handle VAT with extreme attention to follow the rules and regulations of the Federal Tax Authority (FTA).
Xact Services