VAT Services
VAT or (Value Added Tax) is known as indirect tax, it’s also known as general consumption tax. It’s normally implement on goods and different services which are bought and sold.
Value Added Tax or VAT found around the globe including Europe, Canada, Australia, Singapore, New Zealand, Malaysia and many more. More than 150+ countries already imposed VAT on goods, services & other businesses.
Value Added Tax or VAT charged on every step of supply chain. Ultimate consumers normally bear the VAT (Value Added Tax) cost whereas businesses collect & account for the tax, in simple words they act as tax collector on behalf of the Government.
Why VAT in UAE?
As Government of United Arab Emirates providing their citizens and other residents many different services (Hospitals, Roads, Parks, Schools, Waste Control System, Police Services etc.). All these services are paid by UAE Government. Value Added Tax or VAT will provide a new source of income which will help the Government to continue these high-quality services for its citizens and residents in future.
VAT for Businesses:
As VAT is now implement in UAE so it is now must for every business to 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.
Similarly, a business may register voluntarily if their expenses exceed the voluntary registration threshold. This latter opportunity to register voluntarily is designed to enable start-up businesses with no turnover to register for VAT.
Source: Ministry of Finance
Easy Step Consultancy, sketching from our knowledge based on best practices of Audit and VAT (Value Added Tax) law around the world, as well as our strong understanding of UAE business formations and laws. Our best consultants are ready to support you to become a VAT compliant and to assist you in preparing and accounting of documents for filing.
For more information and services please contact us at [email protected] and also keep following our social media pages to our workshops on VAT and other Business Services.
Why VAT in UAE?
As Government of United Arab Emirates providing their citizens and other residents many different services (Hospitals, Roads, Parks, Schools, Waste Control System, Police Services etc.). All these services are paid by UAE Government. Value Added Tax or VAT will provide a new source of income which will help the Government to continue these high-quality services for its citizens and residents in future.
REGISTER YOUR BUSINESS FOR VAT