The Value Added Tax (VAT) was introduced by Federal Decree Law No. 8 of 2017 and promulgated by the President of the UAE on 23rd August 2017 for goods and services supplied in the UAE and implemented in the UAE starting 1st January 2018.
Value Added Tax (VAT) is an indirect tax or consumption tax that is imposed on most goods and services that are supplied in the UAE and is charged at every step of the supply chain.
It is important that companies have capable and reliable accountant or accounting company to take care of their bookkeeping / accounts so that their records comply with the VAT Law and Regulations. Meticulous record-keeping processes and cash accounting methods in a company are crucial at any level throughout the business to be able to satisfy the authorities, meet the requirements and to ensure that tax returns are filed on their due dates. Companies should ensure that they have a proper and efficient filing system in place as well as a VAT compliant software.
Beta Consultants offers following VAT Services:
- Sectorial impact
- Financial impact
- Anti-profiteering impact
- Working capital impact
Transaction Support Services / Compliance