Value Added Tax (VAT) or consumption tax is applied on the value added at each stage of product’s distribution or production. It is an indirect form of Tax and also referred to as Good Services Tax (GST). UAE implemented VAT starting from Jan 1, 2018. The Federal Tax Authority (FTA) is responsible for managing VAT in the UAE. Alpha Auditing offers comprehensive VAT services in Dubai which includes VAT registration, VAT return filing, VAT training, VAT audit, VAT voluntary disclosure, VAT deregistration, VAT reconsideration and VAT consultancy.
5% VAT is implemented across the UAE and it is mandatory for businesses to comply with the VAT laws and regulations defined by the Govt. of UAE. The major impact of VAT is on the end consumer. Businesses will be responsible to collect VAT on behalf of the Government.
The implementation of VAT is an important and critical aspect of a business and it requires a great deal of expertise. Most of the businesses prefer to outsource their VAT related services as it is sometimes difficult to understand the legal complexities. FTA has also defined VAT fines and penalties for the non compliant businesses. That’s why most businesses prefer to acquire VAT services in Dubai, UAE.
Tax experts like Alpha Auditing understand the laws and regulations defined by FTA and it is mandatory for all the taxable businesses to comply. We have professional tax experts that help you implement VAT smoothly. Our experts will manage and maintain all the VAT related elements accurately and make sure that your business comply with the UAE tax laws.
VAT Consultants in Dubai – UAE
Understanding VAT laws and regulations can be tricky, a minor mistake can cause non-compliance. Another important aspect to acquire VAT services in Dubai is stay focused on the business. Our experienced VAT consultants can help you understand the impact. We analyze your business in depth and provide advice on VAT measures in accordance with FTA laws. At Alpha Auditing we are committed to provide reliable and authentic VAT services so that you can achieve your business goals.
Does your business require VAT Implementation?
- If your taxable supplies and imports exceed the defined mandatory threshold of AED 375,000, it is a must for a business to pay tax.
- If your taxable supplies and imports are over the voluntary registration threshold of AED 187,500, you can choose to register for VAT voluntarily.
VAT Rates in UAE
There are three types of VAT rates in UAE.
- Standard VAT rate of 5%
- Zero-rated VAT (0%VAT)
- Exempted VAT (No VAT)
Zero Rated VAT
- All direct and indirect export of goods and services outside the UAE
- International transport services such as passengers and goods, and other transportation services.
- Investment level precious metals such as gold, silver subject to purity level of 99%
- Newly built residential properties.
VAT Exemptions
- Passenger transport services
- Bare Land – sale and lease
- Residential properties – sale and lease
- Various financial services defined in Executive Regulation of this Decree-Law
Get VAT Registration Services
As stated by FTA, if your company’s taxable supplies and imports exceed the threshold amount of AED 375,000, it is mandatory to apply for VAT registration in UAE. Moreover, if you want to voluntarily register for VAT than the total taxable supplier and imports value should meet the voluntarily registration threshold of amount AED 187,500. Alpha Auditing offers efficient VAT registration service in UAE and help you to get Tax Registration Number (TRN).
Learn more about Documents required for VAT Registration
VAT Invoicing
Once your business is registered for VAT in the FTA system, you are required to issue VAT Invoice. FTA has provided detailed information about VAT invoice format and all businesses must follow that format in order to avoid VAT fines and penalties. Preparing a tax invoice correctly is extremely important to charge VAT to the customer. All the tax invoices should have a Tax Registration Number (TRN). If the invoice does not have TRN mentioned, the customer should not pay any VAT and as business owner you are not eligible to collect VAT.
VAT Return Filing
All the businesses registered for VAT are required to file VAT return within 28 days after the tax period ends. In case if you fail to file your VAT returns on time or submit incorrect VAT returns, you might have to face VAT audit from. It is extremely important to file your VAT return correctly in order to avoid VAT fines and penalties from FTA. Alpha Auditing provides time efficient VAT return filing services based on weekly and monthly basis.
VAT Refund
If the total input tax is more than the output tax on VAT return, as a taxpayer you are eligible to request VAT refund after filing VAT return. Alpha auditing also provides VAT refund service to help you file tax refund application.
VAT Voluntary Disclosure
What happens if you submit an incorrect VAT return or make a mistake in tax returns? FTA has provided a VAT voluntary disclosure from which allows you to inform FTA about the error or mistakes you have made in VAT return filing. It is highly recommended to consult a tax agent while submitting VAT voluntary disclosure to avoid any further mistakes.
VAT De-registration
VAT de-registration service allows businesses to cancel their TRN and suspend VAT registration. The business or taxable person who has registered with FTA can apply for VAT deregistration. FTA has defined an online process to file applications for VAT deregistration. Also, Alpha auditing can help you with VAT deregistration. We make sure the proper process is followed to avoid any fine.
VAT Training in UAE
Being an expert in Tax, Alpha Auditing offers VAT training courses in UAE. The aim of our training is to provide people with an understanding about the various aspects of VAT. Through VAT training courses we ensure to provide clarity about the VAT laws and regulations set by FTA. After successful completion of the training you will be equipped with all the necessary information about VAT and how to implement it effectively.
Learn more about our VAT Training Courses in UAE
VAT Audit
FTA can conduct a VAT Audit to ensure that your business comply with all the VAT laws and regulations. An audit ensures that you are collecting the tax as per guidelines and that all you VAT returns are filed correctly. Alpha Auditing can represent you in FTA, as we ensure that all our clients follow VAT laws and stay compliant.
VAT Reconsideration
To run your business smoothly, it is extremely important to follow the VAT laws and regulations. A well structured tax system can help you stay compliant and avoid any fines and penalties. In case you have made a mistake and a VAT fine is imposed by FTA, a VAT reconsideration application can be filed in FTA. VAT reconsideration option allows you to justify or explain your case in FTA. Based on your clarification FTA might reduce or completely waive your fine. A VAT reconsideration application must be filed within 20 days of receiving a penalty.
Alpha Auditing offers VAT Consultancy Services
Following all the VAT laws and regulations defined by FTA is extremely critical for the businesses to run their operations smoothly. A minor mistake or a wrong VAT return filing can result in heavy fines and penalties from the FTA. Alpha auditing offers VAT consultancy services in UAE to help businesses stay compliant. Our VAT services help implement VAT correctly and efficiently. We as a professional auditing and accounting firm provide highly quality services. If you are looking for VAT services in Dubai, UAE, contact us now!