The procedure of VAT Implementation in the UAE:
For smooth execution of VAT implementation, it is prudent to hire a VAT consultancy agency. AKA supports organizations with all their procedures that adhere to the UAT VAT law. The following is the step-wise procedure for the implementation of the VAT:
- 0% VAT rate or exemption from VAT: Certain goods and services including domestic passenger transportation, financial services, healthcare, education, and exports outside Gulf Cooperation Council (GCC) will either be subject to a 0% VAT rate or are exempt from VAT.
- Standard 5% VAT rate: Imports and exports of goods and services within the UAE are levied to a standard 5% VAT rate.
- Plan of action: The VAT experts must develop a plan of action to formulate the most appropriate VAT implementation process that caters to your business’s needs. AKA Management Consultancy offers guidance for VAT strategies in the UAE business model. A skilled team is assigned to instruct employees.
- Requirements: Businesses are significantly affected by VAT on inventory, costs, profitability, and working capital. This analysis can help management to better understand the situation. Successful compliance with the UAE VAT requirements establishes a standard for business operations. Careful analysis of the present accounting system and proper classification of VAT-compliant account charts is crucial. Moreover, proper instructions are provided to the accounting staff to submit the first VAT return to the Federal Tax Authority (FTA).
- Training of the staff: As per UAE VAT legislation, the IT department needs help with the VAT invoice. Proper training shall be provided to accounts and other departments. Appropriate assistance and guidance are provided to implement the new UAE VAT regulations for bookkeeping and other administrative tasks.
Return Filing of VAT:
Businesses registered with VAT must submit a VAT Return to the Federal Tax Authority upon the termination of a tax period. Our team assists you with the VAT return filing. The correct input tax credit is compared with the total tax liability. Moreover, recommendations are made for improved timing and planning of cash flow.
AKA Management Consultancy helps customers in every way. We provide suggestions and training to businesses on the effects of VAT. We own VAT specialists that provide quick and diligent VAT services to every business in the UAE.
Businesses must strictly comply with the UAE VAT law. Keeping in view the VAT exemptions, we provide assistance to businesses on VAT procedure, its requirements, and the target time for registration. Companies should decide whether single registration is preferable or group registration.
All businesses must comprehend the fundamentals of VAT. Adherence to VAT regulations is a complex task. AKA Management Consultant is a renowned firm in UAE that helps every business follow UAE VAT laws. Moreover, our modern techniques promise an effortless transition to an innovative VAT time period for all the businesses in UAE.