A VAT (Value Added Tax) is a form of an indirect tax that was introduced in the UAE on 1st January 2018. The new VAT laws have left a huge impact on the business operations and tax environment of the UAE. A standard rate of VAT i.e.5% is levied on the supply of various goods and services including food, hotel services, buildings for commercial purposes, etc. It is mandatory for all the businesses whose taxable supplies cross the threshold margin, as set by the Federal Tax Authority (FTA), to register for UAE VAT. If businesses in UAE do not follow the updated VAT laws, then they will be subjected to pay penalties as per UAE’s law.
Therefore, it’s important for every business in the UAE to know about the VAT laws and how they could leave an impact on their business operations and transactions. Businesses are required to register under UAE VAT law, file VAT returns within the time frame given by the FTA and can claim VAT refunds as long as they meet the eligibility criteria required for it. If in any case, you find that your firm is not able to cope up with the newly applied VAT laws, it’s advisable to take help from FTA certified tax agencies such as Shuraa Tax Consultants and Accountants.
We claim to be the best in the consultants who promise to hear all your tax as well as finance-related problems and provide you with apt solutions. Our team consists of knowledgeable and highly qualified tax agents, consultants and advisors who, with their updated understanding of the UAE’s laws, offer reliable services related to VAT and other taxation issues.
If you are looking for comprehensive tax management along with VAT accounting and advisory services, then Shuraa Tax Consultants and Accountants have to be the ultimate solution to all your problems. Speak to our agents and get quick assistance on your financial dealings and this way you’ll be able to increase your company’s productivity and overall efficiency.