VAT & INTERNATIONAL TAXATION: ADVISORY, COMPLIANCE & EXECUTION

Value Added Tax is a tax on consumption levied at each stage of the supply chain and ultimately borne by the end consumer. VAT is a transaction-based indirect tax which is levied at each step of the supply chain. End consumers generally bear the VAT cost while registered businesses collect and account for the tax, in a way acting as a tax collector on behalf of the Federal Tax Authority,VAT & INTERNATIONAL TAXATION.

The VAT rate in UAE is 5% (output tax) on a taxable supply of goods or services at each step of the supply chain. Tourists in the UAE also pay VAT at the point of sale. The VAT is implemented, in UAE, with effect from January 2018. The businesses registered under UAE VAT are required to file online VAT returns. The VAT returns are required to be filed on a quarterly basis and certain taxpayers are be required to file on a monthly basis. VAT in UAE is compulsory for companies that have an annual turnover above Dh375,000 have to register for VAT. Companies that have a turnover under Dh375,000 but above Dh187,500 can voluntarily register for VAT.

There are three types of VTA: (i) Standard Rated at 5%, (ii) Zero rated and (iii) exempted. Supply of financial services, first supply of building, supply of bare land and supply of passenger transport is exempt from VAT. Exports of goods/services are zero rated.  The VAT paid/incurred on purchases by a registered person can be claimed back by means of input tax adjustment at the time of filing of VAT return. Excess of input tax over output tax is refund which can be claimed by making a request with the Federal Tax Authority. The Federal Tax Authority will process the refund application and will decide the same in due course of time. The amount of VAT refund (excess of input tax over output tax) can also be carried forward for adjustment in the subsequent VAT return(s).

The tourist on their way back, at specified UAE airports, can have the VAT refund as per prescribed procedure.

Proper records and books of accounts are to be kept, regarding VAT, as per prescribed. The journal entries related to VAT pertains to sale account (for output tax) and on purchase (for input tax).

We at Bizilance Consultants offer following services pertaining to VAT (including Excise) and International Taxation:

VAT Accounting & Record Keeping.

VAT Return Filing.

Tax Advisory/Opinions.

VAT Implementation.

Medical/Health Check/Diagnosis.

Review of Contracts/Arrangements.

VAT Returns Reconciliation with Financial Statements.

Preparation of Reply to the Notices.

Preparation for the Tax Audits.

Preparation of Review/Reconsideration Documents.

Preparation of Appeal Documents.

International Taxation: Treatment under Agreements for Avoidance of Double Taxation.

Transfer Pricing.

Automatic Exchange of Information: Impact Assessment and Advisory.

Pakistan Tax Planning: Advisory and Filing, Wealth Statement and its Reconciliation with Sources of Income.

We at Bizilance Consultants endeavour to be a professional service provider, which synthesizes the learning from a vast experience-base and converts that into advantage for clients. For any further queries please contact us at contact@bizilance.ae.

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VAT value-added tax consultancy services in Dubai UAE-United Arab Emirates.