VALUE ADDED TAX (VAT)
Value Added Tax (VAT) is an indirect tax levied at different stages of every supply chain. The tax is borne by the final consumer while the registered entities calculate and collect tax on behalf of the Federal Tax Authority. VAT is applied in more than 180 countries around the world, as it is a primary source of income that contributes to strengthening countries' budgets. The United Arab Emirates has committed to implementing VAT at 5% starting from January 1, 2018 (14 Rabie Al Thani 1439).
Our professional services in the field of VAT include the following:
- Registering companies and corporations for VAT purposes with Federal Tax Authority and obtaining tax identification numbers.
- Assessing tax impact on companies and corporations, reviewing contracts signed with suppliers and service providers, also providing appropriate advice for the correct application of VAT rules.
- Participating in the modification and development of the taxpayers' accounting systems to comply with value-added tax requirements.
- Providing VAT training for clients.
- Preparation, filing, and submitting of VAT returns on the Federal Tax Authority website.
- Providing specialized training courses on VAT rules & regulations.
- Objection against unfavorable tax assessments and representation of taxpayers before administrative and judicial committees.