The Value-added Tax, commonly referred to as VAT,which considered as indirect tax , and is the most common kind of consumption tax levied on goods and services. On the start of the new year, 1st January, 2018, VAT will become a crucial part of businesses established in the UAE. The Value-added Tax will be set at a rate of 5% on goods and services. This new system will be implemented across countries in the GCC, although at different times and at different rates.
Al-Sharid will help you define a framework to help you meet your VAT requirements. We will also help you in maintaining compliance with registration thresholds, invoicing, VAT treatment, support for tax inspections, and local bookkeeping standards.
VAT-related Accounting Services
In addition to providing extensive VAT accounting and bookkeeping services, we can also advise on the timing of mandatory registration, VAT on imports and exports, partial exemption, timing and delaying VAT services, and availing maximum benefit from the rules on de-registration.
VAT Tax Review
Our team of experienced practitioners will help you identify potential VAT risks and opportunities to evaluate and prioritize potential business impacts and process change requirements.
Al-Sharid’s team of experts can support you in various areas, including, VAT disputes and appeals, representing you at tribunal, negotiating settlements, planning and structuring VAT transitions, and structuring transactions to avoid unnecessary VAT.
We will help you deal with VAT audits and other tax office communication, review your business activity and transactions for VAT compliance, advise on how VAT is affected by your legal structure, and train your employees to ensure they are aware of VAT laws and processes.
VAT registration, completion of VAT returns, and other related administration services.
Our VAT registration services include preparation and submission of all relevant application forms, advice on information that needs to be provided to the tax authority, advice on VAT registration dates, and advice on bank guarantees and Fiscal Representation where required.