Dubai is one of the best places to start a business. If you have decided to start your business in Dubai, before anything else you need to know if you are entitled to VAT registration. If that is the case, then you will need to act fast to avoid any penalties or any non-compliance risks.
With the 2019 Ease of Doing Business Index, prepared by World Bank, placing the UAE in the 11th position globally,
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What is Value Added Tax (VAT)
Value Added Tax (VAT) is a form of an indirect tax that is levied on the consumption of certain goods and services. VAT was introduced in the UAE on 1 January 2018, with a rate of 5%.
This is added at each stage of the supply chain and in the form of a consumption tax that is ultimately borne by the end customer. VAT provides the UAE with a new source of income which is utilized to provide high-quality public services.
It also helps the government of the UAE move towards its vision of reducing dependence on oil and other hydrocarbons as a source of revenue.
Types of Value Added Tax
VAT can be divided into three major categories, depending upon the nature of supplies:
Taxable VAT:
This category includes goods and services that are subject to a VAT rate of 5% by UAE law. The Government of UAE has provided a detailed list of these goods, as described below in this article.
5% VAT law by UAE
Exempted VAT:
This category includes goods and services that are not charged any VAT. It means that they do not incur any input or output VAT charges.
Zero-Rated VAT:
This includes goods and services that are exported to any GCC country that has not implemented VAT. In such cases, these goods are charged a 0% VAT.
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VAT Registration in Dubai UAE
While setting up and maintaining your business in the UAE can seem overwhelming at first glance, expert accounting services in Dubai are provided by consultancies like Company Setup.
Located in the heart of Dubai, Company Setup facilitates you with the best and the most efficient chartered accountants and consultants. Company Setup Consultancy helps you to understand your status, whether you are obligated to do VAT registration, or you have the option not to.
In the case of your company falling under the mandatory group, your business will not be acknowledged by the government until you successfully complete the registration. Failure to comply your filing system with the governmental requirements may result in serious penalties.
VAT Registration Services
Company Setup provides you with the best and most efficient VAT consultancy and Accounting Services in Dubai. Our range of Services include:
| Types of VAT Registration Services | |
|---|---|
| VAT Return Filing | Business setup Consultation |
| VAT Advisory | VAT De-Registration Services |
| VAT Training | VAT Planning & Consultation |
| Financial Reporting | FTA Compliant Books of Accounts |
| VAT Implementation | Assist. in FTA Compliant Documentation |
Tax and Accounting Services
Taxation services are needed for both small merchants and grand enterprises, both of which are handled by our expert team of professionals. With a reputation for being the best and most preferred company in the entire UAE, we help find the best and the most appropriate procedures that would be cost effective and help you get better refunds from the tax liabilities.
We also keep track of Federal Tax Authority on a regular basis to stay in touch with the latest updates, ensuring that your business is always in compliance with regulations in the UAE.
Here at Company Setup, one of our main aims is to aid businesses of any kind by making the most of its potential in order to increase their financial growth.
Whether you are looking for VAT registration or other Tax and Accounting services in Dubai, we at Company Setup are always available to provide assistance and help in managing all the operations. Contact us at Company Setup for a customized package tailored to suit your company’s needs.
For free VAT Consultation in Dubai or anywhere across UAE, speak to our sales agent they will assist you the best possible solution. Call us today to get free VAT advice +971582595164 or drop us a line on here
