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Posted By: Jessica Augustin | 07 Aug 2017

VAT in UAE-How will it affect you and your business?

 

What  Businesses need to consider on the upcoming law VAT in UAE

Effects & Implications of VAT in UAE

President announces new UAE tax procedures on VAT in UAE law on Monday 31st July 2018, his Highness Sheikh Khalifa bin Zayed Al Nahyan issued landmark federal law for tax procedures which regulates proper administration and collection of VAT in UAE.

Business effects will be seen on small and also at a large scale, MNC’s have already started implications on how they might deal when VAT falls in place. Currently we are looking at effect on four important stakeholders which may have adverse effect from VAT episodes – governments (beneficiary), business (tax collectors), consumers (taxpayers) and consultants (VAT expert – ADAM GLOBAL, the world’s largest multidisciplinary firm, delivering excellence in International Business Solutions and Corporate Services). So the question is who will be affected the most?Find this in my next blog.

VAT Exempts

Understanding and research says most of the services or goods are imported in UAE from mostly Asia, GCC and Europe countries. According to the current scenario we are looking at countries may exempt certain goods or services (VAT exempt) or can experience zero rated on some business. The question now arises is what if something in certain country is VAT exempt while in other country it is not?

Optimizing registered VAT softwares

Since companies have to implement VAT systems in their accounting, that will definitely have business effect such as updating of IT systems, renegotiating of supply contracts and looking at cost effective manner of business. Moreover it will also look at the prospect of VAT Software companies to have their softwares registered. I will be explaining the Software registration process in my next blog on The steps to register for VAT in UAE-BE VAT READY”

VAT & Bookkeeping Systems-Getting you VAT in UAE ready!    

On the other hand accounting and bookkeeping will be a necessity from each and every small to large business. When it comes to professional advice every business requires accurate, reliable and professional service provider with timely update and financial advice to profitable decisions in the time frame.

The need of professionals on VAT is unquestioned

With set of professional and qualified accountants who work towards client’s goals and requirements you can be reliable over ADAM GLOBAL services with maximum proficiency. We take your accounts at a cost effective term with promise to deliver in timely manner.

ADAM GLOBAL can handle such complexities that will protect your business effects on VAT implementation. Adam Global offers a wide range of accounts outsourcing services to ensure that companies does not have business effects through VAT and still continue to do business without worry. By choosing us as an accounting partner, companies can avail the following services:-

  • Basic Accounting Services
  • Financial Statements
  • Accounts Payable/Receivable
  • Consolidation of accounts
  • Inventory verification and valuation
  • E-accounting services

About Author:

Mayank Bhagat, associated with Adam Global has excellent experience with professional handling of clients. With expertise knowledge in advising and consulting he would be able to guide you to whole process and ensure segmented information about every policy and requirements.

From professional business advisory to  facilitating corporate services for start-ups as well as existing business, Mayank has a great list of happy clients.

Mayank Bhagat can be reached on Mayank.bhagat@adamglobal.com

Coming Soon: Steps involved to be VAT ready in UAE

 

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