- November 15, 2020
- Posted by: kgrnaudit
- Category: vat
VAT is an indirect taxation system that is widely popular around the world. Adopted by over 180 countries around the globe, the Value Added Tax provides nations with an alternate source of income. The UAE adopted the VAT in 2018, and since then there has been an increase in the demand for VAT consultants in Dubai. VAT Consultancy Services mushroomed across the UAE, helping companies comply with existing VAT laws in the UAE. Let us now take a look at Value Added Tax registration and top VAT consultants in Dubai and how KGRN can help with the same.
What are the commonly needed VAT services in Dubai?
Here’s a quick list of the most commonly needed VAT services in Dubai;
- VAT accounting
- Registration of VAT
- VAT implementation
- IT migration for VAT
- VAT return filing
- VAT consultancy
- Training – VAT
- VAT impact studies
What is the use of VAT Registration in Dubai?
All eligible businesses in the UAE must register for VAT as early as possible. The UAE has set a standard VAT rate at 5%, which will apply to almost all goods and services supplied within the country. All businesses whose annual revenue exceeds Dh 375,000 must mandatorily register for the VAT. In case the company makes more than Dh 187,500 annually, then the owners may opt to register for the VAT.
The funds collected through the VAT will help with the development of various useful public services. Certain food items, healthcare devices and educational goods will be exempt from VAT. The consumers will be the ones to feel the impact of the VAT as they will be the ones paying for it. Registered businesses have to collect the VAT from consumers on behalf of the government.
Are you looking to work with the best VAT consultants in Dubai? If so, then partner with KGRN and ensure that you always stay VAT-compliant.