VAT Services In UAE
Worldwide Management Solutions
VAT Services In UAE
VAT is an expense that applies on use of all administrations and products. GCC Government has adopted this taxation system from 1st January 2018. It will be implemented almost all goods and services apart from food items, healthcare, and education. In start tax rate is very nominal i.e. five percent. End-user is mostly affected by the implementation of tax however business setups have to make certain changes to the process and procedure to comply with the legal requirements implemented by the government effective from 1st Jan 2018.
VAT Registration Process
- Provision of relevant documents for VAT registration.
- Receive you trade license, proof of business setup, banking details & signatory papers
- Prepare documents to apply for business authorization like POA, MOA etc
Requisites in VAT calculation and VAT Accounting system
- Make sure that bill of purchasing goods must be incorporated. Also, confirm about the taxable stuff either tax has been appropriately charged means the input tax that should be given by the dealer and particulars specified in the invoices.
- Assign the price on the retailing value at the instance of transaction or provision of accounts together with reducing the amount of input tax in order to reach the sum that has to be paid.
- Compute the payment of tax and deposit to Government within due date.
- Supply the significant information that is appealed by the Government in filing the VAT returns to the Government authorities within the specific time.
- To legitimize the paid tax, you need to sustain invoices, financial records, VAT returns, proper stock, VAT accounting and further significant proceedings at the moment of purchase.
- Study related to Financial Experiences
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Value Added Services
Personal or Corporate Bank Account Opening is a Value Added Service for which WMS do not charge anything extra. Worldwide Management Solutions is dealing with all Top Local Banks depending upon the client’s requirement and as per the Banks Minimum Average Balance Maintenance.