VAT (Value Added Tax) is a charge imposed on certain provisions of goods and services in the UAE. VAT is calculated and charged on the value of services or goods that has been supplied under each sales or purchase transaction.
Your Total Sales identifying:
i. Local sales
ii.Export sales and
Your Total purchases identifying :
i. Local purchases
ii. Import purchasesThe VAT you are payable /refundable for the government
VAT Accounting Procedures.
VAT is a transaction tax and hence it influences numerous processes within your business. Subsequently, the need for VAT accounting measures and controls arises, these are:
- Master data of suppliers and customers to the business, knowledge of their place of establishment
- Inventory masters
- Tax coding of transactions
- Sales and purchase schemes of accounting entries
- General ledger
- VAT recording and reporting
We also offer accounting services alongside VAT consultancy in the UAE. We partner with you to complete your company’s bookkeeping process and VAT requirements. Additionally, we advise you about valuation, business planning and analysis of possible non-compliances. Apart from our certified accountants, we have the skills, knowledge experience and personality to handle all your accounting and VAT requirements. Being your trusted VAT planner and financial consultant, we are ready to confront any financial challenges that you may experience. We adapt our services to the precise needs of individual companies, to support the proper operation and compliance.