• Home
  • Contact Us
  • Privacy Policy
  • Disclaimer
Thursday, April 22, 2021
News Nit
No Result
View All Result
  • Login
  • Home
  • Contact Us
  • News
    ADDA 247 current affairs pdf

    ADDA 247 current affairs pdf

    Bannock county jail roster

    Bannock county jail roster

    What is Roblox #legchange & Second #legchange?

    What is Roblox #legchange & Second #legchange?

    Bux.run Review – What is bux.run?

    Bux.run Review – What is bux.run?

    Bunbun Girl Roblox What is Bunbun Girl?

    Bunbun Girl Roblox What is Bunbun Girl?

    Roblox Bun Bun Hackers – Who are BunBun Hackers?

    Roblox Bun Bun Hackers – Who are BunBun Hackers?

    Trending Tags

    • Commentary
    • Featured
    • Event
    • Editorial
    • Politics
    • National
    • World
  • Business
  • Opinion
  • Tech
  • Science
  • Lifestyle
    • Travel
  • Entertainment
  • Health
  • Home
  • Contact Us
  • News
    ADDA 247 current affairs pdf

    ADDA 247 current affairs pdf

    Bannock county jail roster

    Bannock county jail roster

    What is Roblox #legchange & Second #legchange?

    What is Roblox #legchange & Second #legchange?

    Bux.run Review – What is bux.run?

    Bux.run Review – What is bux.run?

    Bunbun Girl Roblox What is Bunbun Girl?

    Bunbun Girl Roblox What is Bunbun Girl?

    Roblox Bun Bun Hackers – Who are BunBun Hackers?

    Roblox Bun Bun Hackers – Who are BunBun Hackers?

    Trending Tags

    • Commentary
    • Featured
    • Event
    • Editorial
    • Politics
    • National
    • World
  • Business
  • Opinion
  • Tech
  • Science
  • Lifestyle
    • Travel
  • Entertainment
  • Health
No Result
View All Result
Morning News
No Result
View All Result
Home Business

Tax assistance required for UAE businesses

alen Parker by alen Parker
23 November 2020
in Business
0
Tax assistance required for UAE businesses
0
SHARES
19
VIEWS
Share on FacebookShare on Twitter

Taxes are a part of most economic transactions all over the world in forms of local, state or federal. However, in the UAE, only federal tax is implemented based on the differentiation of goods which are taxable, non-taxable and zero-taxable. Also, various categories of taxes are imposed depending on the type of business activities, such as selling taxable products or services, using equipment, owning a property, etc.

The two major categories of tax that most businesses would have to bear in mind are Value Added Tax (VAT) and Excise Tax (applicable only for select businesses.) VAT is a form of an indirect tax which is levied in more than 180 countries. The UAE introduced VAT in 2018. The country charges 5% VAT on goods and services. VAT in the UAE is an indirect tax applicable on the consumption of certain goods and services. The taxation started in UAE from 1 January 2018, to accumulate an economy that can uplift the progressive plans of the country. Companies must register for VAT if their total value of all supplies exceeds the given threshold.

READ ALSO

Fayette county tax assessor

Reference Checks are Critical During the Hiring Process—Here are 4 Reasons Why

If you already have a business in the UAE or have been planning to set up a company in Dubai or any of the other Emirate, here’s an explainer of various tax services –

  1. Registration of VAT in the UAE 

Firms, traders and business entities having a UAE residency are required to register for VAT in case the total value of all supplies exceeds the threshold. The mandatory threshold of registering your business is AED375,000, while companies may choose to register for VAT in the UAE voluntarily if their taxable supplies are at a threshold of AED187,500. Similarly, the option to register voluntarily is designed to help start-ups with no turnover to register for VAT. There is an exemption to certain supplies and imports – to know more about the exempted supplies and imports or to learn further about VAT registration in Dubai get in touch with Shuraa Tax consultants. Shuraa Tax offers VAT registration services; helps you acquire Tax Registration Number (TRN); provides you with all the assistance with documentation required to register VAT in the UAE; VAT accounting services; and VAT filing among others.

  1. VAT return filing procedure

The process of filling VAT returns in Dubai could get tricky if you are not well informed about the taxation polices. To file VAT returns, you first need to log into the e-services portal on the FTA website and go to the ‘VAT’ tab and opt for company specific ‘VAT returns’ page – to initiate a new VAT return. Fill up the data in the returns section – this will include sales, expenses and all the debits/ credits within the company. Enter the net amount excluding VAT, and the net VAT amount as well. The system then calculates the tax payable or repayable. Submit the report – this is an important step as you need to check all the entries thoroughly. Seek help from a tax advisor or a tax consultant to do so. Pay the due via the ‘My Payments’ option and ensure that all the dues are paid before the allotted date to avoid any tax penalties.

  1. Bookkeeping Services in Dubai

UAE’s VAT implementation has encouraged companies to keep an account of their daily bookkeeping activities. Outsourcing bookkeeping services in Dubai and across the UAE is a good way to maintain your accounting system and be FTA compliant. Since bookkeeping can be an added responsibility, let Shuraa Tax Consultants share your responsibility! Shuraa Tax Consultants is one of the best bookkeeping firms in Dubai offering the best packages for VAT consultation and bookkeeping.

  1. Dubai tax auditing services

Companies with VAT registration in the UAE must regulate in accordance with the Federal Tax Authority. At the same time, companies must issue valid VAT invoices, maintain proper books for all the invoices and payment receipts. Also, a valid UAE VAT invoice must follow a specific format as mentioned in the legislation. These requirements must be audited as per the guidelines provided by the FTA.

If you find it difficult to deal with the legislation guidelines and your company’s finances as per the procedures put forth by the legislation go to Shuraa. They offer taxation assistance, accounting and bookkeeping services. Shuraa also provide with tax auditing services in Dubai and across the UAE. To learn about the VAT registration process, visit https://www.shuraa.com/added-services/vat-accounting

Tags: Tax assistance

Related Posts

Fayette county tax assessor
Finance

Fayette county tax assessor

19 April 2021
hiring employee
Business

Reference Checks are Critical During the Hiring Process—Here are 4 Reasons Why

17 April 2021
Sterling Silver
Business

Top 3 Key Qualities of Sterling Silver

22 April 2021
blogging success
Business

5 Tips to Hiring Freelancers to Boost Your Blogging Success

9 April 2021
softphones
Business

What Can Softphones Do for Your Business?

8 April 2021
Management of Inventory
Business

What Are the Top Tips for Improving the Management of Inventory?

6 April 2021
Next Post
Things to remember While Wearing Your Lucky Stone

Things to remember While Wearing Your Lucky Stone

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Microsoft office professional plus 2010 product key

Microsoft office professional plus 2010 product key

19 April 2021
Fayette county tax assessor

Fayette county tax assessor

19 April 2021
hiring employee

Reference Checks are Critical During the Hiring Process—Here are 4 Reasons Why

17 April 2021
detox treatment

5 Factors to Consider When Looking For Detox Treatment

17 April 2021
healthcare decision

April 16th is National Healthcare Decisions Day

19 April 2021
National Healthcare Decisions Day

April 16th is National Healthcare Decisions Day

14 April 2021

lcarscom.net


newsnit.com is an open platform for people who loves to read and write. You can gather information or share your views in your words here. We will always be happy to provide the most recent facts, technological news etc. Happy reading!

Tech

Microsoft office professional plus 2010 product key

19 April 2021
Microsoft office professional plus 2010 product key

Microsoft Office 2010 is a unique platform for solving problems related to individual issues, business problems, engineering projects, student assignments,...

Read more
by Benedict
0 Comments
Tech

Microsoft office professional plus 2010 product key

19 April 2021
Finance

Fayette county tax assessor

19 April 2021
Business

Reference Checks are Critical During the Hiring Process—Here are 4 Reasons Why

17 April 2021
  • Home
  • Contact Us
  • Privacy Policy
  • Disclaimer

NewsNit © 2021 - All Right Reserved.

No Result
View All Result
  • Home
  • Contact Us
  • News
    • Politics
    • National
    • World
  • Business
  • Opinion
  • Tech
  • Science
  • Lifestyle
    • Travel
  • Entertainment
  • Health

NewsNit © 2021 - All Right Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In