On January 1, 2018, the MENA region saw the first implementation of Value Added Tax (VAT) on goods and services. Leading the pack was UAE and Saudi Arabia, others are excepted to follow in 2019. The main reason behind the Tax is for the general public to share the burden of budgetary expenditure. This is expected to contribute Dh12 billion to the UAE exchequer. The VAT is applied at a uniform rate of 5% per cent; therefore, the impact of the Tax on businesses and consumers should be minimal.
However, integrating VAT into the current business management system will affect your invoicing, accounting and auditing systems.
Our Management Consultancy service will take care of all your VAT Management Functions and also give you an advantage of:
Availing a specific VAT service only? Check out our VAT services below.
Our experts will assist you in computations regarding input VAT, output VAT and complex calculations related to partial-exemptions and reverse charges.
With this service, we will also help you ascertain the correct VAT amount that you need to pay or receive from the government.
Dynamic Logics offers proven expertise in VAT Return Filing.
As DLMC, our objective is to ensure that the return is covering all the information your company is required to include and at the same time fulfilling the relevant FTA requirements.
VAT Return filing includes:
It is a Federal Tax Authority (FTA) requirement to maintain transaction or property records for a minimum of 5 or more years, and 15 years for those who own Real Estates.
Therefore we will provide you with a wide-range of record-keeping support to keep all VAT documents maintained, including VAT invoices.
These documents are required to follow a specific format, and this applies to both the Manual and Electronic Invoicing. It will be our responsibility to keep them up to date.
Furthermore, we will secure and maintain the records, either at your company or with us.
Dynamic Logics provides in-house & external training, we also host seminars, to keep you and your staff fully up to date with the legislation related to VAT in your sector.
We provide our services with analysis and advice on law changes, cases, and UAE Federal Tax Authority’s current views and guidelines.
Need guidance through the VAT registration process?
Ensure your company is legally registered and be aware of penalties of non – compliance to avoid unnecessary charges.
It is also important to determine the classification of VATable goods & services (i.e. Taxable @5%, Zero rated, etc). Allow us to help you ascertain whether your supplies and revenue sources are VAT complied.