VAT AGENT DUBAI
The UAE Minister of State for Monetary Affairs, His Excellency Obaid Humaid Al Tayer was speaking in Dubai on 24th February after a joint press conference with the managing director of the International monetary fund (IMF), Christine Lagarde. It is anticipated that government would introduce VAT at a rate of 5% with some exceptions for necessary food things, healthcare and education. The UAE is aiming to implement the same on 1st January 2018. Probably, different GCC countries might do so at the same time or by 1st January 2019 at most.
FEDERAL TAX AUTHORITY (FTA)
President, His Highness Shaikh Khalifa Bin Zayed Al Nahyan, issued a decree on Monday Dated October 25, 2016, to line up a replacement authority to gather information, data, and statistics relating to federal taxes. The Federal Tax Authority (FTA) are accountable for putting in place and maintaining records on taxpayers and taxes paid. It’ll conjointly issue necessary guidelines and clarifications to taxpayers on matters relating to federal charges and related fines.
WHY YOU NEED A VAT CONSULTANCY UAE?
At the start of 2018, the govt. Of UAE will roll out the first-ever iteration of value-added Tax (VAT) within the country, which will be levied on a variety of applications to stimulate the local economy. The Ministry of Finance specifies a five percent VAT to be enforced on transactions for numerous product and services, as well as on the employment of public infrastructure and services.
Dubai, as a part of the UAE, is going to be involved in developing a legislative framework for the tax, in conjunction with different countries within the Gulf Cooperation Council, (GCC) to make sure that the levy benefits and diversifies the local economy as planned. Ensure your business is ready for the economic impact of the legislation, with the assistance of an expert VAT consultant in Dubai – partner with YOUSSRY & CO. Chartered Accountants today itself.
HOW CAN WE FACILITATE YOU?
Due to the emergent nature of the legislation in this country, most businesses solely have an imprecise plan concerning the necessities involved in VAT compliance, such as the proper documentation and filing procedures entailed within the compliance process.
YOUSSRY & CO. Chartered Accountants have a team of tax specialists who will facilitate your business structure in-house recording and filing processes to make sure that your company doesn’t incur any penalties for improper compliance. We’ll assist you to establish the potential monetary challenges you would possibly face within the implementation of the VAT. We will additionally assign you a devoted VAT advisor to update you on the most recent developments relating to the legislation.
WHY SHOULD YOUSSRY BE YOUR VAT CONSULTANTS IN ABU DHABI, SHARJAH, UAE?
With over three decades of expertise in providing localized accounting and auditing services in UAE and overseas, we’ve got the proficiency and insight to assist you to perceive the ins and outs of this new legislation. Our team of certified auditors, accountants, and tax specialists is capable of developing a sensible and proactive strategy to assist your company tide, the changes that are to come. Get in-tuned with us today, and speak to a VAT advisor from our team.
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