Accounting is the Mirror for your Growing Business

Finding your next Financial Adviser is as easy as counting from one to five . . .

Serving Small Businesses

FinHub have Excellent team of Qualified Chartered Accountant from India, Public Accountant from Australia, Financial Accountant from UK, Certified Management Accountant from USA & MBA Finance from Pakistan.

0
Employees
0
Location
0
% Satisfaction
0
Happy Customers

VAT in United Arab Emirates

UAE Government announced the Value-Added Tax (VAT) probably effective from 1st January 2018

VAT is an indirect tax, it is imposed on supplies of goods and services that are bought and sold. Occasionally you might also be referred to as a type of general consumption tax. VAT is one of the most common types of consumption tax found over 150 countries.

Yes, Businesses will be required to keep accounting records which will enable the Federal Tax Authority to identify the details of the business activities and review transactions. The time period to retain accounting books is minimum 5 years.

Yes, it is applicable to the majority of transactions in goods and services in each business sector. However, it is expected that only utilities like healthcare may be exempted from the tax.

VAT imposed rate is from 0% to 5% and few activities are exempted.
VAT is applicable to every business sector whose turnover is more than AED: 375,000/- per annum.

Taxpayers must file VAT returns within 28 days from the end of the tax period with accordance with the procedures specified in the VAT legislation.

Different types of penalties will be levied for non-compliance of VAT law.

Experts are available for your assistance . . .

Request a Call Back

Complete the form and one of our team member will call you back at a time that suits you.