tax consultant in Dubai

VAT Consultancy in Dubai Vital for Business Enterprises

Are you aware of the important registration and filing dates for the new Value Added Tax?

A surprising number of UAE companies, especially small and medium enterprises (SME), are unprepared for the first accurate filing of their taxes for the VAT this year, according to accounting experts. Many companies have not registered at all yet. The issues are numerous and varied, and the penalties for non-compliance may be stiff, as noted by Chartered House Tax Consultancy, one of the leading Tax Consultants in Dubai.  At other enterprises, there is poor understanding of the record keeping and documentation requirements for the new regulations. Incomplete or improper documentation could be a problem for many if they are audited. Small and medium enterprises can typically expect thorough scrutiny by the Federal Tax Authority after their first filing.

In many cases, enterprises do not have the necessary systems and documentation in place. Often, as stated above, they may not understand exactly what is called for by the complexities of the new regulations. There are numerous instances where companies should have charged the tax, but did not. Suppliers whose invoices do not contain their proper company names, addresses and TRN’s (tax registration numbers) will cause problems for companies which are claiming input tax. This could be a major issue going forward, as these companies are audited.

Technology that does not account properly for the VAT in the business model is another major problem business enterprises face. Expert advice for all technology issues of the accounting cycle and VAT is vital. Chartered House Tax Consultancy is expert on all technology issues, can advise on all important requirements and dates, and ensure that your company registers and files the VAT properly and in a timely manner this year. Also essential is expert advisory in all other issues concerning the VAT. These include, but are not limited to, VAT impact assessment, due diligence, transfer pricing, and audit and review. To remain current and compliant with all the latest changes in tax regulations as they occur, contact Chartered House Tax Consultancy or call +971 4 2435666 today!

Source: https://government.ae/en/information-and-services/finance-and-investment/taxation/valueaddedtaxvat

Source: https://charteredhouse.ae/over-half-of-uae-smes-unprepared-to-file-proper-vat-returns/

Source: https://charteredhouse.ae/tax-vat/