VAT Registration Deadline Approaching
Latest VAT Updates
VAT applicability on Free zones: Supply of services by all free zone companies are taxable. Supply of goods between designated zones are not taxable subject to the terms and conditions specified in the Executive Regulations. Designated zones are likely to be fenced free zones and therefore all free zone companies supplying goods are not exempted from VAT.
VAT on food items: Though it was expected that the basic food items will be exempted, as per the latest clarification all food items will be subject to standard rate of tax.
VAT on Gold: Jewellery will taxed at standard rate on the entire piece, whereas gold bars deemed as investible assets will be zero rated.
Why seek expert advice: It is advisable to seek expert advice since:
- Identifying proper tax rates- Standard rate, Zero rate and exempted.
- Determining taxability of supply of goods or services, place of supply, whether it is within the scope of VAT, when to account for VAT etc.
- Recording the input and output tax correctly and filing the returns.
- Ensuring ongoing compliance with the tax laws and regulations to avoid any fines and penalties.
- Maintaining proper accounting and records; advising on the information required on the documents such as invoices and other operational changes.
- The Accounts/Finance department will be normally engaged with their routine works and might require additional staff for the Tax implementation and compliance.
- We ensure Tax registration within the deadline, smooth implementation and ongoing compliance at any time and is cost effective option compared to appointing a full time staff.
- We manage your accounting and book keeping, if required.
- We act as a contact point to the client for all tax related matters and a partner will be assigned to the client.
Reach us: 04-880 2579/ 052 905 8337/ 052 920 4505/ 050 785 7011 | Level 31, Latifa Towers, Sheikh Zayed Road, Dubai, UAE