Value Added Tax
Value Added Tax Services
Hallerbos Accounting can assist small and medium business to ensure how best the company can fulfill the preparation of the VAT filing requirements. Our service include VAT registration, setting up of VAT invoice and other related documents, recording of VAT related transactions in the accounting software, review and filing of the VAT return and related declarations and training / assistance to your existing accounts staff.
Value Added Tax
VAT is an indirect tax applied upon the consumption of most goods and services. VAT is levied at each stage in the supply chain and is collected by businesses on behalf of the Government. VAT is ultimately incurred and paid by the end consumer. Businesses and individuals engaged in any business activity whose turnover exceeds the mandatory VAT registration threshold specified by the national VAT laws must register for VAT. Following registration, a VAT registered business is required to charge and remit VAT collected to the Tax Authority on a periodic and regular basis. The process of charging VAT on supplies of goods and services requires businesses to issue VAT invoices. Proper books of accounts should be maintained and kept for a minimum period of five years.
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To know more about VAT in UAE, please visit Federal Tax Authority’s website
https://www.tax.gov.ae
Business owners in UAE need to get their companies registered under the VAT in accordance with Federal decree-law No. 8 of 2017 on VAT and the Cabinet Decision (52) of 2017 on the executive regulations of the Federal Decree-Law No. (8) of 2017 on VAT. The VAT applies equally to tax-registered businesses managed on the UAE mainland and in the free zones.
VAT Registration
Mandatory Registration threshold AED 375,000
Voluntary Registration threshold AED 187,500
All the business owners required to register for VAT if their Taxable supplies in the last 12 months is reached Mandatory registration threshold or expected to reach the mandatory registration threshold in the next 30 days. Companies with an annual turnover between AED 187,500 and AED 375,000 with in the last 12 months or expected to reach the voluntary registration threshold in the next 30 days or the taxable expenses with in last 12 months is above the voluntary registration threshold can apply for TRN voluntarily.
Hallerbos can help the business owners with efficient tax planning which will help the entrepreneurs to control the tax outflow, and manage working capital. We can guide the businesses mainly through VAT Advisory services and VAT Compliance services.
Our VAT Services
VAT Registration & De-Registration
Vat Return Filing Services
VAT Advisory Services
VAT Training
VAT Implementation
VAT Health checkup
VAT Refund
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