It is essential for business owners in the UAE to be aware of value-added tax (VAT) and how it may impact their businesses. Essentially, VAT is a consumption tax imposed on the sale of goods and services. Not being VAT-compliant may result in hefty fines and penalties.
There are several benefits to acquiring VAT compliance and advisory services, such as reducing the risk of non-compliance and saving time and money. Entrepreneurs unfamiliar with VAT may find it helpful to use a service that can ensure compliance with UAE regulations.
Integritas provides comprehensive VAT services to businesses of all sizes, from start-ups to established enterprises. We will work with you to ensure that your business is correctly registered for VAT and help you with all aspects of VAT compliance, including filing returns and making payments. We will also advise you on how to minimise your VAT liability and maximise your profits.
VAT Regulations and Registration in the UAE
On 1 January 2018, Value Added Tax (VAT) in the UAE was introduced. VAT is applied to tax-registered businesses managed within the UAE mainland and free zones.
VAT registration in the UAE is mandatory if taxable imports and supplies are worth more than AED 375,000 per year. If the supplies and imports of a business do not exceed AED 187,500 per year, VAT registration is not obligatory but optional. The VAT rate levied at the point of sale of goods and services is 5%.
UAE VAT Compliance and Advisory Services
We offer ongoing compliance and advisory services to help you navigate the complexities of VAT legislation. In essence, we will assist in the following aspects:
- VAT registration
- Filing VAT returns
- Paying VAT to the UAE government
- Assisting with audits
- VAT compliance checking
- Maintaining records and books
- Filing for VAT refund claims
- Providing advice on eligibility for exemptions
- Advising on the implications of changes that might affect VAT legislation
The benefits of obtaining VAT compliance and advisory services include saving time, avoiding penalties, and knowing that your business complies with UAE regulations, thereby giving you peace of mind.
The UAE has been making great strides in their tax and regulatory environment. As a business owner, staying up-to-date on the latest changes is essential and ensuring that your company complies with all applicable laws.