VAT Consultancy

Being a relatively new concept in UAE, Value Added Tax has brought about a lot of changes for businesses since it was first made effective on 1st January 2018. Implementing VAT in your company might have brought about a lot of opportunities and challenges. It is always best to get a qualified team of tax experts to help you navigate through the various mandates and policies that exist with the emergence of Value Added Tax.

SM JOSHI Chartered Accountants has a team of trained and qualified taxation experts who can guide you through all your VAT related matters, including assessing the implications of VAT on your company and structuring your business in a way that places you in an advantageous position in accordance with the requirements of the federal tax authority.

Our team at SM JOSHI Chartered Accountants are up to date with all the legislations and policies put forward. Some of the main points that you need to know about VAT are given below:

• A natural person or legal person is required to register for VAT if his taxable supplies exceed the mandatory registration threshold of AED 375,000/- over the previous 12 months or are expected to exceed in the coming 30 days. If the registration is not done within the time period, it can attract penalties for late registration as well as late filing of the VAT Returns.
• Optional registration threshold limit is AED 187,500/- per year, where, any businessperson can voluntarily register for VAT and continue with the normal compliance process.
• The types of rates applicable are Standard rate, Businesses registered under UAE (VAT will be levied 5% tax, and Zero rate).
• Areas exempted from VAT are Supply of certain financial services, sale and lease of residential properties, sale and lease of bare land, and Local passenger transport.

There is a lot more to the VAT regulations and policies and these are just the basics of it. When you hire the tax consultants at SM JOSHI Chartered Accountants, you’ll receive a myriad of services, including:

• Evaluation of the impact of VAT on your business
• Advice and support in upgrading IT systems and applications for tax compliance
• Review of new and existing contracts and policies of the company for VAT implications
• Assistance in VAT registration and filing VAT returns