VAT is one of the types of taxes
that is charged on the producer but paid by the consumer. It is imposed on consumer
for purchasing certain services and goods. It is also recognized as ‘tax on
consumption’ given by numerous economists. This tax is payable while purchasing
any of the product. It is charged at a particular percentage of the price of
goods and services. Besides, I cannot be considered as a charge on companies. The
tax amount is added by the manufacturer to the inputs prior to they are sold as
new offerings.
The execution of VAT is the
most important step that is used to build up the indirect tax structure of any
of the country. Besides, the VAT rates will be equal or less than to 5% in UAE.
It is expected to be implemented in UAE from January 1, 2018. It should be payable
by every individual of the country, who are eager to buy any product or
service.
Value Added Tax (VAT) is a type
of tax that is imposed on consumption of goods and services and it applies to
almost all of them. VAT Consulting inDubai offers optimum quality services to the clients at highly competitive
prices. A committed management team take care the organization effectively and
its goal is to provide high quality solutions to its clients.
Normal
requirements under VAT system the companies have to comply:
·
At the time of buying of goods as well as
availing of services
·
At the time of sale or provision of services
·
Make the payment of tax computed as well as due
within predefined date to government.
·
Filing the VAT returns to the government
authorities by offering the required information requested by them, within the
predefined period
Why
VAT in UAE?
The implementation of Value Added
Tax (VAT) will offer another source of income to the government that will
facilitate in providing the best quality public services in future.
