Chartered Tax Consultant has expertise in threshold to end process of VAT system from initial registration to VAT return. VAT Registration is mandatory for companies and individuals doing businesses in the UAE, having an annual turnover of more than AED 375,000/-. UAE is going to implement VAT with effect from 1st January 2018. All companies / individuals coming under above threshold limit (subject to the provisions of the relevant law) have to register for VAT on or before 31st December 2017.
Registration for VAT in the UAE is an online process which is accessible in the Federal Tax Authority’s online portal. Before proceeding for VAT registration, the applicant should consider various aspects such as, weather to register as voluntary option or mandatory option, weather to register as a Tax Group or a Standalone etc.
Documents and information required for VAT Registration in the UAE:
Before applying for VAT Registration, below mentioned documents are required to be kept ready. The soft copies of the documents should also be uploaded along with the application.
- Documents identifying the authorized signatory e.g. passport copy, Emirates ID
- Trade license copy of the company
- Other official documents authorizing the entity/individual to conduct activities within the UAE e.g. certificate of incorporation, articles of association, power of attorney etc.
- Description of business activities
- Turnover for the last 12 months in AED
- Supporting document for 12-month sales
- Expected turnover in next 30 days
- Estimated value of imports for one year from each GCC countries
- Estimated value of exports for one year to each GCC countries
- Whether you expect to deal with GCC suppliers or customers
- Supporting documents for customs registration in each Emirates if applicable.
- Details of Bank Account
- Registration of the company with the federal tax authority UAE
- Understanding the business nature for tax implementation
- Business impact assessment—mapping existing systems and identifying key VAT touch points
- With compliance and guideline of the federal tax authority assist you to incorporate billing system and accounting process flow
- Updating regarding all the changes in tax rules regulations (like VAT penalties )
- Reviewing essential documents, such as live contracts, VAT clauses incorporation in the live and new contracts, and other associated documents
- Provide necessary training for respective team member of the organization for .
- Consultancy on industry-focused VAT (e.g., retail/ marketing, financial services, real estate)
- VAT audits and litigation assistance
- Advising, developing, and aiding in restructuring transactions and other associated processes
- Advising and supporting with regard to necessary changes in the IT system.
- Support to prepare for filing of the first VAT return by taking precise measurement and tax regularities and compliance.