We would like to bring your attention on the introduction of VAT(Value Added Tax) in UAE with effect from 1st January 2018 which will impact most of commercial enterprises in UAE. TCA – Allinial Global, as a leading Chartered Accounting firm in UAE, is reaching out to you to ensure that your business and team are prepared to adapt with the rules and regulations of VAT.
Following are the important aspects to be considered to keep yourself ready for VAT compliance:
- VAT Registration before the cutoff date of 31st December 2017.
- Invoice content redesigning as per the VAT law which shall include all those information as required by the law.
- Invoice Control process to avoid duplication and to have proper reconciliation with respective ledgers. This requires a detailed review of documentation of your sales / service and purchase process
- Review of contracts with third parties (suppliers, customers, tenants, consultants etc.) and revise those articles/clauses which have an impact of VAT.
- Impact of VAT on working capital requirement.
- Intimation to your customers and suppliers is mandatory to ensure that they have registered with FTA and have a registration number in order to continue business with them.
- Assessment of accounting software and customization to make it VAT complied including generation of necessary new reports and customization of existing reports.
- Training on VAT to employees in order to familiarize them with the rules to avoid errors and complications.
- Appoint a Tax agent to comply with all the rules and regulation of the VAT, it is recommended to seek professional support in filing the VAT return and update with the new regulations required.
At TCA – Allinial Global, we are equipped to reach out and support our clients in enabling them to have appropriate level of preparation for the compliance of VAT ahead of the deadline and to streamline your business and operational requirements in tune with the new VAT regime. TCA, being part of Allinial Global with global presence brings the expertise and experience of VAT implementation advisors from its own member firms from European Union, India, Singapore etc to provide international experience with local expertise.
Please do not hesitate to contact us for any clarification required in this regard and we will be happy to provide comprehensive service with regard to all VAT related areas mentioned above.
A cost saving initiative from TCA Allinial Global for SME sector in UAE to comply with the VAT requirements in a professional way.
As the VAT is approaching UAE market in another 3 months of time, most of the business enterprises of SME sector would face difficulty in maintaining their books of account in electronic form to meet the VAT requirement.
Part time ACCOUNTING BY FREELANCERS ARE ILLEGAL and cannot be relied upon as there won’t be any legal agreement binding to provide the accounting service and most of these freelancers will not be professionals and are temporary job seekers and would vanish without notice
Keeping in mind of the above issues TCA Allinial Global have A UNIQUE SERVICE WHICH IS FIRST OF ITS KIND IN UAE for those small business units in UAE which is called DingBooks Accounting Service.