The UAE Tax reforms for VAT were announced this year, and all businesses within the UAE are required to submit VAT registration and file regularly. In the UAE, the Federal Tax Authority of UAE will be the body that oversees all VAT rules and compliance.
The UAE and other GCC countries have implemented value Added Tax (VAT) since 2018. There is a VAT of 5% for all transactions within the UAE with exemptions for specific services like local transport and selected financial services, the use of land for bare purposes, and so on.
AGENDA CRITERIA FOR VAT REGISTRATION UAE
A company must be registered for VAT if the taxable imports and supplies exceed AED 375,000 annually. It’s not mandatory for companies with imports and supplies exceeding AED 187,500 per year. At the end of 2018, all businesses in UAE must voluntarily declare VAT even if their revenue exceeds AED 375,000 per year.
Taxes are imposed at every step in the chain of supply. End-users typically bear the VAT costs, while businesses pay and record the tax, essentially acting as tax collectors for the government. Companies must keep track of their transactions with the financial institution and make sure that their accounts are audited frequently to remain within the taxes and prevent insolvency.
DOCUMENTS REQUIRED TO REGISTER VAT In UAE
- Trade License issued by the company
- Certificate of incorporation or registration certificate
- Article of association/partnership agreement or any other document indicating business ownership
- Manager profile
- Passport copy as well as Emirates ID of the manager
- The physical location of the company
- Contact details
- Bank account information and statements
- List of business activities of partners/directors of directors in the UAE over the last five years, along with their license to trade copies
Alongside the necessary documents, There are a few declarations to be filed by the business to get tax registration numbers and finish the Tax Registration procedure for the UAE.
LIBRARY OF DOCUMENTS CONTAINING the details of
- The activities of business of the applicant
- Estimated or actual financial transaction value
- Annual Turnover from the previous year, accompanied by supporting documents
- The details of the expected Turnover within the next thirty days
- Transactions involving imports and exports
- The list of GCC activities and business
- Details on customs registration
How can AURION help you?
Beginning with educating people on VAT guidelines to tax registration process and filing of VAT, Aurion provides comprehensive support and complete services in VAT & Accounting. We have a VAT staff fully equipped with the most current standards set in the Tax Administration of the Federal Authority. We are also skilled and capable of providing prompt and accurate VAT support regardless of the type of company you run.
Tax Consultation and Accounting Services in the UAE
ACCOUNTING Services In UAE
We can help you benefit from our experience in every aspect of accounting, financial planning, or business development and maximize your potential for growth in economic terms. Transferring your bookkeeping tasks to Aurion allows you to concentrate on the most important aspects of your enterprise, like expansion. Thorough financial records will enable you to make better-informed decisions about your company.
Our standardized processes simplify and enhance your accounting processes. Our skilled team is familiar with working with the most popular accounting software applications like QuickBooks, Peachtree, Quicken, Tally, etc. The accounting solutions we offer are distinctive in the region, offering professional business support that is proactive, high-quality in multilingual communication, and the most trust-worthy standards in the reliability and quality of our services.
Whether you’re a basic start-up or an established firm with complicated reporting and control structures, our solutions are tailored to your needs and delivered with the same enthusiasm. Our management accounting services are specifically tailored to the needs of your business and could be as intricate as your reporting needs for groups require.
- The ability to scale your business to satisfy requirements for volume
- Offering unbeatable logistical support and assistance with order processing
- Integration with other logistics systems Document processing, external logistics, and many other applications
- Integration with your bank for bidirectional electronic data transfers
Aurion is your reliable partner in the area of VAT & Accounting. You will be able to concentrate on your business’s core activities. At the same time, we handle your VAT Registration and VAT Return Filing Accounting and Book Keeping Service with the highest level of precision and excellence.
RELEASES OF AUDIT FOR FREE ZONE COMPANY RENEWALS
Aurion offers the special Audit Report Service for Free Zone companies operating in the UAE to renew business licenses, open bank accounts, and close the business. Based on the jurisdiction of business, the audit requirements differ. The majority of free zones in the UAE require firms to conduct an audit and submit an audit report before renewing their business license.
Additionally, at the time of a company’s closing, companies in the free zone have to present a closure certificate or liquidator’s certificate that is prepared following an audit of the company’s financials.
Keep your business records up to date in the most dependable method.
Monitoring your company’s financial statements is vital to keep track of your business’s progress and avoid any penalties or misrepresentation of the funds. Aurion can prepare accurate and precise audit reports for your business that can be used for various objectives such as free zone business license renewals, opening bank accounts closing, closing company, etc.
We have Audit experts who will examine your company’s financial statements, cash flow reports, and financial reports and create audit reports that are 100 percent compliant with UAE business law.
As an ISO 9001:2015-certified Consulting firm, we strive for continuous improvement and high-quality service on all of our assignments. We provide the highest security for your company’s information using our own created Office Management System.
Furthermore, with the Aurion Mobile App, receive immediate notifications on your VAT registration and file your VAT Return and accounting assignment’s status live. Our experienced consultants are ready to communicate with us!