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Our experienced team of Chartered Accountants and Certified Public Accountants will help to keep your VAT and Excise Tax affairs in order and support you in filing VAT and Excise returns on time.
With changing local and global business environments, it has become imperative for businesses to keep themselves abreast of tax laws and regulations that are dynamic and ever varying to keep their businesses tax compliant.
UAE has been mostly a tax-free country until the introduction of Excise Tax and Value Added Tax. Excise tax has been introduced in UAE towards the end of year 2017 and with effect from 1 January 2018, VAT has become an integral part of businesses in the UAE. Federal Tax Authority (FTA) has been established under the umbrella of Ministry of Finance, UAE for the effective implementation and governance of taxes in UAE. more…
We have been advising businesses on both Excise and Value Added Tax, we have the knowledge, expertise, experience and a trained and talented team of professionals that focus on using innovative tax technology solutions that help your business comply with taxation laws, hence streamlining your efficiency and easing the compliance process. Our expert taxation team with exposure to different tax regimes can advise and assist businesses to improve their systems and processes.
Value Added Tax is levied on both goods and services. With the introduction of VAT in UAE with effect from 1st January 2018, there has been a shift in the way businesses, accounting and IT is being looked at in compliance to the newly introduced legislations.
VAT has marked a major impact on product costing, pricing of services, cash flow movements, procurement and supply chain decisions and implementing the required changes in the existing IT framework, accounting and financial reporting software that are being considered as major initial challenges. more…
There is a need for new operating methods and models that need to be adopted and an essential requirement for employees to have comprehensive training programs to enhance their skill sets and adopt the newly introduced tax systems.
The objectives of Vat Compliance Audit are Accuracy, Correctness, Completeness and Validity. To obtain an understanding of the process applied in accounting for VAT. To Ensure that the process and procedures are adhered to; VAT returns have been properly completed and submitted in time, regular independent checking and reconciliation of tax data are processed through source systems, reviewing the reconciliation performance when accounting for the input and output VAT.
Select a sample of the accounts payable and verify the payment based on an original invoice clearly marked, see that the supplier is registered for VAT; the goods/services qualify as taxable supply. VAT is correctly calculated, invoices supporting all expenditure are checked and are valid tax invoices and that the company is reclaiming valid input tax. To make sure that the tax invoices have been issued within the time limit prescribed by the law.
The excise tax has been introduced in UAE with effect from 1st October 2017, excise tax is levied on businesses that are involved in the production, import, distribution or stockpiling of excise goods or intending to do so. An excise tax is a form of indirect tax levied on specific goods which are typically considered harmful to human health or the environment. The UAE Government is levying excise tax to reduce consumption of unhealthy and harmful commodities while also raising revenues for the government that can be spent in the interest of residents of UAE.
We can assist in Excise Tax registration and compliance obligations. We can also perform audit required by Federal Tax Authority for the verification of data related to excise goods. We also perform industry focused business reviews to ensure that companies manage their Excise Tax risk and exposure. We can provide advice on structuring business transactions within the legislation, including cross border transactions. We can also leverage the international expertise of Reanda International Network’s Custom and Excise Tax specialists.
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