Vat Accounting Services and Transaction Management in Dubai:
What is VAT?
Vat or Value Added Tax is a form of consumption tax or charge that is enforced by the government of UAE on certain goods, products or provision of services. This consumption tax is payable by the consumer, and is therefore calculated by taking in consideration the detailed value of the product within the supply chain.
This concerns the value of the product during the time of its production to the point of its purchase or sale. However, if tax has already been added to any of the raw materials during the production of a specific product, then the VAT calculated and payable by the consumer will be lesser than the original outcome.
Value Added Taxation Charges are Uniform and Simpler:
Since Value Added Taxes are considered to be simpler than traditional sales tax, people around the world, especially advocates, support these indirect charges in more ways than one.
VAT is levied onto the product or service throughout the entire process of the supply chain whereas the traditional sales tax is assessed and therefore, levied onto a specific product at the end of the chain towards the purchase. Also, Value Added Taxation is quite different from income taxes as well. Income tax varies according to the taxpayer’s income, and can be high for taxpayers with greater incomes.
VAT, however, remains the same for all kinds of taxpayers, since the amount payable by the consumer is calculated from the entire manufacture-distribution-purchase discourse of the concerned product regardless of the taxpayer’s income.
Vat Accounting Procedures:
We at VFM offer Vat accounting services that allow businesses to escape tedious bureaucratic issues as well. VFM is an enterprise that has not only mastered the necessity of processing VAT Registration Services in Dubai, but has also helped businesses to go through VAT representations with federal tax authorities with ease.
Mentioned below are a few of the accounting procedures that are influenced by VAT within your business:
- Collection of data of consumers and suppliers and its presentation to the concerned business with details regarding their area of establishment.
- Inventory Management
- VAT Reporting
- VAT Coding and Transaction Management
- VAT Sales and Purchase Systems of Accounting
- The General Ledger of Accounting
Any discrepancies in VAT Accounting may affect the entire VAT Implementation process, and thus, produce information that is inaccurate. We at VFM comprise of accountants that not only look forward to providing you with accurate VAT Consultancy, but VAT Transaction Advising Services to your businesses as well.
VFM comprises of consultants and accountants who will take care of all the VAT Accounting Procedures for you in order to meet the standards of VAT Compliance in Dubai. Our accountants are enriched with experiences that maintain and deliver quality VAT functions that meet the accounting requirements.
In addition to offering VAT Consultancy in Dubai, our accountants also offer VAT Audit Services in order to meet your company’s complete VAT requirements. These auditing documents will not only help to ensure the accuracy of VAT Accounting Procedures, but will also allow the business to acknowledge VAT Returns in terms of information and accuracy.
We at VFM comprise of trained consultants who will also take care of your financial challenges with utmost guarantees of privilege and attention.
Professional VAT Consultants Services in UAE
We as VFM Accounting and Bookkeeping will assist you in strategic planning about upcoming VAT.
These are just some of the many reasons for which VAT consultancy services have earned eminence within the business communities across the world. Though its been the first time that any kind of taxation is implemented across GCC but our Experts will Help your business through their Vast Experience in Taxation of more than 15 years.
Value Added Taxation or VAT is a form of consumption tax that is implemented by the GCC on goods, products or specific services throughout the supply chain.