With the adoption of IFRS, financial accounting and bookkeeping have become more streamlined globally, but this has also made them more intricate and technologically advanced. The UAE is a major international commercial hub that is expanding daily with new business prospects. A company's financial statements and reports must adhere to worldwide standards to compete in the market and stand out in the industry.
Accounting and bookkeeping are the recording of financial transactions and an integral part of any business. Having a full-time employee can shoot up costs and can be avoided by hiring our expert services of our experienced accountants who will take care of the bookkeeping, reconciliation, financial reporting, payroll, VAT reports and audit support for your business.
VAT, often known as value-added tax, is an indirect tax. It may often be described as a general consumption tax. VAT is imposed on the majority of supplies of goods and services that are bought and sold in the country that imposes it. On January 1, 2018, a standard 5% VAT rate was implemented throughout the United Arab Emirates.
If a company's taxable imports and supplies total more than the AED 375,000 registration threshold, they must register for VAT.
Additionally, if a company's imports and supply fall below the statutory registration barrier but above the voluntary registration threshold of AED 187,500, they may elect to voluntarily register for VAT.
- Quarterly VAT reports which help determine whether you have VAT payable/refundable
- Issuance of VAT Tax opinion
- Review of entity’s transactions to assess VAT implications and necessity for registration
- Accounting records review
- Monthly Management Accounts for reporting purposes.
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