Wondering whether you require VAT consultancy services in UAE? The answer is a resounding yes since like most businesses, you will naturally be facing confusion and have several queries when it comes to aspects like VAT filing and overall implementation of the new system for your business. You must already be aware of the fact that VAT (Value-Added Tax) has been implemented from the 1st of January, 2018 in all the member countries of the GCC (Gulf Cooperation Council). Companies have to register for VAT in case its taxable supplies cross AED 375, 000 or roughly US$ 100, 000 over the last 12 months. Businesses should also register themselves under the VAT regime in case their supplies and imports are forecasted to cross AED 187, 500 on a yearly basis.
Finding a suitable VAT consultant in Dubai will help you stay updated with regard to business registration and filing among other aspects while also helping you formulate the right business strategy in the new regime with the help of your consultant. There are several goods and services which have exemptions under VAT and these suppliers can claim the VAT paid as inputs for their businesses. Some of the exempted products and services including supplying commercial buses and aircraft, exporting goods and services to countries outside of the GCC, investment grade precious metals, global transport services, newly built/converted residential properties, natural gas, crude oil, basic food items, medical equipment, education and healthcare.
Naturally, there are several aspects to VAT that you may not fully comprehend. It is always better to hire the best VAT consultants in UAE who will help you understand the new tax regime while helping your organization take care of compliance, registration, filing and other financial requirements. You can consider Xcel Accounting, an experienced firm in Dubai offering auditing, accounting and management consultancy among other services. The firm will help you with your VAT strategy and all other aspects related to the same. Xcel Accounting serves clients across a wide range of industries and offers personalized and timely services to all its clients based on their specific needs and requirements.