Vat Compliance Services in UAE
Under VAT compliance requirements in UAE, you need to do some homework. Below are the essential points, you require to take note of.
Registration: If your company meets the minimum turnover criteria, then you must get registered for VAT. All the companies registered under VAT would be offered a Unique Tax Payer Registration Number. If your company’s annual revenue is 3.7 million Dirham then it’s taxable, and registration is mandatory. VAT laws offer registration options for the companies having annual revenue between 1.87-3.75 million Dirham. They can get registered in the first phase or the second phase. The Government has not announced any threshold for the second phase.
Financial transaction details: Every company in the UAE needs to maintain proper financial records. The company management has the responsibility to ensure that the offered records are updated, trustworthy and importantly, accurate. These financial records are shreds of evidence, helping to identify, if the company meets the minimum annual criteria and whether the firm is required to be registered under VAT laws. Even if the company management thinks, it does not fall under VAT laws, it’s mandatory for each and every company to maintain annual financial records.
VAT Credit Claims:
The companies will have the authority to claim the tax credits on all the business associated services and goods.
The companies falling under the ambit of VAT will be needed to prepare formal tax return on definite intervals.
The business and services have been authorized to charge VAT on all the taxable goods and services, offered by them. It’s mandatory that payments and tax returns must be submitted by the companies to the Federal Tax Authority (FTA) no later than 28th day from the end of the tax period. Non-compliance of the order or delay after the due date would invite penalty or fine imposition by the competent authorities. All the tax registrants, who have been provided with a Tax Registration Number (TRN), have to file tax returns.
Mandatory compliance under VAT
- Registration by companies under UAE Value Added Tax law.
- Periodically filing VAT returns, and payments on the due dates as specified in the law.
- Proper maintenance of accounts of books as per the law and rules made thereunder.
- Record keeping as per the law and the Rules made thereunder.
- Maintenance of proper tax invoice.
- Provision of all relevant data and detailed documents, in case of any audit, is conducted by FTA.
Despite the clarity of VAT laws, rules and regulations, its practice and application is quite complex and requires matured and experienced brains to meet compliance requirements. Aimstorm Solutions is the leading company in UAE, providing support at all the stages of VAT compliance.
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We are a proud member of the Investor Compensation Fund which acts as a guarantor of last resort for our investors. IFC covers the maximum amount of 20.000 EUR for MiFID clients.
Investor’s money is kept in segregated accounts with top-tier banks that cannot be claimed by creditors or used by us. Account base currencies are available in EUR, GBP, USD, CHF and JPY.
Negative Balance Protection
Through the use of an automated transaction monitoring and risk management system, a Consulting WP client’s account will never be allowed to reach negative balance.
Extreme Transparency Policy
Our Extreme Transparency Policy ensures that the client receives a transparent price feed, transparent liquidity, transparent historical data, transparent market information at all times.
USD 825.000.000 NOP
The total value of all of the client’s open positions combined (net open position) may not surpass USD 825.000.000.