Business owners across the Emirates have already embraced themselves for VAT massively. Historically, Dubai has operated based on one of the simplest taxation systems in the world. But with the intentions to reduce its sole reliance on oil-generated revenue, along with a strong motive to invest more in the economy’s infrastructure, the government has inculcated a reviving 5% VAT (value added tax). The similarly patterned tax is to be rolled out in the other four Gulf Cooperation Council (GCC) countries; yet, many company owners in the UAE are still in the phase of VAT registration process.
Let’s take a deeper look at all the expects of VAT implementation and explore how it might impact your own company in the year ahead. A further deepening and advancing initiative is being taken in digitisation of the entire process of VAT services in Dubai by means of Digital Tax Services offering end-to-end highly efficient services like DgTx – a pool of qualified chartered accountants that have been diligently focused on clarifying and explaining clients’ VAT obligations in the simplest way possible, and then implementing as well as executing reliable procedures to ensure their VAT compliance. This successful strategy has smoothly enabled DgTx clients to fully concentrate on their core business boosting business efficiency via 24/7 hassle free digital payments.
On a broader side, following is the range of VAT-related services that expert Best VAT Consultant like DgTx can offer:
At DgTx, the team is fully committed to provide cutting high edge technology solutions to a huge clientele, maintaining a deep understanding of high-volume, fully transaction-intensive and the most secure payment processing that allows us to enhance operational efficiency, reduce all the complexities and boost productivity for business as well as government. We have world class association with world-class manufacturers as well as suppliers for the day-to-day requirement of Banks as well as Financial Institutions. We aim to enable Merchants to readily Accept Card Payments – just Anywhere, Anytime and be the most Dominant Player in the Mobile Payments Domain.
VAT Consultation/Advisory: This service enables us to deeply assess how VAT applies to business and intensively identify the changes that are required to their existing accounting systems as well as business processes.
VAT Registration: The VAT law sets out mandatory as well as voluntary VAT registration thresholds to ensure that a company gets registered for VAT within the specified deadline to avoid penalties for late registration so as to ensure a swift and straightforward VAT registration.
VAT Implementation: DgTx will undertake a forensic review of entire business area likely to be impacted by the VAT regulations so as to ensure that the operations and processes are fully in compliance.
VAT Returns: VAT returns must be diligently filed on a monthly or quarterly basis, depending upon the size of the business. DgTx can assist clients with the correct and timely filing of VAT returns, and can also provide complete guidance with the process of settlement for amounts due.
VAT Recovery: Businesses whose input VAT exceeds their output VAT for the period, are entitled to seek reimbursement from the FTA. DgTx can perfectly liaise with the FTA on behalf of clients on all tax related matters. DgTx can also apply for de-registration of VAT directly on a client’s behalf.
DgTx can provide all of the services on the basis of either a comprehensive VAT package or a specific service unit. We understand that every client’s situation is different and have the flexibility to tailor our services to a particular client’s requirements. the UAE.
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