VAT (Value Added Tax) has been started in UAE from January 2018 after the announcement of UAE Ministry of Finance, The Federal VAT Law (27th August 2017) established the domestic rules with applying VAT in UAE. It will be collected at the rate of 5% on the goods and services while there are some exceptions to some categories including basic food items, healthcare and education.
At, Laila Ghanim Al Hemeiri ( LGA) Auditing , we are having capable professionals to guide our clients for the VAT related services and can guide them to manage it properly in order not to get any fines. We will help you identify the potential financial challenges you might face in the implementation of VAT. We can also assign you a dedicated VAT consultant to update you on the latest developments regarding the legislation. VAT rules can be complex and the implications are not always considered. Implementation of VAT needs careful planning for its success. Our dedicated VAT team will help you consider every stage of the implementation process.
Since there was no VAT here in UAE and it is just started now so most of the clients can face following issues:
- Lack of understanding of VAT rules & regulations.
- Compliance Issues
- Lack of resources ( Availability of experts)
- Improper book keeping systems.
The following are the services that we offer in regards to VAT:
- VAT implementation and preparation of Chart of accounts in your current accounting software.
- Assistance for VAT registration.
- VAT Accounting.
- Assistance for monthly VAT Payment.
- Assistance for quarterly VAT return filing.
- Assistance for VAT auditing