Value added Tax, or VAT is the most common type of tax levied on the consumption of goods and services globally. Introduction of VAT in UAE is bound to create a paradigm shift in the business dynamics of the Middle Eastern countries, as it’s soon going to become an integral part of the businesses from 1st January 2018, as per the announcement made by the UAE Ministry of Finance.
Maven is a reputed company offering vat consultancy in UAE, and can help you streamline your financial statements and ensure it’s in accordance to VAT regulations.
As a measure to stimulate the local economy, VAT in UAE will be levied at each step of the supply chain at a rate of 5% on all goods, use of public infrastructure, and services. Few categories like education, basic food items, and healthcare, will remain exempt. VAT may also be introduced in other countries in the Gulf Cooperation Council (GCC) around the same time or by 2019.
FEDERAL TAX AUTHORITY (FTA) was set up on October 25, 2016, to maintain records of taxes paid and taxpayers’ details, and collect all data, statistics, and information pertaining to federal taxes. FTA is also responsible to specify guidelines pertaining to federal taxes and related fines.
As the first-ever iteration of Value Added Tax will be rolled out in 2018, business community in UAE is facing tremendous compliance challenges. They need a reliable consultant who understands global and local tax regimes, and can help them streamline their documents and processes to ensure there is no penalty or fine after VAT legislation.
Maven, a reputed VAT consultancy in Dubai can help you get your business ready for the VAT implementation. Maven’s taxation team has vast experience and exposure to different tax regimes and assists businesses improve their systems and processes in the UAE, Sub-continent, and Europe.
Our tax consultants in Dubai not only prepare businesses for the economic impact of the legislation, but also make them aware of the VAT registration process, documents required for the VAT registration, while assisting them in filling the application form.
We evaluate & plan the impact of VAT on our client’s businesses by reviewing their documents, suggesting changes in their current applications, assisting with VAT implementation and compliance, and conducting organization-wide training sessions to prepare them for the effects of VAT implementation in accordance with Federal Tax Authority (FTA) requirements. Our services include -
Most businesses have a faint idea of VAT compliance requirements, as the legislation is still in its nascent stage. At Maven business consultancy, we have a team of VAT consultants, certified auditors, tax specialists, and accountants who can assist you with proper VAT documentation and filing, ensuring that your company does not incur penalties due to improper compliance.
With vast experience in providing localised accounting and auditing services in UAE, our tax specialists will develop a proactive strategy to help your company smoothly tide through the legislation. For more information on VAT legislation or to speak to our VAT consultants contact us at +971 52 266 7699 or email us at info@mavenconsults.com
Contact Us
At Maven business consultancy, we are readily available 24/7 to answer all your queries regarding the establishment of a new business in UAE. Our experienced and knowledgeable staff would be happy to help with all your business requirements, while ensuring your correspondence remains totally confidential.
CUSTOMER SPEAK
"At the outset, Maven BC presented us with a fully detailed costs and logistics plan. It
was
all
in place, and we were able to prioritize things and decide the path to take based on
their
plan.
That very first step impressed us a lot. Keep it up, Maven Business Consultancy ."
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