From 1st Jan 2018, all companies in UAE must comply with VAT. How are you going to be VAT ready? Let WinGold assist you with each application step be ready for VAT easily.
VAT, stands for Value Added Tax, is a tax on the consumption of goods and services, imposed on the point of supply. Tax is collected on an incremental basis. Depending on the surplus value, the tax is added to the price of the product/service at each stage of production. VAT is usually charged at the side of the customers and it is not taxed on profits.
A business is required to be VAT-registered if they meet the criterion within the registration thresholds. VAT is payable by both businesses and individuals.
Who should apply for VAT Registration?
|Value of Taxable Supplies or Imports||Applicability|
|AED 375,000 and above||Compulsory|
|Between AED 187,500 and 375,000||Optional|
|Less than AED 187,500||Not Permitted|
VAT Registration will start in Q3 2017 and all companies are required to register by Q4 2017.
What are the compliance requirements?
- Companies that meet the registration threshold must register for VAT
- VAT records need to be kept at least for 5 years
- VAT registered companies must issue VAT invoices
- Companies should submit VAT returns on a timely basis
- It is a must to respond to VAT queries and audits
Considerations for VAT implementations
|Business Processes & Systems||Sales & Procurement||Compliance|
|Financial Accounting||Impact on business transactions including related entities||Registration|
|Human Resources||Customer and Vendor compliance||Reporting|
|ERP Systems||Impact on Pricing, Profitability and Cash Flows||Audit|
|Record Keeping||Not Permitted|
Why engage Web Masters?
You are definitely looking for experienced ERP and VAT consultants to provide a step-by-step guide on how to be VAT ready. The question is, who should you engage and why should you engage Web Masters?
As a Microsoft certified Gold Partner, Web Masters has strong presence and experience in the IT industry for 30 years. An award-winning company and among one of the leading partners in Middle East and Asia region.
We provide more than just a software as we aim to help businesses achieve their objectives by integrating these objectives into IT solutions. With the announcement of VAT, WinGold is the ideal solution for Jewellery industry.
Combining IT with Accounting knowledge, WinGold is competent enough to help you get ready easily for VAT. Don’t worry about not knowing what to do or engaging an unsuitable vendor, going with WinGold is the right choice when it comes to getting work done for you efficiently.
Contact WinGold now for a consultation session!