VAT & TAX Consultancy - dubai

Overview of VAT & TAX Consultancy Starting a business can be a daunting task, especially when it comes to filing taxes, which is known to be one of the most challenging tasks globally. The process becomes even more complicated when it involves foreign affairs and complying with international taxation policies. To overcome these challenges, businesses need a well-planned taxation strategy. The introduction of Value Added Tax (VAT) was being adopted worldwide, while the tax system in the United Arab Emirates (UAE) was still undefined due to the presence of free zones. However, realizing that implementing VAT would increase a company’s brand value and provide additional revenue for the government, GCC countries agreed to work together to implement a proper VAT system VAT & TAX Consultancy . The Ministry of Finance introduced VAT in the start of 2018, with a 5% tax rate. This move was a significant decision made by the government, resulting in a massive impact on UAE’s taxation system. Furthermore, the tax law exempts corporate tax and income tax, which adds to the implications of VAT 2018. The implementation of VAT in UAE can have significant implications for businesses, and it is essential to understand the changes to stay compliant with the new tax system.

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