UAE’s entry into the tax regime has been of recent origin. Value Added Tax and Excise Tax were introduced in 2017. These taxes have been introduced in the GCC-framework and the objective of it has been to broaden the horizon of tax collection to enhance the economy of the nation. It has also been introduced to reduce reliance on the trading of hydrocarbons. There is a government agency known as Federal Tax Authority which is into administration, enforcement and collection of VAT in the UAE. The FTA has provisions that would enable taxable entities for complying with the tax regime. There are tax agents in UAE who assist in the compliance of tax laws. You should ensure hiring registered tax agents only for proper job to be done.
Why is it Important to Hire Tax Consultant in UAE?
The tax consultant does advise a businessman in the matters of taxation in the transaction of goods and services. In this way, compliance with the VAT laws in the UAE is maintained. Generally, the business communities have to face a great deal of difficulty in understanding different tax structures and implementing them while doing their business. Here the registered tax consultants’ role is important as they are professionals equipped with the required knowledge and experience to steer you through your business transactions without violating the prevalent taxation laws including the VAT.
Having a complete insight into the UAE VAT laws is not easy and filling returns of VAT is a difficult procedure. By engaging a tax consultant, you can guarantee that VAT related business matters are properly completed. The tax consultants not only help you fill in the statutory obligations, but they also advise you to file the VAT returns timely and to let you know about many such industry-specific matters.
TAX Consultant in UAE Supports You?
Tax consultants assist you in VAT registration including registration of Tax Group. They provide you with tax advisory on multiple tax issues relevant to your business. They support you in filing the VAT returns. They also guide VAT administrative procedure such as VAT clarification and reconsideration. In the event of your requirement to present yourself before the FTA, they represent you for the same. They provide VAT Pre-Tax Audit. There are occasions when you may have to apply for VAT Refund form, and the tax consultant will be around to do the work for you.
VAT Pre-tax Audit in the UAE which will be done by your tax consultant. This audit is done to ensure that all VAT related matters are properly taken care of while doing tax compliance under the UAE laws of VAT. Usually, a report is prepared after a thorough audit.
About GCC Filings
GCC Filings is a tax consultancy firm in the UAE that provides services to businesses so that these businesses do all the legal compliances related to taxes including VAT. This firm will handle all your audits and prepares your company to face them whenever there are tax audits held by the authorities. They also provide other services for you such as bank transactions on your behalf, payroll management and also your business analysis.