VAT & Accounting
VAT Services
VAT Services in Dubai
Our accounting services will assist you in maintaining accurate and up-to-date records of your company’s financial activities. Accounting, regardless of the size of your organization, is required to assist you with decision-making, cost planning, and economic performance evaluation. Our accounting services are overseen by a team of highly experienced certified accountants that adhere to the International Financial Reporting Standards (IFRS).
Our Accounting Services
Bookkeeping
Our team will take away the burden of recording and updating all your daily financial transactions and performing bank reconciliations.
Account Reconciliation
We will help you ensure the figures in your general ledger are correct and up-to-date and that the balances match.
Financial Reporting
We generate a variety of financial reports to help you determine how your business is performing. The financial reports we can provide you include:
VAT Returns
Our team prepares quarterly VAT reports to help you determine if you have VAT payable/refund.
Audit Support
We will assist you in completing the auditing process for your financial year and ensure your records are maintained per International Financial Reporting Standards (IFRS).
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VAT Services in Dubai
With worldwide VAT requirements varying by country and rules changing on a regular basis, not only are the consultants, at JSB, fully updated on these changes, we provide VAT consultancy services with practical support for your business in Dubai.
We understand the business complexities ranging from accounting, taxation, and VAT services. We provide the best VAT consultancy services in Dubai, which include:
- VAT compliance and control
- Data recording and management
- Accounting
- Supplier management
- Customer management
How VAT works in the UAE
VAT is charged on business transactions involving the supply of goods and services to customers. The VAT registered businesses charge VAT by adding them to the number of goods/services that are provided to the customers for either business or personal use. The businesses that are registered for VAT in the UAE have the right to reclaim VAT paid to suppliers on goods purchased or services received for business purposes. The difference between VAT charged to customers and VAT charged by suppliers is reclaimed or paid to the government by the business entity. It will be implemented in almost all goods and services apart from food items, healthcare, and education. At the start tax rate is very nominal i.e. five percent. End-user is mostly affected by the implementation of tax however business setups have to make certain changes to the process and procedure to comply with the legal requirements implemented by the government.
Eligibility for VAT Registration in Dubai
The VAT is relatively a new tax; however, the government has made important progress in clarifying and helping those who need to register for this tax in the Emirate. VAT registration is optional for new companies; however, it can become mandatory under specific conditions. Below mentioned are the entities which are required to apply for VAT registration in Dubai:
Required Documents for VAT Registration
One of the most important requisites to meet when applying for a VAT number in Dubai is to have a tax identification number. This is obtained together with the Certificate of Incorporation and is issued by the Trade Register in Dubai. Based on the tax identification number, a company will be issued a VAT certificate.
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