United Arab Emirates has implemented VAT from January 1, 2018 at the standard rate of 5%. Effective tax planning can empower business with competitive advantage when aiming for growth and expansion, even when markets are challenging. While VAT is not intended to be a tax on business, collecting the tax and remitting it to the government will have significant compliance costs which result in cash outflows. VAT costs and accounting obligations will need to be identified so they can be addressed.
Further adopting to VAT means updating or upgrading IT systems to correctly capture input and output VAT.
We at KGRN combine international experience with local knowledge to provide a viable VAT compliance services which includes:
- VAT accounting services
- Review of VAT accounting
- Filing of VAT tax returns