The implementation of VAT tax in UAE is just around the corner. The closer it comes, the more you see the demand of VAT consultants rising in the country. It is quite surprising to see so many businesses in the country still not aware of what the VAT is. In fact, some businesses are literally looking for a VAT consultant without even knowing what the tax is all about. Still, the tax is to be imposed in early 2018 and not before it. Getting your hands on one as soon as possible makes sense.
But before you do so, there are things you need to know about the VAT tax and consultants. Knowing more about VAT consultancy in UAE will only benefit your business in the longer run. To be eligible for the program, you will need to first register with the program first. There are certain requirements you need to fulfill before becoming eligible for the program. So far, the news has it that the VAT program is not mandatory but will it remain so for the rest of the year, or in coming years, there is no word on it. Here is more on why businesses are so keen to sign up for the VAT program and what they see in it:
Claiming The Refund
Perhaps the best known secret of the VAT program to be implemented from 2018 onwards is the provision that allows businesses to claim a refund. You heard that right – there is a clause that enables you to claim refund, but that will be in rare cases. The most technical aspect of your right to refund, much like most aspects of the tax is the calculation. No other person but the VAT consultant will be able to tell you if you are eligible for the refund. Also, not many out there are able to tell your refund claim is even valid. The circumstances, the amount to be calculated are all too difficult to understand for a novice. Still, the provision has intrigued many businesses out there and rightly so.
Rules and Penalties
When you think about signing up for the VAT program, it makes sense to think about the provisions for dos and don’ts as well. Like every program, the VAT also has its share of penalties. The law is going to see several changes and there is no final word on what shape and type of VAT will the country have. For now, it is better to hire a VAT consultant before the VAT tax is implemented.
This way, you will gain better awareness about the program and how to use it to your benefit. Learn more about VAT taxation in UAE at www.rtaccountant.com and check your options today.