VAT Consultancy Services in Sharjah, UAE
In the competitive market of today, each company faces its own difficulties. Finace Consultancy, as an experienced VAT consultant in Sharjah, Sharjah, UAE, can resolve any VAT-related concerns in a reasonable timeframe due to their skill and in-depth expertise. By offering our clients efficient VAT assistance, we stand out from the competition in this field. Our professional VAT consultants not only inform customers to address current and future issues, but they also assess our client’s needs and propose appropriate solutions.
In the Gulf Cooperation Council, the government has identified VAT as an additional source of revenue (GCC).
Finace Consultancy helps you to manage the taxation structure and provides comprehensive best-in-class services in tax consultancy, vat consultants and accounting services in UAE.
VAT - Value Added Tax in UAE
VAT was introduced in UAE on 1st January 2018 with a standard rate of 5%. The UAE government provides citizens and residents with plenty of different public services. VAT provides a continued provision of high-quality public services for the future. Every business in the country should know how to prepare VAT returns in the UAE and submit claims for VAT after submitting returns in Sharjah and the rest of Emirates. Realizing this, the majority of the GCC nations recently signed an agreement for the implementation of VAT in the country. The GCC countries, including Saudi Arabia, the UAE, Bahrain, and Oman, have so far implemented VAT. Being registered under the VAT law ensures that the government recognises your business.
Slabs for VAT Registration in UAE
Businesses having taxable supplies and imports above AED 375,000 – Mandated to apply for VAT registration
Businesses having taxable supplies and imports between AED 187,500 and 375,000 – Can voluntarily apply for VAT registration
Businesses having taxable supplies and imports less than AED 187,500 – Not required to apply for VAT registration
The application for VAT registration can be made online but businesses can seek the services of efficient VAT Consultancies in UAE for the proper execution of the process. Further, it needs to be noted that every name whether company, owner, manager or an authorised person also needs to be entered in proper Arabic Language along with English.
What is a Tax Registration Number (TRN) and How to obtain it in Sharjah or in the Rest of the UAE?
Tax Registration Number, or TRN, is a 15-digit number allotted to business entities that complete the application process and register under the VAT law. It can be regarded as the identification number for the registration of VAT with the Federal Tax Authority (FTA).
A business entity in Sharjah or the rest of UAE has to go through the VAT registration process in the e-portal launched by FTA (www.tax.gov.ae). In order to obtain the TRN, the company has to submit the application along with the copy of essential documents like trade license, share certificates, MOA and AOA, Power of Attorney (if any), passport and Emirates ID of the shareholders and managers, customs registration documents, financial information such as revenue/turnover break-up for last 12 months, etc.
Documents Required for VAT Registration in UAE
The documents required for applying for VAT Registration in UAE include:
- Copy of trade license
- Passport copy of business owner and partners
- Copy of Emirates ID of owner and partners
- Memorandum of Association (MOA) of the company and Articles of Association (AOA)
- Company contact details and address
- Bank account details
- The monthly income statement for 2017 till date as per FTA format
- Nature of business and activities performed
- Expected turnover in next 30 days
- Customs registration details (if applicable)
- Authorised signatories’ Emirates ID, Passport and authorization documents
Once all the documents are submitted, the FTA will review the application. If all the requirements are met, the application will be approved by FTA and a Tax Registration Number (TRN) will be issued within 2-3 weeks. The registration process for the tax group starts with a single company as detailed above and then group details to be inserted.
VAT Consultancy Services offered by Finace Consultancy
- Quality services in taxation, finance, accounting & administration in the United Arab Emirates
- Finace Consultancy will help them fulfill their tax obligations by representing a taxable person in front of FTA
- VAT Registration formalities to authorities
- Advisory services on VAT Implementation
- Assisting in submitting a VAT return to ensure there are no errors
- Guidance on Reverse Charge Mechanism for Imports
- Guidance on VAT treatment for exports
- VAT Training and Awareness sessions for your staff
- Assisting in generating tax Invoices and tax credit notes
- Review documentation in accordance with VAT law.
- Mapping of Transaction
- Helping in Constructing proper VAT Ledger(s)
- VAT Implementation
- Designing VAT structure based on your business profile
Frequently Asked Questions on VAT Consultancy Services
VAT is sometimes regarded as a complex process, and it needs the assistance of qualified and experienced VAT consultants in Sharjah to help businesses adhere to the rules.
Yes, a registrant has to keep relevant books of accounts and records, as specified by the VAT Law. And these should be kept for a period ranging from 5-15 years.
What is the deadline for VAT return filing and payment? Are the dates for payment and return different?
The deadlines for VAT return filing and payment are specified in the TRN Certificate, and these are either monthly or quarterly based. The due date for submission of VAT return and payment of due tax is the 28th day after the tax period closing (monthly or quarterly).
No, just the free zones that the UAE Cabinet has defined as designated zones.