The residents of UAE has enjoyed tax-free living for years. Recently, the Gulf CooperationCouncil has recommended the imposition of Value Added Tax to reduce the burden of revenue generation on petroleum products. Owing to this, UAE has introduced VAT since January 1, 2018, to ensure a new resource for generating income for the state. The government has decided to improve the quality of public services.
Many businesses are still struggling with a comprehensive understanding of the VAT process to comply with the requirements. Although the state provides clear guidelines, it is confusing for many people to distinguish the taxable-supplies from the non-taxable commodities. To avoid any inconvenience, businesses get assistance from the best VAT consultancy in Dubai based firms regarding VAT registration and compliance.
Remember! VAT is a must for all companies dealing with taxable goods and services. Don’t forget to maintain business records comprehensively to ensure VAT registration and filling.