Though VAT implementation is a new tax system in UAE, it is widely accepted in different parts of the world. It is to note that more than 150 countries are already following the value added tax system. AGX auditors believe the decision to implement VAT would cause exemplar shift in the business crescendos of the nation as well as the region. Similar to most of the countries across the world, businesses in the Gulf region also will now have to adhere to stringent VAT regulatory and statutory compliances and report the same on a periodic basis.
The Value Added Tax (VAT) is expected to be introduced at a rate 5% in all GCC countries in 2018, which will have a broad impact on businesses.The introduction of VAT will result in increased administrative and compliance burdens as well as additional costs. Accounting and other IT systems will also be required to be able to deal with the additional demands created by new VAT laws and regulations.we offer result-oriented VAT accounting in Ras al-Khaimah so as to provide full-fledged assistance to businesses looking to make a way out.