On 1st January 2018, Value Added Tax (VAT) will be compulsory in the United Arab Emirates. You will need to manage and maintain accurate financial records to avoid unnecessary manual work or penalties for non-compliance. Many organisations will need to implement new technologies to enable them to comply with VAT regulations. Companies and individuals submitting late, incomplete or incorrect filings under the final value-added tax (VAT) regulations will face penalties and other hefty fines, according to legal experts. The final VAT regulations announced last month helped clear the air for investors and companies in dubai.
Set to be introduced across the Gulf countries, VAT has been set at five per cent on a host of products, but certain segments have been exempted, such as basic consumer goods, healthcare and education, among others. Go through AGX auditors to get more information about VAT and can not only help your business and projects run more efficiently, but prepare your business for VAT compliance in dubai.
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