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Can’t find the time to read through the long and detailed rules of VAT in UAE?

Tired of reading complicated power point slides about VAT?

Finding all the workshops being held in the name of VAT to be a waste of time and money?

Not able to differentiate between VAT facts and rumors?

Here is where AGX Auditing comes in. Allow us to make VAT easy. We are (and will be) actively following on every update about VAT released (and to be released) and thus will be able to assist you on the working of VAT and your requirements in this regard. Also Allow us to explain the services AGX Auditing can provide in this regard.

Let us tackle this regulation and implement VAT into your business in the most hassle free manner.

Quick round up of updates:

    1. Registration for VAT is open. A business must register for VAT if their taxable supplies and imports exceed the mandatory registration threshold of AED 375,000. Furthermore, a business may choose to register for VAT voluntarily if their supplies and imports are less than the mandatory registration threshold, but exceed the voluntary registration threshold of AED 187,500.
      The link for registration is https://eservices.tax.gov.ae/en-us/signup
    2. VAT updates will be issued in https://www.mof.gov.ae/En/budget/Pages/VATQuestions.aspx
    3. The full operational aspects of VAT can be confirmed only after the Executive Regulations on the same is issued which is expected soon.
    4. Basic operation of VAT explained:

Your Company/Establishment bills a client for AED 10,000/-. The VAT rate is 5%. So you will have to bill the customer an amount of AED 10,500 /- which is inclusive of VAT of AED 500 (5% of 10,000). (This AED 500 is called Output VAT)For performing the above service, you incur a cost of of AED 4,000 /- from another Company or Establishment for which you will have to also pay additional VAT of 5% i.e AED 4,000 + AED 200 = AED 4,200/-. (This AED 200 is called Input VAT Credit)The difference of Output Vat and Input Credit (AED 500 minus AED 200 in the above example), AED 300, your company will have to pay to the Government.That’s it. VAT in a nutshell.

Get in touch with any of the team at AGX Auditing to learn more about VAT.