VAT

The Emirates have always been an end-stop for budding entrepreneurs as well as established firms. Apart from being titled as a tourist destination, it has also become a business destination, the main reason being UAE embraces tax-free business zones that turns out to be an eye-catching opportunity for foreign investors. When the concept of VAT was prevailing all around the world, tax in UAE still had no home due to free-zone option. Implementation of VAT enhances the brand value of a business entity in the eyes of law, and also turns out to be an additional source of revenue. This fact was realized by the GCC nations that drive their decision to enter into the VAT agreement. Let’s explore how this transformation took place among GCC countries.

Federal Tax Authority UAE

The accounting standards followed in UAE is defined by the Federal Tax Authority (FTA). The Ministry of Finance UAE have confirmed the implementation of VAT tax by 1st Jan 2018 and as stated it was implemented accordingly with a tax rate of 5%. Another reason for VAT implementation is to diversify the regional economies. FTA has taken several steps to initiate the UAE Tax registration process by 2017 for tax agents and to implement tax accounting software. To ease the process of registration to the next level, it came up with an e-service portal that was made available by Sep 2017 since the VAT launch was nearing.

UAE VAT Law

The decision of implementation of VAT in UAE 2018 was a bold step by the government. The UAE VAT news was booming all over the world and the belief system related to taxation in UAE took a new turn as along with the corporate tax there was an exemption even on the income tax in UAE according to UAE tax law. A lot of changes have been made in the framework that includes changes in the VAT, Excise tax, FTA, FTA Procedures. UAE VAT 2018 bought an unexpected change for both business entities and government. Let's have a look at them:

Benefits of Availing VAT Services

Any business prevailing in UAE, irrespective of their nature or size, needs to undergo the process of maintaining UAE VAT tax. The benefits of this include:

  • It opens a new stream for revenue generation
  • It enhances business goodwill as it gets noticed
  • The wealth picture of a business gets depicted
  • A broad spectrum of investment opportunities gets displayed

In short, you have got an idea about VAT and why it is implemented in every part of the world. The United Arab Emirates is a global platform for numerous businesses and it's the best way to give international wings to your business. Want to avail VAT services for your business? Well, the answer to your question lies below:

JAXA | Our Strengths

At JAXA, we understand that dealing with tax and vat is a tedious process. Our main motive is to ease the process and make it hassle-free for you to understand and implement at a later stage. We understand client business, nurture the corporate bond and maintain a working style that includes:

  • Best tax practices according to international tax standards
  • Implementation of international tax structure
  • A team of highly experienced professionals
  • Quick delivery of business projects
  • No compromise on the quality of service delivered
  • Tailor-made solutions based on business needs

Our Offerings

JAXA, since its inception, has been dealing in the field of accounting and taxation services, delivering all over the world. We are a tax consultant with a team of tax experts that acts as a tax advisor, builds the taxation framework for your business according to the international taxation structure. At JAXA, we offer a wide range of tax services, including:

  • Online income tax filing
  • Tax compliance services
  • Excise tax registration
  • Audit services
  • Wealth management

Other Services

VAT Consultancy Services

VAT is a mandated consumption tax on goods and services in over 160 countries.

VAT Implementation

VAT is an indirect tax levied on the consumer, introduced in the UAE since 2018.

VAT Accounting Services

VAT accounting deals with filing the tax and claiming returns on it.

VAT Registration Service

Registering for VAT is recommended for companies operating in the UAE.

VAT Return Filing

It helps for businesses in the UAE to be aware of VAT filing terms and processes.