“Require Assistance with Excise and VAT?”

Vat Consultancy Services In Dubai

Dubai’s tax system comprises two significant indirect taxes: Value Added Tax (VAT) and Excise Tax. These taxes have had a substantial impact on the economy of Dubai, generating additional revenue for the government and encouraging businesses to become more tax compliant. If you need any help regarding both, VAT Consultancy Services in Dubai, like RBS Auditing, can assist you with the same! 

Vat Consultancy Services In Dubai
Vat Consultancy Services In Dubai

VAT was introduced in 2018 and is imposed on the supply of commodities and services at a standard rate of 5%. On the other hand, Excise Tax is a tax on specific goods considered harmful to human health or the environment, such as tobacco, sugary drinks, and energy drinks. Therefore, the rate of Excise Tax varies depending on the product type. 

 

How can RBS Auditing Help You as VAT Consultancy Services in Dubai?

 

RBS Auditing is a well-established auditing and consultancy firm in Dubai providing various services to businesses across multiple industries. One of the critical areas of expertise is VAT consultancy services, which can immensely benefit companies operating in Dubai, given the complex VAT regulations and the constantly evolving tax landscape.

 

As a VAT consultancy service provider, RBS Auditing offers comprehensive support to businesses to ensure they comply with VAT regulations and help them manage their tax affairs more efficiently. 

 

Here are some ways in which RBS Auditing can help your business as a VAT consultancy service provider in Dubai:

 

  1. VAT registration: RBS Auditing can help businesses determine if they need to register for VAT and, if so, guide them through the registration process, ensuring all required documentation is submitted accurately and on time.

 

  1. VAT compliance: Once a business is registered for VAT, we can provide ongoing support to ensure they comply with all VAT regulations. It includes managing VAT returns, maintaining proper records, and advising on VAT-related matters such as invoicing and the VAT treatment of different transactions.

 

  1. VAT planning: We can help businesses develop an effective VAT planning strategy aligning with their business goals. It can include identifying opportunities to reduce VAT liabilities, managing cash flow, and optimizing VAT recovery.

 

  1. VAT audit: We can also conduct a VAT Review and audit to ensure that a business accurately reports and pays VAT, identifies potential risks or errors, and provides recommendations to mitigate them.

 

  1. VAT training: We can train businesses and their staff to ensure they understand the implications of VAT and are equipped to manage their VAT affairs effectively.

 

By engaging RBS Auditing as a VAT consultancy service provider, enterprises can avoid costly mistakes, minimize their tax liabilities, and improve their overall tax efficiency. So, if you’re a company searching for VAT & Excise Consultants in Dubai, contact us today! 

VAT & Excise Consultants in Dubai

 VAT & Excise Consultants in Dubai

VAT is a type of consumption tax that is levied when a commodity is valued. It is a tax that is levied on goods and services bought by corporations and individuals. RBS Auditing can serve you and provide you with the best service at a fair price for VAT & Excise Consultants in Dubai.

VAT & Excise Advisory in UAE has been helping businesses to comply with the UAE’s VAT laws ever since the introduction of VAT in Dubai. Federal Tax Authority (FTA) is responsible for tax collection. The Federal Tax Authority (FTA) provides all the legislation including explanations and recommendations to assist business firms.

Vat & Excise Advisory In UAE
Vat & Excise Advisory In UAE

Tax experts help business owners plan effectively for taxes, which allows them to manage their working capital and better control their tax outflow. VAT consultants can help businesses with VAT Advisory services and VAT Compliance services.

Vat & Excise Consulting In UAE

RBS Auditing employs a dedicated team of tax professionals that are experienced and up-to-date with the latest law changes that have an impact on clients’ taxable areas. Every update from FTA is discussed and reviewed within the team. The analysis is then done to determine the impact of tax law amendments and is communicated to clients promptly.

Compliance with VAT and Excise consulting in UAE are critical functions that must be monitored daily for every type of transaction. This will ensure accurate recording in the books of accounts and timely reporting to FTA. To ensure compliance with VAT, organizations may choose to employ qualified staff.

Outsourcing VAT accounting in UAE is now the standard or the most common practice for companies. Many companies are unsure about outsourcing and whether it is a wise decision to make for their business. This is one of the most effective ways to get your business on the right track to success.

Our universal approach to tax issues ensures long-term success for corporations while using the most current techniques. Let’s take a look at what our services are as trusted VAT consultants in Dubai, UAE.

How do you file your VAT returns in the UAE?

We make filing VAT returns easy and seamless at RBS. We follow the Federal Tax Authority’s guidelines and assist taxpayers in dealing with online portal operations, final payments and seeking refunds. All this is done in compliance with UAE law.

According to their size, VAT-paying businesses are classified into different categories. To ensure total transparency between auditor and client, the FTA portal accepts VAT returns online only. The business must provide manually the sales, output VAT and input VAT values in the boxes provided by the FTA portal.

This form, also known as ‘VAT 201’, can be classified into seven sectors.

·      VAT Return Period

·      Taxable Person Details Net VAT Due

·      All other outputs and sales subject to VAT

·      All inputs and expenses are subject to VAT

·      Declaration and Authorized Signatory

·      Additional reporting requirements

The ‘VAT Voluntary disclosure Form 211’ is another form that can be found on the portal. It must be completed under certain conditions. To access their VAT Return, every business taxpayer must use their registered credentials.

The filing of VAT returns in the UAE requires a detailed summation of business transaction details. However, Purchase/Expenses, Sales and Input VAT can all be calculated separately. These separate totals must be verified to produce an accurate and error-free summary which can be used in the FTA-approved electronic VAT Return Form.

This blog isn’t meant to be a one-size-fits-all guide to filing your VAT Returns. A trusted and reliable Tax Consultant can help you ease the stress of the VAT Return process by providing a unique analysis specific to your business, which is crucial for accurate Tax Reporting as well as FTA compliance.

RBS Auditing, provide Certified VAT & Excise Consulting in UAE, takes the stress out of filing, compiling and submitting all papers. We also provide transparency in the VAT Return process. We are the UAE’s top Tax and Excise Agents and can guarantee high-quality service and customer support throughout and after the Tax Return Process.

 

 

Redetermination of penalties equal to 30% of the total unpaid penalties, pursuant to Cabinet Decision 49 of 2021 on the Administrative Penalties for Violation of Tax Laws in the UAE:

Tax Reduction in the Penalties

 

Redetermination of penalties equal to 30% of the total unpaid penalties

31 December 2021 is the due date to avail the benefit of the Tax Penalties Amnesty or Redetermination of penalties pursuant to Cabinet Decision 49 of 2021 (the Redetermination of penalties equal to 30% of the total unpaid penalties).

To benefit from the tax penalties amnesty or redetermination, all of the following conditions have to be met according to Article 3 of Cabinet Decision 49 of 2021 on the Administrative Penalties for Violation of Tax Laws in the UAE:

  1. Any of the administrative penalties set out in Cabinet Decision No. 40 of 2017 have been imposed on the person before the effective date of Cabinet Decision No. 49 of 2021 (i.e. before 28 June 2021);
  2. The person has not settled all the administrative penalties imposed on it as per Cabinet Decision No. 40 of 2017 in full before 28 June 2021
  3. The taxable person has undertaken all of the following:
  • Settled all payable tax, i.e. the registrant shall ensure that by 31 December 2021, no payable tax is still outstanding whether such tax was payable before or after 28 June 2021, and that all such amounts have been received by the FTA by 31 December 2021; and
  • Settled 30% of the total unsettled administrative penalties referenced above which were imposed before 28 June 2021, no later than 31 December 2021.
  • In order to avail the tax amnesty benefit, ensure that all of the above mentioned conditions are fulfilled.
  • All payable taxes is the tax payable (based on tax returns submitted and any adjustments due to voluntary disclosures or tax assessments) that is still outstanding whether such tax was payable before or after 28 June 2021.
  • 30% of the total unsettled administrative penalties refer to the administrative penalties imposed prior to 28 June 2021 pursuant to Cabinet Decision No. 40 of 2017.
  • All the payable taxes and 30% of the administrative penalties must be settled by 31 December 2021.
  • The amount to be settled as per Cabinet Decision No. (49) of 2021 may be viewed by logging into your E-services account and by clicking the option: “Click Here” to view the Amendment of Administrative Penalties imposed as per Cabinet Decision No. 49 of 2021.
  • Please ensure that the payment transfer(s) reflect on the FTA portal by 31 December 2021 and the payment receipts are available to substantiate the transfer.

HIRING THE REPUTABLE VAT & EXCISE CONSULTANTS IN DUBAI CORRECT THE TAX POLICIES

Vat Consultants
Vat & Excise Consultants In Dubai mainly classifies, assists and highly recommends to companies or individuals about the filing of taxes and returns. If you have a business, there are plenty of benefits to hiring one.

The Vat Consultancy Services In Dubai are all experts who can send the customer looking for the service to save more money while fulfilling all the terms and conditions done mandatory by the government. There are two main classifications of consultants based on their speciality — personal tax consultants and corporate tax consultants. Both types of consultants have lots of duties. Vat & Excise Consultants In Dubai The main aim of any consultant is to ensure that his client’s taxes are set aside to a least. A good consultant provides the correct guidance and essential information to result in highest savings while following all the formalities.

Also Read :- Audit Firms In UAE

Here are some of important benefits of hiring a tax consultant/Chartered Accountants in Dubai:

  • 1) The complicated and precise words of tax policies can be sensibly mystifying for a common person. A tax consultant is an expert in understanding the details of these systems and thus consultants make filing taxes in an easier way by simplifying the rules for a layman.
  • 2) Consultants experience extensive training to augment know-how in reading and interpreting official papers which make them knowledgeable professionals to deal with taxes.
  • 3) Consultants have endless knowledge and clear understanding of government and banking policies that let them to guide you in taking the precise investments.
  • 4) The information that it is not a key reason to be uninformed of the law can draw serious penalties if there is a small error in the filing of tax returns. Revenue Service can explore tax returns for flaws in lots of inventive ways ever before as a result it is only careful to hire a consultant that has a professional understanding of tax laws.