For more information on how Gupta Accountants could assist you in getting your accounts audited in compliance with requirement in free zones in Dubai, contact us today.
For more information on how Gupta Accountants could assist you in getting your accounts audited for compliance, contact us today.
For more information on how Gupta Accountants could assist you for compliance audit for the free zone companies in Dubai, contact us today.
What is basis of VAT ?
Value-added taxation is based on a taxpayer's consumption of goods rather than his income. More than 160 countries around the world use value-added taxation. Its directly linked to the consumption of products on which VAT is applicable in the respective country.
What is implementation date of VAT in UAE ?
VAT is likely to be introduced across the UAE on January 1 2018.
What does a business need to do to prepare for VAT?
Concerned businesses will have time to prepare before VAT will come into effect. Businesses will need to meet requirements to fulfill their tax obligations. Businesses could start preparing themselves now so that they will be ready later. To fully comply with VAT, businesses might need to make changes to their core operations, their financial management and book-keeping, their technology, and also if needed even their human resource mix (e.g., accountants and tax advisers). It is essential that businesses try to understand the implications of VAT now and once the legislation is issued make every effort to align their business model to government reporting and compliance requirements.
Please note that UAE VAT law is currently being finalized and would be be published once approved. by the authorities in UAE. Currently the primary source of information regarding the UAE VAT Law is the Ministry of Finance website.
For more information on how Gupta Accountants could assist your business in making changes to the bookkeeping and accounting in compliance with expected VAT tax in UAE contact us today.
Free-trade zones in the United Arab Emirates are areas that have a special tax, customs and imports regime and are governed by their own framework of regulations (with the exception of UAE criminal law). The UAE has several free zones across Dubai, Abu Dhabi, Sharjah, Fujairah, Ajman, Ras al Khaimah and Um Al Qwain. Free zones may be broadly categorized as sea port free zones, airport free zones, and mainland free zones. Free-trade zone exemptions are:
Investors can either register a new company in the form of a Free Zone Establishment (FZE) or simply establish a branch or representative office of their existing or parent company based within the UAE or abroad. An FZE is a limited liability company governed by the rules and regulations of the Free Zone in which it is established. Except for acquiring nationality in the UAE, the provisions of the Commercial Companies Law (CCL) do not apply to FZEs, provided that the Free Zones have special provisions regulating such companies.
Ramesh Kumar Gupta is a young and dynamic Chartered Accountant and has 22 years of experience in assurance, accounting, audit and business management. He is a member of the Institute of Chartered Accountants of India (ICAI). He is the Managing Partner of Gupta Accountants an accounting and advisory firm in Dubai UAE