- January 21, 2018
- Posted by: VatMan
- Category: Blog
Today marks three weeks since Value-Added Tax (VAT) was officially implemented in the UAE on 1 January 2018. Since then, businesses in the Emirates have faced the new tax law with varying levels of preparedness, based on when they began readying their accounting processes for VAT compliance.
For people who missed the boat on early preparation or even initiated the process only this morning, there are three fundamental things that every company should be doing now:
1 Issuing VAT Compliant Invoices
2 Ensuring the Correct Recording of VAT on Every Transaction
3 Filing a VAT Return on Time
VAT law can be a very nuanced and complex matter, especially in early days. Ensuring that your company is carrying out the three tasks outlined above is the first step to getting your business on the right track and achieving VAT compliance, as stipulated by the laws and regulations.
With first return dates coming up at the end of January for some companies in the UAE, now is the time to act. Contacting a VAT Specialist to verify that your company is VAT compliant, or on the right track to becoming compliant, is imperative in order to avoid or reduce fines by the Federal Tax Authority (FTA).
“By failing to prepare, you are preparing to fail.”
– Benjamin Franklin
Written by: Azeem Zafar, founder and CEO of VatMan Gulf Limited.
VatMan Gulf is the first choice for businesses requiring VAT specialist services in UAE and the rest of the GCC. We provide the best client experience and deliver value for money. VMG’s mission is to provide a VAT focused service; thus differentiating itself from the majority of firms in the region that take a very general accounting approach. At VatMan Gulf we stay well versed on VAT law developments, providing a comprehensive service that includes, but is not limited to, imparting VAT knowledge, implementing training procedures and ensuring VAT compliance on a continual basis.