Value Added TAX (VAT)

The UAE implemented Value Added Tax (VAT) on January 1st, 2018.

The system operates at a conventional, 5% VAT rate. The system is founded on the destination principle, according to which VAT is imposed at import and on local supplies of goods and services while being zero percent for exports (zero-rated).

We at Al Rammahi Auditing of Accounts can help you follow all the necessary compliance requirements such as:

• Maintain accurate, thorough, and readable VAT books and records for a set amount of time, either on paper or electronically
• To generate VAT invoices for purchases and hold onto VAT invoices received from suppliers in order to be able to deduct VAT.
• To regularly calculate VAT liabilities and submit a VAT report (monthly or quarterly)
• Reporting all VAT on purchases and sales done during the period, including intra-GCC transactions, and figuring out the net VAT amount that needs to be paid or reimbursed