We take great pride in our Business setup and company formation services we provide and we make sure the accounting and VAT services are dealt through of professional staff who shall help you in providing the subsequent services that would be required by your company;
As a part of working for company formation, we make sure that your business if necessary is registered under VAT and that the prices of the products that would be traded will have adequate change required.
Whenever a business operates, claiming for VAT returns turns out to be a mandate. Realizing this, recently the GCC countries have entered into the agreement of implementing VAT and agreed to initiate the implementation by 1st Jan 2018 with a tax-rate levied at 5%. Being registered under the VAT law defines that your business is recognized by the government. Now, in order to ease the process, certain categorization has been made similar to that of an income-tax slab, there exists a VAT slab VAT payment. Let’s have a glance at it.
Maintaining VAT records is done for tracking up-to-date information regarding VAT filing and to avoid unnecessary tax payment. Any company registered under VAT Law shall maintain its book of records for a minimum period of 5 years. The core essentials of this book include:Sales and purchase invoiceDebit and credit notesImport and export notesAccounting booksZero-rated supplies and purchaseGoods issued for private use.
What is a Tax Registration Number (TRN) and How to Obtain It in Dubai or in the Rest of the UAE? Tax Registration Number, or TRN, is a 15-digit number allotted to business entities that complete the application process and register under the VAT law. It can be regarded as the identification number for the registration of VAT with Federal Tax Authority (FTA).
It has been considered as a mandated consumption tax on goods and services. At present, almost 160 countries have levied this concept in their country law and the increasing rate of VAT acceptance has resulted in a higher number of VAT Consultancies all across the globe. If your business hasn’t been registered for VAT services, this is the first crucial job that needs to get done. To know the reason behind the urgency, do continue reading.
A business entity in Dubai or the rest of UAE has to go through VAT registration process in the e-portal launched by FTA (www.tax.gov.ae). In order to obtain the TRN, the company has to submit the application along with the copy of essential documents like trade license, share certificates, MOA and AOA, Power of Attorney (if any), passport and Emirates ID of the shareholders and managers, customs registration documents, financial information such as revenue/turnover break-up for last 12 months, etc.
In order for the business to proceed smoothly, there should be strict records of the invoices and transactions gone through the company. The accounts must include all the taxation and legalities rightfully executed on time. And that being one of the incentives, we at Pro provide you with the fairest accounting and VAT services.