Introduction of VAT in the UAE on January 1, 2018, marked a significant change in the business landscape, with a standard rate of 5%. At PrimeFour, we recognize the impact of VAT on businesses and aim to simplify the process for entrepreneurs, SMEs, and various business classes. Our VAT consultancy services in Dubai are tailored to meet the unique needs of our clients, ensuring compliance, and minimizing the complexities associated with transactions.
VAT Training:
PrimeFour offers customized and tailored training services on VAT laws and regulations. Our experienced tax experts simplify VAT procedures, making it easy for individuals and corporate clients to understand and navigate.
Why Choose PrimeFour Consulting for Your VAT Needs in UAE?
At PrimeFour Consulting, we stand out as your top choice for VAT services in the UAE, offering a unique approach that caters to businesses of all sizes, from SMEs to entrepreneurs. Here's why you should partner with us:
Choose PrimeFour Consulting for a partner that not only understands the language of VAT but also speaks the language of your business. We are here to simplify the complexities, allowing you to focus on what matters most – the success of your business.
Tax Planning:
The PrimeFour Approach:
Appeals and assessments:
Local Reconsideration Appeals:
Tax Dispute Resolution:
The UAE introduced VAT to diversify income sources and maintain the high standard of public services. It is a 5% tax applied to most goods and services
Let us say a mobile phone is manufactured and sold through various stages—manufacturer to wholesaler to retailer, and finally to the consumer. At each step, a 5% VAT is applied, and businesses can claim a refund on the VAT they have paid on their purchases.
The standard VAT rate is 5%, but there are categories like zero-rated (0% VAT), exempt (no VAT), and deemed supplies.
Businesses must register for VAT if their taxable supplies exceed AED 375,000 per year or voluntarily if it exceeds AED 187,500.
Standard-rated supplies: 5% VAT Zero-rated supplies: 0% VAT, but businesses can claim input tax. Exempt supplies: No VAT, and input tax cannot be claimed. Deemed supplies: Subject to VAT but not standard supplies. Out-of-scope supplies: Not covered by VAT.
Input tax is the VAT paid on purchases. Businesses can claim this amount back by keeping proper records of invoices and import documents.
All businesses must maintain records like balance sheets, profit and loss statements, payroll records, and more for five years.
Registered businesses need to submit quarterly VAT returns and pay their VAT liability to the government by the 28th day after the quarter ends.
Individuals may see a slight increase in the cost of living, depending on their spending habits. For businesses, they collect and pay VAT, and accurate record-keeping is crucial.
Penalties apply for offenses like not displaying price lists, failing to issue proper documents, and tax evasion. Penalties range from AED 2,500 to 300% of the evaded tax.