UAE logistics firms must prove VAT-compliance
Companies
operating in the UAE will need to prove their VAT compliance to tax officials, A
session was held to discuss the impact of VAT on business operations,
especially supply chain, working capital, commercial operations and IT systems
When a
tax official visits your company, he can ask for your records and it's the
responsibility of the retailer, wholesaler or any other company to prove that
their company's turnover is less than the mandatory threshold limit
In
addition, companies also need to show their records if the company is charging
the VAT from the client. Hence, maintaining records would become obligatory for
all the entities operating in the UAE
Those
companies which are not registered for VAT cannot charge the tax from the
customers
It's the
responsibility of the companies to prove that they are VAT-compliant in
according with the UAE laws as the tax officials from the Federal Tax authority
may visit the company to check records to ensure compliance with the new tax
regulations
The UAE
has announced that it will implement VAT from January 1, 2018, at 5 %. In
addition to the UAE, Saudi Arabia has also announced implementation of VAT as
part of an agreement between GCC states
If a
UAE-based supplier is exporting goods to any registered company in Saudi
Arabia, then the local exporter here in the UAE will not have to charge VAT on
the goods but the Saudi company will account using the Reverse Charge
Mechanism
Similarly,
it's vice-versa for Saudi and Emirati companies
VAT
Talks Chapter was hosted by Incospro and Katerpillar with AAC's to create a
networking session for businesses and entrepreneurs
A VAT
Masterclass is being held on September 26th at the Fairmont
Dubai from 9am to 1pm and will cover VAT from every angle, from the basics
right up to the more complex VAT rules
(Agenda
in detail (from the organisers
Introduction
to VAT
Introduction
to VAT
?How VAT
Works
?Who
Should register for VAT or who should't and why
Rules of
VAT
Different
categories of VAT rates
Compliance
of VAT
The VAT
Registration Process
Learn
the A-Z of VAT registration, which forms to fill in and how to complete them
correctly
The
accounting basis explained in detail - Make sure you’re accounting for VAT at
the correct basis, or you’ll put yourself at a disadvantage
Time of
supply rules - Find out when you should be paying and claiming VAT and how to
deal with pro-forma invoices
Standard-rated
supplies - Discover what items VAT is charged on so you don’t pay over too much
(or too little)
Deemed
supplies - Learn about the relevant deemed supplies in your business and how
they affect your output tax. Plus find out how and when to calculate that
output tax
Cash
Flow impact of VAT
Business
departments impacted by VAT
Sector
specific presentation
VATAudit - Here you’ll get all the info you need on how to deal with an audit.
It’s a practical session including completing the VAT return with the necessary
documents
Documents
and general Q+A - Bring your documents and ask questions on all those other little
things issues that bother you
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