VAT Implementation in Sharjah, UAE
VAT support services in the UAE unanimously work as the most crucial step in improving the overall economic sector. VAT or Value-added-tax is the common and most relevant type of consumption taxation implemented in more than 150 countries across the globe. UAE is among the recent addition to this growing list.
VAT implementation in Sharjah allows businesses to carefully and periodically document their annual income costs and the respective charges associated with them. VAT is a tax charged at each stage of the supply chain and the end consumer generally bears the entire added costs. The businesses collect VAT by acting as tax collectors on behalf of the government.
VAT Support and Implementation in Sharjah Overview
- VAT was first introduced in the UAE on the 1st of January 2018 with a standardized rate of 5%. The UAE and the Federal Emirates governments are known to provide their citizens and residents with various different public amenities and services. It ensures a continuous provision of high-quality public amenities, infrastructure, and services that are well maintained for the future.
- Businesses need mandatory VAT registration if the taxable supplies exceed a threshold of AED 375,000. Furthermore, all businesses can ideally register voluntarily if their threshold of AED 187,500.
- At Financial Cube we have skilled and highly qualified tax advisors helping businesses set up a perfect VAT system integration. Whether it’s any type of service based or any trade industry, we provide the best solutions in VAT implementation across pan UAE.
Benefits of VAT implementation in Sharjah
VAT implementation in Sharjah allows businesses to upkeep and record their financial transactions ensuring that their accounts are accurately balanced and up-to-date. Businesses with a minimum annual turnover over the permissible threshold are required to legally register for VAT.
Backed a team of expert accounting professionals, we at Financial Cube manage all your financial records and keep it up-to-date digitally.