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VAT Accounting Services

Streamline UAE Accounting in UAE with GreenLine Attestation!

If you are starting your VAT financial excellence journey in UAE, allow GreenLine Attestation services to be your guiding hand. We are your reliable financial consultants in the UAE for specialized Accounting services, making the VAT complexities easier. You can rely on our excellent VAT consultants to get the best experience in VAT Accounting Services in the UAE.

VAT Accounting Services in UAE

In the UAE, Value Added Tax or VAT is an indirect tax imposed on certain supplies and services that is charged and calculated on the value of products or services. Because UAE Accounting requires thorough documentation, specific recording, and analysis, outsourcing your VAT services to a reputable VAT service provider is important to make everything seamless. For VAT Accounting Services in the UAE, GreenLine is one of the most ideal names for various businesses across the country. GreenLine VAT Accounting Services in the UAE are bespoken to assist your businesses record and maintaining their VAT activities and approaches as per the UAE VAT regulation.

VAT Accounting

VAT Accounting is a procedure associated with the VAT section of a business concern. It is essential for each taxable individual to hold a book of records under UAE Tax Regulation, and requires specific documentation. Right documentation helps to recognize the consumption tax that you need to pay on time and helps to reduce the tax burden. It is obligatory to maintain VAT records in the UAE.
GreenLine provides exceptional VAT consultancy services in UAE with all the necessary activities, which you need to manage for VAT Accounting together with VAT data, evaluation of tax reports, UAE documentation, tax calculation and filing, and many others in a completely seamless manner.

Types of VAT

There are two types of VAT in the UAE:

  • 1. Input VAT
  • The Input VAT is applicable on products on purchase or services when offered. The VAT amount will be deducted from your settlement if you are a registered buyer with the FTA.

  • 2. Output VAT
  • The output VAT applies to the sale of products and services and is calculated directly.

VAT Rate in the UAE

VAT in UAE is chargeable based on the following rates on specific categories:

  • Standard Categories
  • The Standard Rate of 5% VAT is applicable on Automobiles, electronic items, fuel, jewelry, entertainment services, food & beverage, apparel, cosmetics, commercial leasing, restaurants & hotels, construction, etc.

  • Zero Categories
  • A Zero VAT rate is applicable on the export of goods or services, certain education services, international transportation of goods and passengers, supply or import of investment precious metals with 99% purity and more, supply of certain means of transport, residential buildings, buildings used by charities, and certain healthcare services.

  • Exempted Categories
  • Financial services, bare land, certain residential buildings, and local passenger transportation are exempted from VAT charges.

Documents for VAT Accounting

Businesses need to submit the following documents for VAT Accounting in UAE:

  • Accounts of all products, imports of goods, and services
  • Invoices
  • Purchase Records
  • Expense Receipts
  • Bank Statements
  • Import and Export Documents

Advantages of VAT Accounting in the UAE

  • Enhances Financial Clarity
  • Improves Business Insights
  • Prevents Penalties
  • Ensures Regulatory Compliance
  • Facilitates Informed Decisions

Necessities of VAT Accounting

VAT Accounting needs the right accounting technique to make the process correct and error-free. Systematic and competent Accounting services are necessary to fulfill the VAT requirements in compliance with the UAE law.

  • Mandatory requirement - For every taxable business registered with the FTA, proper VAT Accounting is mandatory.
  • Ensures Easy Tax Returns - VAT Accounting makes Tax Return Filing easy as it ensures the access of all the essential documents relating to tax filing in one place.
  • Helps the Expansion to be Flexible – VAT Accounting helps the management to set the budget if it wants to expand the business, as it provides the estimate for payable taxes.
  • Serves as a Checklist - VAT Accounting serves as a checklist for the business and the FTA authorities to check whether all the tax-related documents are submitted or not, as it includes the names of the supplies.
  • Reduces the Tax Audit Burden – Correct accounting and financial statements help maintain all the data of the business transactions and also help businesses from future tax audits or inspections without burden.
  • Creates Awareness with New VAT-Related Schemes - VAT Accounting often creates awareness among businesses about how to get benefits from the authorities ever so often.
  • Enhances the National Revenue Growth – The VAT Accounting procedure calculates and registers the total amount of payable Taxes of business. The proper tax filing will surely increase the national growth.
  • Decreases the Risk of Penalties - VAT Accounting ensures that the business is complying with all the rules and regulations set by the FTA authority in the UAE. Correct tracking and payment reduce the risks of administrative penalties by the authorities.

Penalties for Not Complying with ESR

  • Inaccurate Records
  • First-time Offense: AED 10,000
    Repetitive Offenses: AED 50,000 or more

  • Failure to provide Arabic Records
  • A fine of AED 20,000 (if fail to provide Arabic records upon FTA request)

  • Missing Tax Invoice
  • AED 5,000 penalty for not submitting a Tax invoice
    Inaccurate accounting can lead to potential financial harm, hence; avoid severe financial consequences for seamless VAT Accounting in the UAE.

GreenLine - The Best VAT Accounting Experts in the UAE!

Hire expert VAT accountants in UAE for accurate accounting and compliance. Our VAT accounting consultants are experts in VAT accounting services on behalf of the companies, making your VAT Accounting processes accountable, easy, and cost-effective. We can take care of your VAT Accounting to save you from dealing with any penalties and fines on your company.
We provide-

  • VAT Registration & Tax Filing
  • VAT Planning Assistance
  • Book-Keeping Maintenance
  • Balance-Sheet Maintenance
  • Profit & Loss Account Maintenance
  • Training on UAE VAT Laws
  • Interpretation and Classification Tax Groups
  • Accurate and Quick Tax Filing
  • Updates on FTA's New Laws and Rules
  • Advice on Financial and Legal Issues
  • Advice on VAT Rates

We are handling the UAE VAT Accounting process for various businesses in the UAE. Our professionals are skillful in examining the nature of the businesses, dealing with VAT issues, and easily handling them. We provide excellent VAT Consultancy, Auditing Services, Accounting & Bookkeeping Services, VAT Return Filing, VAT Registration & Deregistration, and VAT Refund services to individuals as well as to the big corporates in the UAE.