It is that time of the year when vacations are all but close. The x-mas, the winter vacations and all sorts of fun and entertainment are all set to head your way. However, somewhere in an office, a person is busy calculating the taxes and removing any possibilities of miscalculations. You may be wondering who that person may be and what is he doing sitting late in the office? The answer lies in the word Value Added Tax, and the person may well be freshly hired VAT tax consultant in Dubai. In UAE, the demand of VAT consultants is on the rise and the reason is obvious – the upcoming VAT taxation that is about to be imposed in the country. It is normal to have misconceptions about new form of tax. However, the sooner you understand about the fundamentals of VAT tax the better it will be for your company.
Many companies assume things in this regard and end up faltering right before when the tax is due. The enforcement of VAT is a gross term, but once the enforcement will impact your accounts as well as the price of your product. It makes sense to keep these changes in mind and let the customer know about these beforehand. Always keep the possibilities of change in price or you might end up lose the trust of the customer. When that happens, you might find yourself wondering about what and where you went wrong, but it is too late by then. Here is more on why understanding the VAT is important for you as well as customers:
VAT Consultant Holds The Key
The first thing to know about VAT is that it is different from other forms of tax. Doing business in the UAE might take time for you to understand how this type of tax goes, but just because you don’t know much about it doesn’t mean you shouldn’t ask those who are in the know. Gain as much information about the tax as you can. Develop an understanding about VAT taxation. know when you need to hire the VAT consultants and how to register your business to the program. Also pay attention to the fee structure you might need to pay to the consultant. Doing so will help understand the difference between expenses you will incur on hiring the consultant.
Try this and you will surely eliminate any confusion in understanding the VAT process.