AUDITING SERVICE
Accounting and Bookkeeping Services in Dubai
According to the UAE government, all enterprises in the UAE are required to keep proper and regular
books of accounts. All of the company's financial transactions must be recorded in a systematic and
complete manner.
Accounting and accounting assist in recording and maintaining the company's day-to-day financial
activities. Accounting and bookkeeping help corporate management comprehend and track the flow of
money before making any financial decisions.
With the use of systematic accounting and bookkeeping, detailed and precise financial documentation
like as profit and loss statements, balance sheets, and trial balances may be generated.
The UAE government requires companies to keep their books and accounts for a minimum of five years.
Most organizations in the UAE hire accounting firms in Dubai to meet regulatory obligations while
remaining focused on their company objectives and ambitions.
At O2 Group we can assist you with your accounting and bookkeeping needs in Dubai through our
experienced partners with
extensive expertise in the UAE and in-depth understanding of accounting and bookkeeping across
numerous sectors
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VAT Registration in UAE
VAT (Value Added Tax) is an indirect tax on most goods and services that is initially charged at a
very low
rate of 5%. Despite the fact that the UAE government has exempted food, education, and healthcare
services from VAT, citizens' living costs may rise somewhat. It should be underlined, however, that
VAT
will not put a strain on people's finances and will allow high living standards to not only stay
high, but to
increase.
The Federal Tax Authority requires a company in the UAE to register for VAT if its taxable supply
and
imports exceed AED 375,000. According to the FTA, all businesses must record their financial
transactions, and the criteria for VAT registration have been eased.
VAT Registration Process
The VAT registration service in the UAE is available 24 hours a day, seven days a week via the FTA's website. Companies should go to www.tax.gov.ae, pick the e-Services portal, sign up, and create an account. After the email has been verified, the user may log in and register the business.
VAT Registration Requirement
There are a few documents that must be submitted while registering for VAT in the UAE. When it comes to registration, the type of organization is important. The following documents are required for a businessman filing for a VAT certificate as an individual:
- Copy of the applicant's residency permit
- Copy of the applicant's passport
- Application letter with an authorized signatory
- Copy of the applicant's trading License
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VAT Return Filing
VAT accounting is new to firms in the UAE because VAT was just recently adopted. A VAT-registered firm in the UAE that fails to retain and submit VAT records will be fined Dhs 10,000. Repeat infractions will result in a Dhs 50,000 fine. Our tax agents in UAE provide VAT Accounting to protect firms from tax evasion and fines. We provide bookkeeping services as part of VAT accounting throughout the UAE.
VAT Accounting
VAT accounting is new to firms in the UAE because VAT was just recently adopted. A VAT-registered firm in the UAE that fails to retain and submit VAT records will be fined Dhs 10,000. Repeat infractions will result in a Dhs 50,000 fine. Our tax agents in UAE provide VAT Accounting to protect firms from tax evasion and fines. We provide bookkeeping services as part of VAT accounting in Dubai, Sharjah, and throughout the UAE.
VAT Reclaims
VAT return filing is required for all VAT-registered enterprises in the UAE, and they must provide information on input and output VAT during the tax period. The output VAT is collected on sales, whereas input VAT is paid to a business's supplier. If the output VAT exceeds the input VAT, the difference must be paid to the Federal Tax Authority by the VAT-registered entity.
De-registration or Cancellation of VAT
VAT deregistration is required under UAE VAT rules when taxable firms cease to exist or cease to make taxable supplies. Deregistration of VAT in the UAE entails deactivating VAT registration and canceling a company’s tax registration number (TRN). If a firm ceases operations, the FTA may cancel the VAT registration UAE if it is satisfied with the reason(s) offered