Regulated tax agents in Dubai are mediators that are responsible in meeting all tax-related obligations of businesses as their clients. This means hiring a regulated tax agent will allow your business’ tax obligations to be settled and met on time, including Value Added Tax (VAT), which was recently introduced in the UAE.
Seeking the experience and expertise of a VAT consultant is important for businesses, but also for individuals as VAT is applicable for the consumption of goods and services. Prior to making a decision on who to hire as your VAT consultant, you should know more regarding VAT.
What are VAT consultants in Dubai?
Regulated tax agents or VAT consultants are the experts that can be your representative with all tax-related matters. Acting as a guide, they are authorized in performing the VAT registration in UAE and/or filing VAT returns with the Federal Tax Authority (FTA). They can also check all related formalities and details that concern you personally or your business. Additionally, they can represent on your behalf with the FTA, as required.
VAT agents are required to possess the qualifications that are set by the FTA for authorization. This means when you’re hiring a certified, regulated tax agent in Dubai, you can rest assured that you are getting the assistance of an expert on all aspects that are related to taxation in the country. You will be able to benefit from a tax consultant’s expertise as the professional won’t just act as your guide in navigating complex tax laws, but the expert will also help you save both time and money with the elimination of the risk of acquiring penalties from violations.
VAT Registration in UAE for Businesses
As per the UAE legislation, businesses that have taxable supplies of more than Dh375,000 are mandated to undergo VAT registration. Being VAT-registered as a business polishes the business profile and make it capable of claiming VAT returns.
In the UAE, a VAT consultant may be hired to guide with the registration process, most especially if you want to ensure you do it properly or if you’re too busy in dealing with the complicated procedure of VAT registration yourself. A regulated tax agent can take care of the formalities associated with the process for you.
Registration for VAT allows businesses to obtain a certificate for VAT registration. The certificate is very important as it’s the proof of the business that it has been registered and recognized by the FTA. The certificate contains the details of the business, date of registration, and the tax registration number (TRN). The certificate, apart from being the legal proof, helps in preventing double taxation and for getting tax exemptions.
Why should I hire a VAT consultant in Dubai?
There are a couple of reasons why you should hire a VAT consultant, most especially if you are running a business in Dubai. Here are some of them:
- Changing tax policies – Dubai and the rest of UAE continues to undergo various reforms. VAT is a relatively new concept in the region. Businesses and individuals alike are still trying to figure out how to best approach the taxation. Also, most don’t have the expertise in undertaking changing processes and regulations related to VAT. Fortunately, a VAT consultant can ensure that you and your business can quickly adapt and comply with new laws. Yes, you don’t have to be always alert in gaining all new information released by authorities. More importantly, you don’t have to worry about getting fined or penalized from unknowingly committing violations!
- Useful insight and proper guidance – if you think you will be dealing with complicated VAT write-offs for your business, then you most definitely are in need of the expertise of a professional. A VAT consultant in Dubai can provide clients with useful insight and proper guidance in all attributes of VAT and tax exemptions. This is even more crucial if you are running an international business.
- Time efficiency – formalities related to VAT such as filing tax returns and registration among others are time-consuming. It would take hours just to carry out a single process. This will even be longer if you’re not knowledgeable about procedures or anything related to taxation. For business owners, there is no point in spending valuable time and resources in learning complex processes and dealing with them without the guidance of experts. There is a need for digging up, checking records and receipts prior to the filing of VAT returns. VAT processes can be a drain in both time and money if you’re not an expert. Fortunately, acquiring VAT consultancy services in Dubai will save you the trouble and let you focus on important aspects of growing your business to make it succeed in today’s competitive business landscape.
It is crucial for individuals and businesses to seek the help of VAT consultants. Call us today if you want to know more about regulated tax agents in Dubai.