Prime Services Dubai - VAT Agency In Dubai

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Do's and Don'ts of VAT Return Filing in Dubai, UAE

August 08, 2023

In the dynamic landscape of business and taxation, Value Added Tax (VAT) is a significant player, and Dubai, as a bustling economic hub, is no exception. As VAT becomes an integral part of the financial ecosystem, understanding the nuances of VAT return filing is paramount for businesses operating in the United Arab Emirates (UAE). In this comprehensive guide, we will delve into the essential do's and don'ts of VAT return filing in Dubai, ensuring a smooth journey toward compliance. Understanding VAT Return Filing Value Added Tax (VAT) is a consumption-based tax levied on the supply of goods and services. For businesses registered as VAT taxpayers in the UAE, the process of VAT return filing is pivotal. It involves reporting the VAT liability to the Federal Tax Authority (FTA). VAT return filing occurs on a quarterly basis, with the deadline set on the 28th day of the month following the end of each tax period. The Do's: Ensuring Compliance and Efficiency File Timely an

Common VAT issues faced by businesses and how to address them

April 21, 2023

Value Added Tax (VAT) is a tax on the value added to a product or service at each stage of production or distribution. It is an indirect tax that is levied on the end consumer, but businesses are responsible for collecting and remitting VAT to the government. VAT is a complex tax, and businesses often face various issues when it comes to complying with VAT regulations. Vat solution In this article, we will discuss some of the common VAT issues faced by businesses and how they can address them. We will also touch upon the VAT consulting services offered by BSD Prime, a leading VAT consultant. Issue 1: Incorrect VAT Rates One of the common issues businesses face is the application of incorrect VAT rates. Each product or service has a specific VAT rate, and businesses need to ensure that they are charging the correct rate. Applying the wrong VAT rate can lead to underpayment or overpayment of VAT. In some cases, businesses may even face penalties for non-compliance. Solution: To avoid

What You Need to Know : UAE Corporate Tax

February 01, 2023

The United Arab Emirates is known for its progressive policies and supportive business environment, making it a prime destination for entrepreneurs looking to establish their business. However, navigating the corporate tax landscape in the UAE can be confusing and time-consuming, especially for new business owners. In this article, we will discuss the basics of corporate tax in the UAE and what business owners need to know to ensure compliance. Corporate Tax UAE Corporate tax refers to the tax levied on the profits of companies operating in the UAE. Unlike some other countries, the UAE does not impose a federal corporate tax on companies. Instead, corporate tax is levied by the individual emirates, with the exception of Dubai and the UAE’s free zones, which do not impose the corporate tax. While the lack of federal corporate tax in the UAE is a major advantage for businesses, it is important to note that some emirates may impose other taxes, such as fees or charges, that are designed

How you can take control of your tax compliance and avoid penalties in UAE

January 27, 2023

Value-Added Tax (VAT) is a consumption tax that is imposed on goods and services in the United Arab Emirates (UAE). Businesses operating in the UAE are required to register for VAT if their taxable supplies and imports exceed a certain threshold. However, with the implementation of VAT comes the responsibility of ensuring timely compliance with VAT filing and payment obligations. Late filing penalties and fines for VAT non-compliance can have a significant impact on a business's bottom line. In this blog post, we will explore the VAT late payment penalties and fines in the UAE , as well as potential solutions for avoiding them. VAT Late Filing Penalties Under UAE VAT laws, businesses are required to file their VAT returns on a regular basis. These returns must be filed electronically through the Federal Tax Authority's (FTA) e-Services portal. If a business fails to file their VAT return on time, they may be subject to late filing penalties. The penalties for late filing of

Guide to select right vat consultants in dubai

December 05, 2022

When you are looking for a VAT Consultant in Dubai, UAE, there are many things that you need to keep in mind. It is important that you know what type of services they offer and how their services can help your business grow.’ When it comes to the tax system, VAT is an important part of it. It is comprehensive material that takes a lot of time to understand as well as implement. For a successful implementation, you need to make sure that you have the right professional who can help you with this work. If you are looking to start a business in Dubai, then it is important that you hire the services of a VAT consultant. A VAT consultant will help you with the various aspects of your business and also deal with the tax issues that come along with them. When it comes to your business income and expenses, there are many things that influence how much money will be coming in or going out of your company each month. This can include things like sales tax rates for different countries or even c

Best Auditing – The Authorized Auditing Firm in Dubai, UAE

November 25, 2022

When it comes to choosing a VAT consultant for auditing in Dubai, there are a few key points to keep in mind. First and foremost, you want to make sure that the consultant you choose is experienced and knowledgeable in VAT law. Additionally, it is important to find a consultant who is familiar with the specific VAT rules and regulations of Dubai. Another key factor to consider when choosing a VAT consultant is their fees. Be sure to compare the fees of various consultants before making a decision. You should also inquire about any additional charges that may be associated with the services. Finally, it is always wise to get references from other businesses that have used the services of the VAT consultant you are considering. This will give you an idea of the quality of service you can expect to receive. By following these tips, you can be sure to find the best VAT audit services in Dubai for your business needs. How to get vat audit service? BSD Prime Service is a leading vat firm i

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