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VAT is an indirect tax on goods. VAT is consumption-based tax and it imposed only on the amount of value addition.
It is a multi-point tax levied as a proportion of value addition, where the tax burden can be shifted from one person to another person until the ultimate consumer can consume the goods.
AP&T knows from experience that companies need assistance suitably for VAT implementation in UAE to comply with the UAE VAT law. They should develop a workable tax plan.
AP&T gives guidance about the methods of VAT in the UAE, business type and compliance problems on the UAE VAT Law. Teams will be appointed to train the employees from each department having an implication on VAT.
We study the influence of VAT on costing, profitability, working capital, and business. This evaluation brings improved understanding for the management. Alongside it streamlines the operations of the company by complying with the UAE VAT requirements.
The present accounting systems must be examined thoroughly. Besides, correct classification or grouping with a chart of accounts that suit the VAT regime is needed. Essential guidelines will be given to the accounts team for making the first VAT return to the Federal Tax Authority (FTA).
