VAT Advisory Services – Preparation for Companies

Preparation for Companies

  • Companies have to analysis the impact of Vat on their Businesses so that Tax Credit and Tax payable can be identified and paid;
  • Accounting software’s has to be upgraded in accordance with Vat law like Modification of invoices (tax amount should come in AED, tax invoice should be mentioned on the top of invoice);
  • Tax invoice should contain TRN No., date of sale, Emirates of Sale, Clear description, Quantity of goods, Amount of sale and tax amount in AED
  • Vat payable and Vat receivable account to be created in CL/CA;
  • Record keeping in respect of all business transactions is a must (tax invoices, Debit/Credit note, Import/Export reports, Record of goods and services provided for free or for private use, Zero rated or Vat Exempt supplies and purchases)

Get in touch with us at [email protected] or call us at +971 55 7397058