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A Proper Bookkeeping System Is Now Inevitable For the Companies In UAE
Introduction of VAT is becoming a bigger focus for companies in UAE as they try to adapt for it. Preparing for VAT is advisable due to many reasons like operational effectiveness, adhering to compliance’s, financial penalties associated due to non-compliance, managing of cash-flow, risk to goodwill etc. VAT will be applicable to almost all goods and services except for a few exempted one. A proper bookkeeping system is now inevitable for the companies in UAE as one of the feature of VAT is its self-assessment nature which means, every VAT registered business must record, assess and report its VAT obligations, in accordance with the law, to the tax authorities. The basic requirements of VAT include;
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VAT Registration whether mandatory or voluntary Filing of periodic VAT returns with the tax authorities (either monthly or quarterly) Remitting any VAT payable by a specific date Record Keeping of all business transactions
