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27 April, 2022

What to Look for While Choosing VAT Consultants in UAE?

UAE, Dubai is always in the process of manifesting greater economic strength, maintaining a solid foundation, and being at the top of the ladder. The UAE Government implements framework, and policies periodically that can boost economic health.

One such effort or implementation is VAT (Value Added Tax).

In our earlier blog column we highlighted the importance of Dubai VAT consultants. Our experience shows that for business owners, VAT consultancy services in UAE can help in smooth functioning of business without paying any penalties or making any mistakes.

Value Added Tax was introduced by the Government of UAE in 2018 and implemented in the Gulf Cooperation Council (GCC). It is an indirect tax levied on the supply of goods and services which has a clear vision to increase government revenue, aiming for a strong economy and helping businesses to increase their efficiency.

The general VAT rate is 5% and is mandatory for a business whose turnover exceeds AED 375,000 and optional for a business whose turnover exceeds AED 187,500.

Business owners and investors are becoming more and more aware of this concept to understand its benefits for their business. But you might suffocate in the process of doing it all alone, understanding the core, and much more.

At this time, we all need professionals’ and experts’ assistance and guidance. And much to your surprise there are multiple consultants in the best VAT consultancy Dubai investing their time and energy in your business growth.

But knowing what kind of VAT consultants is best for you is important to make better decisions.

Let’s mark some highlights on what to look for while choosing consultants from leading VAT consultancy Dubai, UAE.

Industry Experience – It’s important to trust experts with years of experience and supremacy in handling taxes, accounting, and much more.

VAT consultants who are major market players backed by huge industry experience should be preferred among all. Because business cannot be risked and it is required to take better and more effective decisions.

Proper Knowledge of Tax Laws – It might be complicated for you to understand the VAT affairs in the industry, Dubai VAT consultants can be of great help in this scenario. You should hunt out for VAT consultants which have proper knowledge about taxation, are equipped to deliver the right advice, and assist your business with dealing with taxation.

This will ensure that your business is backed up by knowledge, skills, and professionalism and there will be fewer chances of errors. It is also important to maintain a healthy position in the market since any issues related to tax which defame your services, and goods.

Proper Knowledge of TAX Laws

Fig: Proper Knowledge of TAX Laws

Scope of their Services – Before choosing the right VAT consultants in UAE, one must look out for their scope of services. The VAT consultancy Dubai perform various tasks such as VAT return filing, retrieving any VAT paid on goods or services, sustaining business statements, and other VAT-related charges.

The businesses must ensure that VAT consultants in Dubai are willing to perform these tasks with proper skills, expertise, and knowledge. This is in benefit to your business as your business will receive the right guidance, support, and expertise to run smoothly under the Governmental implementations, and frameworks.

Your Personal Requirements – This is again an important point to understand your requirements and needs rather than buzzing around the names. Take your time to understand your company requirements, and carefully look for VAT consultancy Dubai who can fulfill the same.

Choose Consultants who understand your personal requirements

Fig: Choose Consultants who understand your personal requirements

Verification of Credentials –This important highlight might not click with you if you’re new to the business world but it’s like a stepping stone. There are various VAT consultants in UAE, and you can’t blindly trust anyone based on whatever they show on the front line.

You must verify their credentials, check with some of their prior clients, and carefully check on their experience, and expertise. Just make sure you’ve not fooled around in the big streams of VAT consultants, better to verify precisely to choose the best and worthy VAT consultants.

If you’re in the middle of opting for VAT consultancy services in Dubai, then we would like to suggest a name. The Corporate Group delivers competitive Accounting, Bookkeeping, and VAT services with its experienced professionals. They might complete your search of choosing the best VAT consultants.

Frequently Asked Questions

What is the importance of VAT consultants in UAE?

VAT helps in modernizing the indirect tax system, to make it more efficient, appropriate and simpler. It is a final consumption tax levied on value added on a good or service, at each and every stage of the production and distribution chain.

What are the three types of VAT?

It includes standard-rated, zero-rated and exempt supplies.

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