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VAT / TRN Registration

The UAE government implemented value added tax (VAT) in the country from January 1, 2018 at a standard rate of 5%, the Federal Tax Authority (FTA) is inviting applications for VAT registration. The purpose of VAT is to raise revenue to finance government spending like any other tax. VAT registration is the process of listing your business with the government as active in production and sales. Under the UAE VAT, it is mandatory for every business to describe a Tax registration number (TRN) in order to claim credits of taxes paid. The said TRN can be communicated by a business to its suppliers, vendors, and customers – so that when they raise an invoice, it is tagged with a TRN –allowing businesses to claim credits. Criteria for registering for VAT in UAE including : A business must register for VAT if its taxable supplies and imports exceed AED 375,000 per annum. It is optional for businesses whose supplies and imports exceed AED 187,500 per annum. A business house pays the government, the tax that it collects from its customers. At the same time, it receives a refund from the government on tax that it has paid to its suppliers. UAE VAT-registered businesses must:Charge the appropriate amount of VAT on their taxable goods/services through a tax invoice.Maintain business records to enable the government or auditor to check if things are in order.Report the VAT charged, and the VAT paid to the government, on a regular basis. Tax Registration Number(TRN)Under the UAE VAT Law, it is mandatory for every business to describe a Tax registration number (TRN) in order to claim credits of taxes paid. The said TRN can be communicated by a business to its suppliers, vendors, and customers – so that when they raise an invoice, it is tagged with a TRN – allowing businesses to claim credits.Businesses that registered before 4th December 2017 got their TRN to help achieve tax compliance ahead of VAT implementation on 1st January 2018, the FTA started to issue provisional TRNs to businesses that commenced registration after the 4th December deadline – so that there is no interruption in business.If you have been given provisional approval for VAT registration (as can be checked on one’s email communication), then you will not be able to access your VAT registration certificate at the moment. It will be available at a later date, once the review and verification of your registration details are completed by the FTA. You will receive a communication once your VAT registration certificate is available to you.TRN is a pre-requisite to VAT implementation in the UAE, and hence the issuance of provisional TRNs would go a long way in ensuring continuity of business. How to register for VAT in UAE?Value Added Tax (VAT) was introduced in the UAE on 1 January 2018. The rate of VAT is 5 per cent. VAT will provide the UAE with a new source of income which will be continued to be utilised to provide high-quality public services.VAT registration is the process of listing your business with the government as active in production and sales. After a business registers for VAT, it's able to reclaim any VAT paid on company purchases and becomes responsible for: Charging VAT on any goods or services sold (and charging the right amount!). Companies can register on the online portal of the FTA website. Businesses are required to set up an online account on the site and fill up the VAT registration form. For a detailed guide on how to go about VAT registration, you can go through the VAT Registration User Guide published by the FTA.Seeing as VAT would come into effect in the UAE from 1 January 2018, businesses operating there would need to carry out their VAT implementation plans. This includes systems for VAT filing or reclaiming, as may be applicable. This would have nominal to considerable impact on top lines and balance sheets, thus requiring companies to plan out appropriate financial, technical, compliance and training systems in order to be in accordance with the new regime.Looking for VAT registration for your business in UAE we can give a proper guideline for registering VAT for your company . Moreover, the VAT registration we provide to our customers flexible and cost-effective. These emerging services with the cost-effective measures are not easy to found. Our clients realize this and they come towards us to attain VAT registration  and Accounting services. Our services are comprised of various benefits along with the magnificent features that include dedicated accountants and VAT consultants in UAE For any queries on VAT or tax consultation for companies in the UAE,  VATBOX is one among a leading accounting and audit firm in UAE can help you with your accounting and VAT services. Do contact us.

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VAT related Reconsideration Application

VAT Dispute ManagementThe VAT planning and VAT dispute work we provide to our customers flexible and cost-effective. These emerging services with the cost-effective measures are not easy to found. Our clients realize this thing and that’s why they come towards us to attain VAT planning , VAT dispute  and accounting services. Our services are comprised of various benefits along with the magnificent features that include dedicated accountants and VAT consultants For any queries on VAT or tax consultation for companies in the UAE, VATBOX is a leading accounting and audit firm in UAE can help you with your accounting and VAT services. Do contact us.Any person can apply to FTA to reconsider any decision within 20 business days from notification of the decision. The applicant must provide reasons to appeal a decision. FTA will review the decision and issue a new one within 20 business days from receipt of the application and must inform the applicant within 5 business days of issuing the decision. Reconsideration FormThe first step in the process is to request the FTA to review itsdecision. The company must file the reconsideration form within 20 business days from the date of the original FTA decision was made. The FTA will also have to respond to the reconsideration application and provide a revised decision within 20 business days. Tax Disputes Resolution CommitteeIn case a taxable person is not satisfied with the revised decision, he can use his right to object to the Tax Disputes Resolution Committee.The application must be submitted in 20 business days from the revised decision of FTA. The Tax Disputes Resolution Committee then responds to the application within 20 business days.Federal Court LitigationIf the taxable person is not satisfied with the Tax Disputes Resolution Committee decision, then it has the right to appeal in the competentcourt. The court is where the decision remains unchallenged. The appeal has to be made within 20 business days after the Tax Disputes Resolution Committee decision is conveyed. In late 2018, the FTA announced that they will no longer entertain reconsideration applications in any language other than Arabic. Now,application for reconsideration and all supporting documents must be in Arabic. Moreover, all the liabilities towards FTA including unpaid Taxes or penalties must be settled before submitting a reconsideration form. Legal knowledge is critical in these applications so it is recommended for business owners to work with specialists or consultants to help you through the process. The VAT advisors at VAT BOX in dealing with the FTA regarding Reconsiderations and appeals. We can help you bridge the language barrier and file a reconsideration to the authority.Moreover, The Reconsideration Services we provide to our customers flexible and cost-effective. These emerging services with the cost-effective measures are not easy to found. Our clients realize it and  they come towards us to attain VAT filing  and accounting services. Our services are comprised of various benefits along with the magnificent features that include dedicated accountants and VAT consultants For any queries on VAT or tax consultation for companies in the UAE, VATBOX is a leading accounting and audit firm in UAE can help you with your accounting and VAT services. Do contact us.

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VAT Return Filing with FTA Portal

Value Added Tax (VAT) was introduced in the UAE on 1 January 2018. The rate of VAT is 5 %. VAT will provide the UAE with a new source of income which will be continued to be utilised to provide high-quality public services.The businesses are required to file VAT Return online using the Federal Tax Authority FTA portal We do VAT Filing as per FTA Standard.The purpose of value added tax (VAT)  is to raise revenue to finance government spending like any other tax. VAT is a consumption tax, raising revenue from consumers spending. VAT Returns Filing has to be done through online portal of the Federal Tax Authority (FTA) available under e-services. The form used for VAT return filing is called Form VAT 201. A taxable person is responsible to submit VAT return in the UAE in the prescribed format given by the FTA. Every taxable person is required to submit the VAT Return within 28 days from the end of each Tax period prescribed by the FTA. This must be in accordance with the provisions of the UAE VAT law. The taxable person is also liable to remit the amount of tax due to the FTA within the time frame specified by the UAE VAT Law; i.e within 28 days from the end of each tax period.What are the information to be provided in the VAT Return? A taxable person is responsible to submit VAT return in the UAE in the prescribed format given by the FTA.The VAT return discloses the Tax amount due (or refundable as the case may be) for a particular Tax Period. One has to disclose the total output tax payable as well as the input credit available against such Output separately. Excess of Output Tax over and above the Input Tax for a tax period is the amount of Tax Liability to be paid. The content of the VAT Return Form includes the following: Output Tax: Tax Liabilities under Standard Rated Supplies (5%) emirates wise. Tax Liabilities on goods imported through customs. Tax on goods imported on which tax liabilities are not created – if any. Tax liability on import of services. Tax refunds provided to tourists. Input Tax: Tax on Standard Rated purchases Tax on Standard rated expenses. Tax on import of goods Tax on import of services Tax amount disclosed under Output Tax over and above the Input Tax is the amount to be paid to the FTA for a particular tax period within the due date.Moreover, the VAT Return Filing services  we provide to our customers flexible and cost-effective. These emerging services with the cost-effective measures are not easy to found. Our clients realize it and  they come towards us to attain VAT filing  and accounting services. Our services are comprised of various benefits along with the magnificent features that include dedicated accountants and VAT consultants For any queries on VAT or tax consultation for companies in the UAE, VATBOX is a leading accounting and audit firm in UAE can help you with your accounting and VAT services. Do contact us.

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VAT Consultation in UAE

Value Added Tax(VAT) was introduced in the UAE on 1 January 2018. The rate of VAT is 5 %. VAT will provide the UAE with a new source of income which will be continued to be utilised to provide high-quality public services.Value added tax (VAT) is a type of an indirect tax that is applicable in more than 180 countries of the world today, on all the consumption of goods or services imposed at the time of sale.It has also been made mandatory in the UAE region and thus, all businesses in the area need to submit their respective application to register for VAT before the impending deadline. The rate of VAT will be levied at 5% with an idea that the VAT will facilitate a new income source for the UAE that will further be utilized and help in providing eminent public services.With the implementation of VAT in the UAE market, things are definitely expected to change for the good. This shall provide the UAE with a new income source, which will be continued to be utilized to provide high-quality public services. It will also help the government move towards its vision of reducing dependence on oil and other hydrocarbons as a source of revenue. Just as is the case with any taxation, in case of VAT as well, the benefit will ultimately get back to the people of the region in terms of enhanced growth of the nation and increased opportunities. And though, there have been several speculations on the expenses being increased for people due to inflation, experts believe that VAT will prove to be beneficial in the long run. Our VAT services in UAE includeVAT RegistrationVAT Return FilingVAT PlanningVAT ConsultancyVAT Dispute WorkVAT AccountingVAT TrainingVAT ImplementationVAT Compliance SoftwareExcise Tax RegistrationExcise Tax Return Filing What does VAT Consultant in UAE at VATBOX provide?Timely, precise & cost-effective support / VAT consultancy services from the VAT Expert for the queries or issues confronted by the businesses.VAT impact analysis and reporting.VAT consultant Service through meetings and discussions.Formulating solutions and preparing for recommendations designed to provide advice on taxation for clients.VAT / Tax Advisory Service on call.Queries or clarifications raised through telephone / email will be answered or advised through telephone / email itself.VAT consultants service with personal visit to the client office. Why is “VAT Consultant Services / VAT Consultants in UAE ” important in the UAE?UAE has entered into the world of Taxes very recently. While Excise Tax was introduced with effect from 1st October 2017, Value Added Tax (VAT) has just taken its course from 1st January 2018. The rate of Excise tax for carbonated drinks is applicable at 50% and it 100% applicable for tobacco and energy drinks. But, at the same time the VAT rate is applicable at just a minimal rate of 5%, which is the lowest tax rate among other parts of the world.The UAE businesses are facing quiet a number of challenges while implementing VAT in their business stream to ensure that they are VAT compliance. As VAT is a newly adopted concept in the region, it requires qualified and experienced Tax professionals’ advise to support the businesses especially, while complying in the initial stages of this transition. VATBOX provides experienced professional accountants as their tax advisers. Tax Experts have relevant industry specific experience in taxation complying with international standards. Why choose VATBOX for VAT Consultant Services?VATBOX is here to provide international quality service in the fields of Corporate Accounting, Auditing, Tax Consultancy and Strategic Business Consultancy related to VAT registration in UAE, backed by a team of highly qualified professionals from Accounting, Management and consultancy background.We assist the clients efficiently to manage their VAT transactions by complying with VAT laws UAE and advising on transactions. The TAX Experts ensure that the businesses comply with the rules and regulations so that there are no over payments made and Input Credit is taken correctly on time. Our TAX Advisory Services is designed to comply with your business needs to cater you our best advisory services in the UAE.We provide full support with an exceptionally high standard level to recognize the issues and to solve them purposefully.Moreover, the VAT consultation we provide to our customers flexible and cost-effective. These emerging services with the cost-effective measures are not easy to found. Our clients realize this and they come towards us to attain VAT consultation  and Accounting services. Our services are comprised of various benefits along with the magnificent features that include dedicated accountants and VAT consultants in UAE. For any queries on VAT or tax consultation for companies in the UAE, VATBOX is a leading accounting and audit firm in UAE can help you with your accounting and VAT services. Do contact us.

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Tax Agent and Tax Agency Services

VAT BOX is a Tax Agency (TAN 30001614) with the Tax Agent No - TAAN 20049185 by the Federal Tax Authority (FTA), UAE. What is Tax Agent?Any Person registered with the Authority in the Register, who is appointed on behalf of another Person to represent him before the Authority and assist him in the fulfillment of his Tax obligations and the exercise of his associated tax rights is a Tax Agent. According to the FTA (Federal Law No. 7-of-2017 on Tax Procedure, ‘A Person may appoint an FTA Tax Agent to act in his name and on his behalf with regard to his Tax affairs before the Authority, without prejudice to that Person’s responsibility before the Authority.’ Being your Tax Agent in UAE, VAT BOX will be responsible to provide all the records, information, documents, and financial data to the Federal Tax Authority (FTA) if requested to submit on behalf of you. We will act as a Tax Agent on behalf of you to handle all Tax affairs with the FTA. As a tax agent, we are providing the following services:VAT Registration, VAT Person Registration, VAT Group Registration.Preparing, submitting and Filing VAT Returns on behalf of you.To maintain all the Financial records related to Tax transactions.Liaison with FTA on your Tax related matters.Represent you in front of FTA if there will be any query or clarification required.Facilitate and Assist FTA on your behalf if Tax Audit or Tax Inspection is conducted.Arrange or prepare all the documents which are in line with the VAT for the FTA during the Tax audit.To submit request for reconsideration or VAT Voluntary Disclosure submission on the decisions made by the FTA.To proceed with de-registration process on your behalf if required.Moreover, The Tax Agency Services we provide to our customers flexible and cost-effective. These emerging services with the cost-effective measures are not easy to found. Our clients realize it and  they come towards us to attain VAT filing  and accounting services. Our services are comprised of various benefits along with the magnificent features that include dedicated accountants and VAT consultants For any queries on VAT or tax consultation for companies in the UAE, VATBOX is a leading accounting and audit firm in UAE can help you with your accounting and VAT services. Do contact us.

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FTA Account Amendments

Once the registration form is approved by the FTA, if there are any changes in the details submitted while applying for registration, these need to be immediately reported and modified by the taxpayers. If there are any changes or additions related to Business Activities, GCC Activities, and Customs Registration Information, they can easily be done online by logging into the FTA portal. These changes do not require an approval from the FTA and you can do it by editing the details previously submitted. To know more about the details which can be modified online, please read Online Amendment or Change in Registration Details in UAE VAT. In this article, we will understand the registration details which cannot be modified online and the steps to be followed to modify these details.The  registration details of the following sections are blocked for online modification:About the applicant: This section includes details such as, basis of applying for registration, Trade License, registering mandatorily or voluntarily and creating or joining the tax groupDetails of the applicant: This is applicable for two sub-sections, "Name of the applicant" and "Identification of the applicant" under details of the applicant section. The name of the applicant includes details such as the Legal name of the entity (both in English and Arabic)and the Trade Name. Identification of the applicant section consists of authority who issued the trade license, trade license number, scanned copies of trade license and details of a certificate of incorporation.Contact details: This section consists of business contact details such as address and contact number.Banking details: This section includes details of your bank such as IBAN (Account Number), BIC (Bank Identifier Code) name of the bank, bank branch name, account holders name and default payment method.Business relationships (optional) : This sections consist of senior management relationships details and only applicable if you or any of your directors or partners, currently involved in (or in the past 5 years have been involved in) any other business resident in the UAE, either individually or as a director or partner in that business.About the VAT registration section: The following sub-sections cannot be amended:a. Actual or estimated financial transaction valuesb. Imports and Exportsc. Exception from VAT RegistrationDeclaration: This includes the details of authorized signatory and communication preference of the taxpayer. In the event of changes in any of the details discussed above, the taxable person must notify to the FTA in writing about the change such that an amendment to their VAT registration can be done. These amendments may require approval from the FTA.Moreover, The FTA Account Amendments Services we provide to our customers flexible and cost-effective. These emerging services with the cost-effective measures are not easy to found. Our clients realize it and  they come towards us to attain VAT filing  and accounting services. Our services are comprised of various benefits along with the magnificent features that include dedicated accountants and VAT consultants For any queries on VAT or tax consultation for companies in the UAE, VATBOX is a leading accounting and audit firm in UAE can help you with your accounting and VAT services. Do contact us.

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VAT / TRN De-Registration

A registered taxable person is required to comply with the required rules and processes under VAT. Invoices have to be issued in the specified format, returns need to be filed on a timely basis and the tax due needs to be paid by the due date. The VAT Law provides registered taxable persons with the facility to cancel their VAT registration. Let us understand the circumstances in which a person can de-register under VAT and the process to be followed for the same.The Registrant must apply to the Authority for de-registration in any of the followings occurrence:1) Business No Longer Making taxable Supplies - The Registrant stops making supplies referred and does not expect to make any such supplies over the next 12-month period.2) Business Making Taxable Supplies but below Voluntary Threshold - The 12 months have elapsed since the date of registration,The value of supplies made, or taxable expenses incurred, by the Registrant over the previous 12-months is less than the Voluntary Registration Threshold and the taxable supplies or expenses, expected over the next 30 days, are not expected to exceed the Voluntary Registration Threshold.3) Business Making Taxable Supplies below Mandatory Threshold but Above Voluntary Threshold -  After the 12 months have elapsed since the date of registration if you were registered on a voluntary basis, The Registrant still making Taxable Supplies but the value in the previous 12 months was less than the Mandatory Registration Threshold and the taxable supplies or expenses,expected over the next 30 days, are not expected to exceed the Mandatory Registration Threshold.The date from which the Taxable Person is required or eligible to de-register depends on above basis of the de-registration:The Basis of DeregistrationBusiness is no longer making taxable supplies.Business is making taxable supplies, but below the Voluntary Registration Threshold.Business is making taxable supplies, above the Voluntary Threshold, but below the Mandatory Registration Threshold.The date eligible to de-register The date starting from which the Taxable Person stopped making taxable supplies.The date starting from which the value of the Taxable Person's taxable supplies no longer exceed the Voluntary Registration Threshold.A preferred de-registration date.A relevant date you consider you are required to de-registerIf the deregistration application is reviwed and approved by the Authority, they may give a Last VAT Return Period for filing to the applicant. Then, the deregistration is effect from the last day of the Tax Period during which the Registrant has met the conditions for deregistration or from such other date determined by the Authority as the ending of Last VAT return period. A Registrant shall not be deregistered unless he has paid all Tax and Administrative Penalties due and filed all Tax Returns as due.Deregistration does not exempt the Person from his obligations and liabilities that were applicable under the Decree-Law while he was still a Registrant. The Admistrative Penalty of AED 10,000 will be imposed by the Authority for the failure of the Registrant to submit a deregistration application within the time frame specified above in each basis of deregistration.Looking for for De-Registration Services? we can give a proper guideline for registering VAT for your company .Our services are comprised of various benefits along with the magnificent features that include dedicated accountants and VAT consultants in UAE For any queries on VAT or tax consultation for companies in the UAE,  VATBOX is one among a leading accounting and audit firm in UAE can help you with your accounting and VAT services. Do contact us.

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VAT Refund Applications

Tax (VAT) incurred on the construction of a new residence for own use. To claim this refund, applicants are required to submit a refund form to the Federal Tax Authority (FTA) via email along with supporting documentation. The documentation must evidence that the applicant owned the specific plot of land in the UAE on which the construction took place, the date the building was certified as completed, and the date the building was occupied (if available). Applicants will also be required to submit a copy their passport,Emirates ID and Family Book.The refund form must be sent to the FTA within 6 months from the earlier of:The date the residence became occupied; orThe date when it was certified as completed by a competent authority in the UAEOnce the FTA has successfully assessed the claim, the applicant will be notified with a reference number within 5 business days, and then must apply to a verification body authorized by the FTA to review the invoices and costs related to the claim.  Verification bodies are third parties that have been approved by the FTA to perform a detailed review of the expenditure, invoices and VAT incurred in order to verify the VAT refund.Applicants will be required to provide the verification body with the FTA stamped refund form and reference number, the construction plan, and valid tax invoices issued in the name of the applicant.Simplified tax invoices will not be accepted.he claimed expenses must relate to a newly constructed building which is to be used solely as a residence of the applicant and / or the applicant’s family. The expenses claimed must be in respect of:Services provided by contractors, including services of builders,architects, engineers, and other similar services necessary for the successful construction of a residenceBuilding materials, being goods of a type normally incorporated by builders in a residential building or its site, but not including furniture or electrical appliances.Goods are normally considered to be incorporated into a building when they are fixed in such a way that the fixing or removal of those goods would either require the use of tools, or result in the need for remedial work to the fabric of the building, or substantial damage to the goods themselves.  A list of examples of the type of expenses which may or may not be claimed can be found at Appendix 2 of the guide.The verification body will take no longer than 15 business days to process the request.  The refund application will be processed by the FTA within 20 business days of receiving the report from the verification body, and if approved the FTA will make payment of the refund within 5 business days. Please note that as the FTA has not yet published the list of verification bodies, applicants will not yet be able to submit refund claims to the FTA.  As such, invoices and related documentation should be retained until such time as refunds can be submitted.Looking for VAT Refund Application in UAE? we can give a proper guideline for registering VAT for your company .Our services are comprised of various benefits along with the magnificent features that include dedicated accountants and VAT consultants in UAE For any queries on VAT or tax consultation for companies in the UAE,  VATBOX is one among a leading accounting and audit firm in UAE can help you with your accounting and VAT services. Do contact us.