Value Added Tax(VAT) was introduced by the UAE government on 1st January 2018. VAT is an indirect tax that is levied on the consumption of goods and services. The imposition of vat would greatly have an impact on the functioning of the business and with increased risk, volume and complexity of the transactions it becomes difficult for the taxpayers to meet the tax compliance.
The Federal Tax Authority (FTA) is the government entity who is responsible for the collection and management of the Taxes. All the legislation including the guides and clarifications are provided by the authority to help the business organizations.
Today almost more than 180 countries have accepted the procedure and this got spread worldwide at a faster pace. The Middle East countries, especially the United Arab Emirates, which has been tirelessly working on setting itself as a business hub, has understood the importance of VAT filing.
Source HorizonBizco
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