Financial Services

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    VAT Registration

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    All UAE companies operating either in the free zone or on the mainland are subject to VAT regulations. However, the VAT law exempts only offshore companies working outside the UAE.

    If the taxable income for a company reaches the required registration cap of AED 375,000, the company must register for VAT. In addition, if the income is less than the required registration limit but exceeds the voluntary registration cap of AED 187,500, an individual can elect to register for VAT voluntarily. This choice of voluntary registration is available to encourage low-turnover and start-up companies to register for VAT.

    Customers may contact our office or E-mail us on info@thebizkey.com for a free consultation on VAT registration.

    What’s Included:

    • Preparation and submission of your VAT registration application to FTA by a VAT expert
    • Access to a VAT registered professional to answer your questions.
    • Confirmation of your VAT Registration Number by email sent to you.

    UAE Taxation
    Via Emirati Decree No 13 of 2016, the UAE established the Federal Tax Authority under H.H. Sheikh Khalifa Bin Zayed Al Nahyan (President of the UAE) in 2016 due to the following reasons:
    • Reducing oil resource reliance
    • Increasing non-oil revenue from the UAE
    • To promote economic stability in the UAE.
    • Attaining economic variety

    Value Added Tax:
    • VAT is a tax imposed at the point of sale on the consumption or use of products and services. VAT is a kind of indirect tax and is implemented worldwide in more than 150 countries. VAT is in every country (or similar regulation). Although it sounds close to the general sales tax levied on end-consumers, VAT is a more advanced tax structure that overcomes many of the problems affecting the general sales tax.
    • VAT is paid at each point of the supply chain, where the VAT costs are borne by end-users, while specialist agencies collect and operate on behalf of the Federal Tax Authority as tax collectors.
    Mandatory VAT rules on entities:
    • To charge VAT on taxable products or services provided by them.
    • May reclaim any charged VAT on products or services relating to business.
    • Keep records of accounts that will enable the government to assess and receive the collected VAT.

    If your company is VAT-registered, you have to prepare a quarterly report of your accounts, the amount of VAT you have charged, and the amount of VAT you have paid to the government. However, the tax submission period is on a monthly basis for large classes. It will be a formal and easy online submission.

    If you have charged more VAT than you have paid to the authority, you must change your accounts report and pay the government the difference. You will recover the difference from the authority if you have paid more VAT than you owed.

    Entities exempted from VAT:
    Unless expressly exempted in Article (46) of the Federal Decree-Law No. (8) of 2017 on Value Added Tax, or subject to a zero-rate according to Article (45) of the Federal Decree-Law, VAT, as a general consumption tax, shall be levied at 5% on all transactions of products and services. For example:
    • Exports outside of the UAE of products and services.
    • Any forms of transport, like airplanes, vessels, trams, trains.
    • First residential buildings sales/rent.
    • Aircraft or vessels designated for air or sea rescue and assistance.
    • Specific investments in precious metals like raw gold.
    • Specific healthcare systems and associated products and services, like non-cosmetic procedures.
    • Specific educational programs and related products and services, like tuition fees.

      Accounting & Bookkeeping

      • Summary
      • Service

      The Bizkey has professional accountants and bookkeepers who can take your company to the next level. Always remember that excellent accounting & bookkeeping is the first step for better financial analysis, management, fulfilling tax agreements and keeping a good image of the company’s financial health. We aim to look into the broad picture of the client’s business despite the size & complexity of the figures. Our Accounting & Financial reports are in line with the International Financial Reporting Standard (IFRS).
      To avail this service, Customers may contact our office or E-mail us on info@thebizkey.com for a free consultation.

      When you work with us, this is what you get:

      • Journal Entries
      • Sales & Revenue Posting
      • Payments Posting
      • Accounting of Petty Cash
      • Received Material Posting
      • Payroll Accounting
      • Depreciation & Fixed Assets
      • Accounts Receivable
      • Debit & Credit Adjustments
      • Balance Sheet
      • Cash Flow Statement
      • Posting of Journal Entries
      • Receipts Posting
      • Purchase Invoices Posting
      • Projects Accounting
      • Admin & General Expenses
      • Bank Reconciliation
      • Accounts Payable Reporting
      • Trial Balance Reporting
      • Profit and Loss Accounting