So, you are all set to become a part of the new tax structure and are looking forward to it. It is actually a good sign and indicates what things are about to come for your business as well as the overall business environment around. A VAT consultant is someone special, but then so is every tax and finance expert. A lot of people in Dubai are still confused as to what is a VAT consultant and how is he going to help your business prosper and grow in the longer run. Keeping all this in mind, one has to think of things that you may be getting once you register with the VAT program. Of course, this is going to happen provided you concentrate on things that are necessary and should be thought before hiring VAT consultant in Dubai. The Value Added Tax is something new in this part of the world but it has been around in many regions of the world for a long time. It makes sense if you don’t know much about it as none in Dubai ever had the opportunity to work on this type of tax prior to it becoming compulsory. Still, some you will find businesses that have not become a part of the VAT program but as keenly thinking on becoming one. The benefits of becoming a registered member of VAT program are many, but most of these have to do with the business entity and the government directly. There is not much in it for customers so their excitement and celebration on it may be a little premature. Here is more on it so continue reading:
The arrival of the year 2018 saw UAE welcoming a new form of tax – the VAT. This type of tax was never in force in this part of the world which is why there was much excitement in the country especially among the business community. In VAT, the company is responsible to calculate the percentage of the tax and makes sure to receive it from customers. Here, it should be noted that the business has to report the percentage of the tax received, the amount that has to be given to the government and so on. In other words, the VAT is going to be a good source of revenue for the government as well as for businesses. Keeping this in mind, some businesses find it difficult to afford a VAT consultant though hiring one is not as expensive.
You can always look into accounting outsourcing in Dubai to compensate your expenses.