Parsh accounting and bookkeeping

  The UAE has reduced the penalties on VAT and excise tax to assist businesses and individuals to get over the impact of the Covid-19 pandemic. According to newly-released Cabinet Decision No. 49 of 2021, taxpayers who currently have penalties pending can see those reduced to 30 percent, provided they settle them before New Year's Eve, 2021. Also, late payment penalties will be reduced to 4 percent per month, a substantial reduction from 1% per day while an overall cap stays at 300 percent. The new provisions will be applicable for 60 days as of April 28, 2021. With the reduction in penalties of VAT and excise tax, it's an incredible opportunity for people and corporations to start out fresh. This is the most effective relief provided by the UAE government to the pandemic-hit businesses within the UAE. Several businesses in the UAE succumbed to administrative penalties on account of delays in the submission of the due tax. The administrative penalties are at par with global sta...

  Have you ever tried to maintain books of accounts such as purchases, spending, and payments on your own? If you have, then you would know how difficult it is to manage these things. With tax rates updated from time to time by the government, it is sometimes difficult to keep yourself updated with all the rules and regulations. Especially, when you are working as core management. A VAT return can be a huge problem for every business and if there is a mess, the business owner may likely face huge penalties. Apparently, hiring a  VAT consultant in Dubai  is the best solution to get rid of the Tax & vat challenges. Value Added Tax (VAT in UAE) The VAT stands for Value Added Tax. The concept of VAT is new for UAE Entrepreneurs and Small Business owners and was introduced to the country on 1st January 2018. It is a form of tax that is a new source of income for the government which can be utilized to provide high-quality public service. The standard rate of VAT is 5% and ...

  VAT in UAE Value-added tax is imposing charges on the transaction of goods and services. Value Added Tax is applied at each stage of the existing supply chain.  The companies collect tax and account for it on the behalf of the government of the Federal Tax Authority. There are three categories under VAT. 5% Value added Tax Zero Rated Supplies Exempt Supplies There are some eligibility criteria to register for VAT in UAE, and they are as follows: If the value of taxable supplies and imports exceeds AED 375,000, the business is required to register for VAT. If taxable supplies are from AED 187500 to AED 375000, then a business can go through for voluntary VAT registration. To know more about the limits or not sure about whether to register for VAT, you can look for the advice of a VAT expert in UAE . Documents to be submitted for VAT Registration Here are the Required VAT Registration Documents in UAE Copy of ...