April 24, 2021Dated: | By admin | The UAE which is synonymous for its luxury malls, shopping and glitzy hotels its tax free environment attracts millions of professionals and businessmen every year from across the globe. Low taxation has been a major reason which led to Dubai claiming its numero uno position as the world’s favourite destination to do business. Taxation was finally introduced across the UAE on 2018 at a standard rate of 5 percent on Goods and Services.Need of a tax consultancy in Dubai: With the introduction of taxation the need for taxation services soared in Dubai. Choosing a firm which is both efficient and effective is half the battle won. As a good taxation service can make this whole process stress free and less cumbersome. CATEGORIES OF TAXATION SERVICES: These are of various types but two types of services are generally in demand:Accounting Services: Accounting Outsourcing Service: It is rightly said money saved is time saved. The Core of a good accounting system is when proper data entry, recognition, and presentation are made. Ensure that all of your data gets recorded correctly and on time including invoices, bills, expenses, and deposits.Accounting Software Implementation: All the business have to choose accounting software based on their needs and features they are considering. The market is replete with different accounting software which can be chosen as per your personal convenience. Preparing Monthly/ Semi Annually/ Annually financials statementsAccounts Reconciliation: It requires meticulous effort and an eye for detail, in order to have a stress free taxation experience it is better outsource it. (You can Remove it) VAT services: VAT Registration UAE: All member countries in the GCC had signed a unified VAT agreement, enabling the implementation of a formal VAT system across the GCC. The VAT rate in UAE varies between 0-5 percent.VAT Return Filing & Vat Returns in UAE: Once a business entity gets a TRN it is important to adopt all UAE VAT compliance and follow FTA rules and regulations.VAT Training and VAT Implementation: It is imperative for a business engaged in taxable supplies of goods & services to be VAT compliant. It is advisable that every businessman knows the basics so they have more control over the tax affairs of their business.VAT De-Registration: The Federal Tax Authority (FTA) has made it mandatory to de-register for VAT if the business meets certain criteria if this condition is not met one needs to pay hefty amount. If you have any query related to taxation services then feel free to call +971 4 4542366 today for a quality consultation or please send inquiry to info[at]flyingcolour[dot]com.