What is a VAT consultancy in Dubai, UAE?
Meaning of VAT VAT is the acronym for value-added tax, and is a popular type of indirect tax that is applied on products and services. Producers pay it to the government at each point of the supply chain. VAT tax is only levied on items sold within a specific state, which means that the customer and vendor must be from the same state. The compliance primarily requires taxpayers to record monthly sales and purchases, as well as export details, to the state VAT department. The given information is then validated by tax officials, and it is also subject to a VAT audit once a year therefore one requires help from Corporate Tax Services UAE . Kinds of VAT ● Output VAT It is levied against the customer on the dealer's taxable sales. The dealer or seller in this case can be either the manufacturer, wholesaler, or retailer who is VAT registered. To sell more than the authorized amount, one must register. Once registered, the dealer is ...