Apart from functioning as a revenue source for the government, taxes play a key role in the regulation of goods and services in the market of any country. Many countries have been following the VAT scheme for quite some time while others have opted to stay away from it with the purpose of promotion of trading in free zones. Some like the UAE have incorporated VAT taxation in their country’s financial structure at 5% recently, intending to improve public amenities with the generated revenue.
Being a type of indirect tax taken from the consumer on which invoice is issued, VAT is collected by the seller from consumers and paid back to the government. As VAT is a relatively new taxation scheme in the country, the majority of registered business owners and service providers feel insecure and a bit anxious about it, as the laws have become much more stringent than in the past.
Teams of experienced Chartered accountants who are well versed with this type of taxation scheme and accountancy work are the best alternatives for bigger, medium, and small businesses to avoid hassles and hitches in UAE
NSKT Global with its team of chartered accountants having immense experience in accountancy work can assist businesses in adapting to these changes as:
At NSKT Global, experts utilize the latest tools and technology for simplifying the taxation scheme, making it comprehensible for businesses.
Finance bookkeeping along with proper documentation of the purchased goods and services and the ones sold are made which is utilized for calculating payable VAT.
Devising and modifying tax implementation strategies as per the new taxation regime so that business remains legally compliant.
Query resolution about new taxation policy ensuring compliance, along with the option of personalized advisory for lightning-quick assistance.
Prevention from incurring any fines from late deposition or filing of taxes after due date/end of the period/ end of the quarter with the facility of reminders/ management.
Registration and deregistration of businesses as per updated VAT taxation scheme due to inclusion/ exclusion.
Customized training and conducting informative sessions of business staff for preparing VAT sheets and calculations.
The accounting organization which can empower business staff to carry out their VAT taxations and other financials is deemed to be among the best ones. Their expertise in the domain, timely delivery, and top-notch training make them extremely popular as they emphasize on providing quality services, unlike other accounting consultancy services providers. One such renowned organization which has built quite a reputation in the domain is NSKT Global.