Is your accounting software VAT compliant?….Not Sure.
VAT is around the corner and coming to town, due to the fact that the UAE VAT is modeled after the EU VAT policies, many businesses that are using accounting software that cannot handle the UAE VAT structure. Moreover, over 40% of business not using an adequate accounting software to capture the various potential tax transactions. In light of this here are a few important points a business should consider.
- Coming 1st January 2018, Business should register with the Tax authorities, however, note It is optional for businesses having a annual turnover of US $ 50,000 to register.
- It is mandatory for a business having a minimum annual turnover of US $ 100,000 over any 12 month period should file their tax returns.
- It is optional for businesses having an annual turnover of US $ 50,000 to register
- Business should consider the Input and Output Tax, Zero Rated Tax and exempted transactions should be reported while filing your tax returns.
- For Businesses, the drive will be to register and avail of input credit & not remain outside.
- Currently, software’s like Peachtree (Sage 50 US) and Quickbooks (US edition) are not UAE VAT compliant.
Al Roman Technologies LLC provides you with a flexible VAT compliant software. We can provide existing businesses with a solution to be VAT ready before the 31st December 2017. Al Roman Technologies and Sage Middle East is leading the way to ensure that VAT compliance is adhered to by the users of the Sage Accounting Software.
For more information on how to make yourself VAT compliant, do contact us on firstname.lastname@example.org.