Start it right with Lima UAE
Lima Tax Consultant has been in the business of efficient VAT consultation above 30 years and other related services. You will be able to find the best VAT experts and industry stalwarts working at lima tax consultant. With the commencement of VAT in UAE around the corner, choose to seek expert assistance from the best in business, and make your firm VAT-ready with updated paperwork in store, in the most cost-effective manner.
VAT – UAE imposes VAT on tax-registered businesses at a rate of 5 per cent on a taxable supply of goods or services at each step of the supply chain.
Customs duty
Customs duties are fixed at 5% of the CIF value of most products.
Personal income tax or Direct Tax
The UAE does not levy income tax on individuals.
Corporate Tax
Corporate tax (except for oil and gas companies, and subsidiaries of foreign banks) Excise tax is levied on specific goods. Value Added Tax is levied on a majority of goods and services.
Accounting and Audit Compliance in UAE
A company’s financial matters are being handled in accordance with federal laws and regulations. a corporation should be able to provide accurate information about its accounts to its shareholders or to regulating authorities, such as the Securities and Exchange Commission (SEC).
And in Audit compliance an enterprise’s adherence to regulatory guidelines. Audit reports evaluate the strength and comprehensiveness of an organization’s compliance preparations, security policies, user access controls, and risk management procedures.
Accounting standards are detailed rules and regulations introduced by any accounting or other regulatory bodies to make financial reporting transparent, accurate and fair. The regulations of International Financial Reporting Standards (considering global uniformity of accounting practices) or Generally Accepted Accounting Principles proposed by IASB and FASB respectively are examples of accounting standards.
Lima being a Tax, Accounting and Business Consultancy Firm provides services such as Assurance, Compliance, Risk Management, Corporate Advisory, Accounting and allied services. Our professional team will ensure that we provide you with solutions that will help you achieve sustained strategic growth.
Feasibility Study
Special Audit
India Desk
Accounting Services
Information Service Audit
External Audit Support
Business Strategy
Miscellaneous Services
Virtual CFO
Due Diligence
Our Featured Ventures During Pandemic in UAE
VAT Registration
VAT Registration is a two-step process.
Creation of e-Service Account
Online VAT registration, you have to create an e-Service account with FTA. The setting up of an online account in FTA is quite similar to setting up of other online accounts like Gmail, Yahoo etc.
VAT Registration Process : VAT registration, you need to login to your e-Service account using your login credentials.
Details for VAT registration in UAE
Login to your e-Service Account, VAT Getting Started Guide, VAT Registration Form. On what basis are you applying for registration – A natural person or A legal person.
A natural person is simply an individual operating in their personal capacity (i.e. they are not incorporated as a company. A legal person is an entity with legal personality formed under the relevant laws that are capable of entering into contracts in its own name.
VAT Return Filing
You must file for tax return electronically through the FTA portal: eservices.tax.gov.ae. Before filing the VAT return form on the portal, make sure you have met all tax returns requirements.
Implication of VAT on businesses
Registered businesses and traders will charge VAT to all of their customers at the prevailing rate and incur VAT on goods/services that they buy from suppliers. The difference between these sums is reclaimed or paid to the government.
