Why VAT is important?

Posted on 16th, Aug 21

Value Added Tax (VAT), was completely new, when it was introduced in the UAE. For
the same reason, there was a lot of confusion, misunderstandings and lack of
knowledge regarding the same. But it is very important that you be aware of VAT.
Because, even minor faults in the same shall be considered to be fraud.

There are lots of VAT consultancy in Abu Dhabi, from whom you can seek help for
the same. By hiring a VAT consultant, you might wonder what their responsibilities
might be. Even though the responsibilities may vary, some of the major
responsibilities are as follows.

One of the major responsibilities is that the VAT consultant offers you advice on VAT
liabilities of your business. They also provide you guidance about the VAT
implications of any transactions the business is undertaking. They deal with the
management of VAT compliance cycles. Some of the other responsibilities include,
ensuring VAT compliance and identifying risk, delivering VAT reporting.

They also ensure all possible aspects of VAT transactions are rightly captured. They
are responsible for minimizing the VAT liabilities and compliance issues as well.
Another important responsibility which will help your business is that they should be
able to forecast the VAT payments, based on business growth.

They should also be able to provide VAT support to tax accountants and heads of tax
as well. You should always keep in mind that VAT is as important as tax accounting
services in Abu Dhabi