General Implications on VAT

VAT refers to Value Added Tax. It is a general utilization impose which is connected on merchandise and enterprises as the Value incrementally increments at different phases of creation, deals and advertising.

In Dubai, a couple of things is exempted though; the government has likely settled the VAT rate as 5% w.e.f January 2018.

Effect of different capacities

PROCUREMENT AND PRODUCTION

Supplier’s pricing

A/P invoice processing time

Purchases from non-registered VAT businesses

Supplier education

IT

System changes

Documentation (tax invoices)

Reports for VAT returns

SALES AND MARKETING

Samples/marketing

Pricing strategies

Returned goods

Education and communication with consumers

Credit items

LEGAL

Existing and new contracts

Payments based on revenue or turnover (such as franchise or royalty arrangements)

FINANCE

Bad debts

Deposits/advanced payment

Leases and hire purchase

Loan of stock and equipment

VAT return preparation

Disposal of assets – Sales of scrap

HUMAN RESOURCES

Fringe benefits

Gifts to employees

Employees allowance and claims

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