VAT & Financial
A well planned strategy is the key to success for any organization, Business planning is not an easy task as the basic strategic requirements may vary and be distinctive on a case to case basis. In this fast paced, global business world, running a business is far more difficult and challenging than ever. It is vital to manage your finances and make the best decisions on the right time when it comes to acquisition, liquidation, valuation, etc.
The decision makers of an organization conduct a feasibility study for the assessment, analysis and evaluation of costs and benefits of a potential project. And we at WIS have a unique combination of executive management, financial transaction and strategic advisory experience, and have completed dozens of financial advisory assignments. We take the time to understand the dynamics of our client’s business and industry to make sure that he takes the best decisions at every point.
Value Added Tax (UAE)
Value Added Tax (VAT) was introduced in the UAE on 1 January 2018 with a value of 5% on goods and services. VAT will provide the UAE with a new source of income which will help government move towards its vision of reducing dependence on oil as a source of revenue.
Implication of VAT on companies
Companies will be responsible for documenting their revenues, costs and associated value added fees. Companies 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.