VAT And Audit Firms – Is There A Connection?

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VAT And Audit Firms – Is There A Connection?

There are a number of ways you can become a great contributor to the national exchequer of UAE. After all, you’ve been earning big profits from this country which is why it is time to pay something back to the nation. Despite all the complexities, this is what VAT taxation is all about. Here, entrepreneurs may want to use auditors as well as VAT consultants simultaneously. Wondering how is that even possible? The answer lies in the fact that auditors and tax consultants are not only accustomed to working with each other, they can actually help each other out in several ways.

As a result, they’ll also help the company to pay its taxes on time. where a value added tax consultant in UAE helps identifying, collecting and submitting the VAT tax to the government, the financial auditors ensure that the company has a proper, workable business and financial strategy in hand. This is great news for all companies, especially those who have been operating in free zones like Dubai Multi Commodities Center to name a few. If your company is located at the DMCC, and is you are looking forward to joining the VAT program, here is what you need to know:

Becoming A Part Of VAT Program

As with any prestigious program, there are things you need to fulfill. These include:

  • A copy of Decree of incorporation act
  • Copy of your up to date trade license
  • Signed request letter
  • Copy of registered passport and work permit

Once you’ve submitted these documents, you will become a qualified member of the VAT program. Keep in mind that none of the above documents should be expired or nearing expiration date.

DMCC Audit Firms

Businesses that operate from DMCC region in Dubai also need to hire audit firms. The fact is that these firms will provide your business a number of benefits. From overviewing the financial situation to plucking out loopholes in company accounts, audit firms in DMCC Dubai will take care of financial aspects of your business. These firms will be responsible to submit the audited documents to the Auditing department of DMCC free zone. Before hiring an audit firm in DMCC, you must do your homework and check the reputation of different companies operating in the zone. For this purpose, you can acquire feedback from its previous clients. You will find plenty of clients that have hired audit firms in the DMCC region.

Once you’ve hired one, make sure they submit the documents around three months before the financial year ends.

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