VAT is a transaction-based indirect tax which is levied at each step of the supply chain. End consumers generally bear the VAT cost while registered businesses collect and account for the tax, in a way acting as a tax collector on behalf of the Federal Tax Authority.
VAT was introduced in the UAE on 1st January 2018 by the Federal Tax Authority.
To fully comply with the UAE VAT legislation, businesses may need to make some changes to their core operations, financial management and book-keeping, technology, and perhaps even their human resources.
VAT is paid by the business entity to the government after offsetting the tax amount it has paid to its suppliers and the tax amount it collected from its customers.
VAT is a transaction-based indirect tax which is levied at each step of the supply chain. End consumers generally bear the VAT cost while registered businesses collect and account for the tax, in a way acting as a tax collector on behalf of the Federal Tax Authority.
VAT was introduced in the UAE on 1st January 2018 by the Federal Tax Authority.
To fully comply with the UAE VAT legislation, businesses may need to make some changes to their core operations, financial management and book-keeping, technology, and perhaps even their human resources.
VAT is paid by the business entity to the government after offsetting the tax amount it has paid to its suppliers and the tax amount it collected from its customers.
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