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Fixed Assets Assessment

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Shield Services assists its clients in the creation and regular maintenance of the fixed asset register. We conjointly undertake physical verification exercises for the prevailing assets, at the side of classifying them beneath varied classes for a neater identification and reconciliation of their values with the record. We tend to conjointly give help in their writing for seamless integration in accounting records.

[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row css=”.vc_custom_1598043799587{margin-top: 50px !important;}”][vc_column][vc_column_text][/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_tta_accordion spacing=”10″ active_section=”1″][vc_tta_section title=”What is Value Added Tax VAT in the UAE?” tab_id=”1571711424231-e1e24671-1a23″][vc_column_text]Value Added Tax (or VAT) is a type of indirect tax applied on all kinds of commodities and services in the UAE. VAT is also known as consumption tax and is charged throughout the supply chain. Nevertheless, the eventual cost is borne by consumers. The buyer will be eligible for such tax as input credit and set off from output tax liability. It is the ultimate consumer who bears the final tax liability as he will not be able to get set off such tax. In the UAE, VAT is a charge of 5% on all the country’s products and service. However, few welfare organizations have an exemption.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Will implementation of VAT in the UAE be productive to businesses?” tab_id=”1571711424244-8d396e2d-075c”][vc_column_text]Yes, the implementation of VAT in the UAE will be productive for businesses. The UAE implemented VAT to provide citizens and residents with advanced public infrastructure and interests. Apart from the government budget, VAT will generate a new income source towards these public welfare expenses. Businesses in the UAE can expect prolific growth as the country grows with these extensions and developments.[/vc_column_text][/vc_tta_section][vc_tta_section title=”When did VAT come into effect?” tab_id=”1571711447107-7e619833-db26″][vc_column_text]VAT or Value Added Tax came into effect from 1 January 2018.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Do all companies need to get VAT registration in the UAE?” tab_id=”1571711448366-7a9f337e-76ab”][vc_column_text]Companies whose taxable products, services, imports and exports exceed the threshold of AED 375,000 annually need to mandatorily get VAT registration in UAE. Whereas, a business may opt to register for VAT voluntarily if their products, services, imports and exports are less than the mandatory registration threshold but exceed the voluntary registration threshold of AED 187,500.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Are businesses liable to keep an account of VAT & finances?” tab_id=”1571711449453-8bbbc74d-c375″][vc_column_text]Yes, businesses will be liable to maintain the book of accounts for their business profits, incomes and costs. Companies will also have to document charges related to Value Added Tax separately. Along with maintaining financial records, commercial organizations would also take assistance from accounting and auditing firms in UAE.[/vc_column_text][/vc_tta_section][vc_tta_section title=”How to register for VAT tax?” tab_id=”1571711450580-6a40c3e1-6e22″][vc_column_text]Companies and businesses can register for VAT tax through the e-services section on the FTA online portal (https://eservices.tax.gov.ae/). However, they need to create an account and obtain a TRN number. Companies would also require a series of documentations.[/vc_column_text][/vc_tta_section][vc_tta_section title=”How are businesses projected to manage excise tax in UAE?” tab_id=”1571712195999-5316974b-5008″][vc_column_text]Businesses and companies involved in excisable goods need to –
1) Ensure resources and systems are in place to effectively managing excise tax;
2) Maintain accurate, complete and readable excise tax records;
3) Submitting excise tax returns as specified by the taxation authorities;
4) Comply with the inventory and movement control system;
5) Keep customs and transport documents as well as all the relevant documents related to the transaction.[/vc_column_text][/vc_tta_section][/vc_tta_accordion][/vc_column][/vc_row][vc_row][vc_column][vc_single_image image=”10471″][/vc_column][/vc_row]

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    Shield Services is distinguished as one of the leading Accounting and Tax Consultancy in UAE.