Why Are Vat Consultations Important For Business?

Design your own official invoice for any type of business by customizing our free and printable invoice templates.

Our invoice templates are available in Word, Excel, PDF, Google Docs, and Google Sheets invoice template formats.

KGRN Group gives experienced chartered accountants as their VAT consultants in UAE.

VAT Experts have pertinent industry explicit involvement with tax collection agreeing to global guidelines.

A pro forma invoice is different than the original or final invoice but is quite important in the modern business world.

The world cannot simply operate without the proforma invoices it can be used in cases when an original invoice cannot be generated and a particular vendor needs payment before even issuing an invoice, then a proforma invoice comes in handy.What is the process of issuing proforma invoices?Such a document is issued even before the goods are delivered.

The customer, who is paying for the goods should agree to the price and the amount (quantity) of goods mentioned in the pro forma document.What are the purposes for issuing pro forma invoices?A pro forma invoice is a preliminary document that acts as a bill of sale which is issued even before the goods have been actually shipped to the buyer.

There is a final invoice that is again sent to the buyer post the payment for the pro forma one.

This is one of the most important means of doing business and benefits the whole sellers for keeping the business going.

A pro forma invoice can never be considered as confirmation for sale of goods.

The understanding VAT and everything you need to know about it and the strategies that make UAE the best place to start up a business.

Artists and Influencers – get the best VAT consultants in UAEAs social media platforms are gaining more attention these days, there has been a significant increase in the professionals who recognize themselves as artists or influencers.

With far reaching attention, the social media influencers have taken branding into storm in the platforms like Facebook, Instagram, Tik Tok, Twitter, YouTube, and LinkedIn.

Social media influencers in UAE have been making fame and profit by extending b endorsing brands among millions of followers.

Social media influencers in Dubai have been overlooking their VAT obligations until new guidelines were issued by the Federal tax authority (FTA).

Considering the evolving promotional activities offered by artists and influencers, FTA recently issued a statement detailing the VAT implications on their services.

As per the FTA rules, calculative VAT rate is applicable on taxable supplies made by the influencers and artists.

VAT RETURN FILLINGWhat is the VAT Return: The official document to be completed by the Taxable Person and submitted to the Federal Tax Authority (“FTA”) at regular intervals detailing any output tax due and input tax recoverable and including any other information that is required to be provided.

 The standard Tax Period applicable to a Taxable Person shall be a period of three calendar months ending on the date that the FTA determines.

The FTA may, at its discretion, assign a different Tax Period, other than the standard one, to a certain group of Taxable Persons (e.g.

 Where a Taxable Person is assigned the standard Tax Period, he may request that the Tax Period ends with the month as requested by him, and the FTA may accept such a request at its discretion.know here Vat return filing date in UAE, The VAT Return must be received by the FTA no later than the 28th day following the end of the Tax Period concerned or by such other date as directed by the FTA.

The VAT Return must be received by the FTA no later than the 28th day following the end of the Tax Period concerned or by such other date as directed by the FTA.

Where a payment is due to the FTA, it must be received by the FTA by the same deadline.Understanding tax liability Below are some key terms with respect to the operation of VAT, and how these could impact a Taxable Person’s tax liability.vat_consultant_in_dubaiTax PeriodA Tax Period is a specific period of time for which the Payable Tax shall be calculated and paid.