Fortress Financial Services provides comprehensive advice and services around Value Added Tax (VAT) in the United Arab Emirates. As part of the introduction of VAT on 1 January 2018, most goods and services will be subject to a 5% general rate of VAT, with some goods and services at 0%, or an exemption from VAT (subject to certain conditions).
Our team of experienced professionals is highly knowledgeable about this new system, meaning we can provide you with specialist advice and assistance complying with VAT regulations that apply in the UAE. They are up-to-date with all changes in legislation, so you can trust us to ensure your business meets its obligations in a timely and accurate manner.
At Fortress Financial Services, we offer a wide range of services including: helping businesses decide which goods or services are eligible for 0% rate or exemption; creating personalized reports illustrating the return on investment of introducing the new tax system; and retraining staff on how to manage transactions subject to taxes accurately.
We also provide ongoing support by staying informed about changes in legislation that affect our clients’ tax liabilities so they remain compliant. For businesses that may have a presence both within and outside of the country, we additionally provide Tax Residency Certificates outlining the basis on which income or capital gains generated outside of the territory should not be included in your accountable. With VAT being a relatively new concept in the region, there are many pitfalls that businesses can make which could prove costly.
For this reason, it is highly recommended that professional help is sought whenever possible. We also assist in VAT Registration, VAT De-Registration, VAT Amendment, VAT Refunds, Filing of VAT Returns, VAT Health Check, Annual VAT Audit, and Training on VAT Compliance.
Our team prides itself on providing quality service. Our commitment is to ensure our customers understand the implications of potential taxation decisions, helping them remain competitive within their industry while minimizing their costs. With Fortress Financial Services as your guide through this ever-changing landscape, you can be sure your VAT obligations will always come first!
VAT registration
VAT Re-registration
The process of VAT de-registration involves several key steps, including updating the records of financial obligations such as wages if expenses have been incurred till date, etc., informing your customers about the discontinuation of your business entity on the official FTA website, filing all required documents such as GST payments, income taxes or refunds on time after filing an application form with all necessary details.
VAT Amendment
VAT Refunds
We are committed to helping businesses claim back any overpaid or accrued value added tax on their returns. Every taxable person is required to submit their VAT returns, summarizing the amount of VAT due at the end of a given period. Through our offering, you can request refunds in cases where input tax exceeds output on your taxes.
Filing of VAT Returns
VAT health check
Annual VAT Audit
Training on VAT compliance
Tax Residency Certificate
This certificate is designed to make sure that agreements of double taxation avoidance in regards to income which the UAE is a signatory to are taken advantage of.