Value Added Tax ( or VAT ) is being implemented in all GCC countries. UAE shall be introducing VAT from 1st January, 2018
VAT is an indirect tax. Occasionally you might also see it referred to as a type of general consumption tax. In a country which has a VAT, it is imposed on most supplies of goods and services that are bought and sold.
VAT is one of the most common types of consumption tax found around the world. Over 150 countries have implemented VAT (or its equivalent, Goods and Services Tax), including all 29 European Union (EU) members, Canada, New Zealand, Australia, Singapore and Malaysia.
VAT is charged at each step of the ‘supply chain’. Ultimate consumers generally bear the VAT cost while Businesses collect and account for the tax, in a way acting as a tax collector on behalf of the government.
A business pays the government the tax that it collects from the customers while it may also receive a refund from the government on tax that it has paid to its suppliers. The net result is that tax receipts to government reflect the ‘value add’ throughout the supply chain.
Sangani and Company personnel have worked/been trained in various audit firms/industries in India and have experience in providing VAT related services to the clients and shall be personally led by the partner based on his experience working in India, Dubai (KPMG) and USA (PwC).