Everything You Should Know About GCC VAT System

 VAT (Value Added Tax) was implemented in the UAE in January 2018, to ensure effective fiscal management at the federal level. It has had an impact across individuals and businesses in the UAE.

So, what is GCC VAT? It is nothing but an indirect tax that will be levied on goods and services in the member states of Gulf Cooperation Council (GCC). The member states include Saudi Arabia, Dubai, Qatar, Bahrain, Kuwait and Oman.

• How will VAT be charged?

All the businesses will charge VAT on the goods and services they supply on behalf of the government. Every stage of the supply chain will see the VAT charge, and the end user will bear the charges.

• What types of goods and services are exempted from GCC VAT?

Medicine, medicine supplies, certain foods, the oil sector, international and intra-GCC transport, supply outside the GCC and on supply of precious metals for investments. Apart from this, each of the states can define their own exemptions.

• What is the GCC VAT rate?

The GCC VAT rate is charged at 5%. However, there are certain sectors marked at 0% VAT in the different member states.

• Who is required to register for VAT?

Any business with an annual turnover of AED 375000 (or its equivalent) is required to register for VAT. Businesses whose turnover is lesser than AED 375000 are not required to register for VAT, although if they still wish to – they can. It is not a compulsion. To know more, you can get in touch with a VAT consultancy in Abu Dhabi.

• How can we help you?

We help you with VAT Periodical Compliances, VAT Health Check, VAT Registration / de-registration, Assistance in getting VAT Refunds and more.

TRC Pamco is one of the leading VAT companies in Dubai, and it has the experience necessary to help you to optimize your tax position. Since, VAT compliance involves a complex process, choose an expert from our team of tax (VAT) professionals who know how to build a sustainable tax (VAT) strategy to make your organization tax (VAT) compliant.

4 Ways to Shine as a Payroll Accountant

What is the role of a payroll accountant? Well, they process payroll for employees in a timely manner taking into consideration holidays and overtime. They are given the task of handling and tracking the hours put in by each employee, and generating reports of activities carried out in the department. The Payroll team works very closely with the Human Resources team to assess the benefits, deductions since most of their tasks are done on an individual basis.

How is it that you can shine through this profession? Here are 4 ways to help you out.

-          Know the protocols: As a payroll accountant, you need to be aware of all the updates in terms of laws, taxes, deductions, as your work requires to be in compliance with these factors. Stay update about the terms of your business and this is what will dictate your payroll decisions. Stay on trend, and you’ve nothing much to worry.

-          Efficiency is Key: There are a number of tools available to accounting firms especially for Payroll which can simplify your life to a large extent. With more and more efficiency coming into place, you will be able to swiftly assist your teams and management alike. You should be the one point of contact for all technicalities, making you shine out in the organization. Whatever payroll management system your company implements, stay on the top of your game and be up to date with it as it will help you ease the process.

-          Safety first: Given the cyber threats attacking organizations, they have become far more careful about their hiring’s. Business servers tend to store a lot of personal information, including home address, social security numbers, bank details, not just of employees but of clients as well – so you need to be someone who can understand the importance of security in these systems and know exactly how to tackle these issues.

-          Certification matters: In this role, certification is of utmost importance. Get the right certification to move ahead in rank and to shine and grow as a payroll accountant. There are a number of audit firms in Dubai who look at certification and give you the rightful profile.

Check out TRC Pamco, a boutique accounting and consulting firm practicing Internal Audit and helping you through all the accounting procedures.

For more information and ideas about Vat firms in Dubai, please follow the link.