Most people agree, that taxes are important and that modern states need money to fulfil their work for the society. Nevertheless taxes are often a headache, not only because they are often considered to be too high, but also, because mistakes in connection to the payment of taxes are usually criminalised.
This can be a scary situation, when people are not fully aware of all the rules and regulations when it comes to taxation and then have to prepare reports and forms that need to be filed with the government.
CRESCO Chartered Accountants position ourselves ready to address the demands of SME’s and individual clients in this area.
Our in house professionals are experts in accountancy and taxation and compliant to Continuing Professional Development in their respective fields.
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Tax is the lifeblood of modern states however, the discussion about taxes in this part of the globe is something foreign. The United Arab Emirates has no enforced form of taxation except for limited corporate, municipal and real estate taxes, which are not also widely known.
The country derived its national revenue substantially from oil.
Gulf budgets have been hit recently due the global downturn in oil prices that has led GCC countries to hit double digit deficit.
To plug the gap the UAE has introduced VAT by January 2018. This new tax comes with a demand for a comprehensive accounting and accurate reporting. The fine-tuning of the requirements is still ongoing, so please check our Twitter account to stay updated.
CRESCO Chartered Accountants FZE positions itself ready to address the demands of SME’s and individual clients in terms of Tax Compliance and Reporting.
Our in-house professionals are experts in accountancy and taxation and compliant to Continuing Professional Development in their respective fields.
We will take all steps required, to bring you inline with the legal requirements in regards to VAT and start a proper reporting as demanded by the authorities. Contact CRESCO Accounting now and let us make you VAT compliant.