Doing business in UAE has always been a joy for entrepreneurs. The ever changing dynamic business environment keeps posing new challenges as well as opportunities. As an entrepreneur, you are allowed to pick your choice of free zones to start own company. Of course, free zones allow are exempted from tax obligations but that depends from case to case. The Ministry of Finance has designated free zones are part of the UAE, but for VAT they are to be treated outside UAE as the VAT is applied at 5%, whereas in free zones, VAT is not generally applied. Only free zones that keep a check on movement of goods and services are exempted from VAT. Several supplies just as water and all forms of energy goods do not come in this orbit.
The sale of goods among some designated zones will not be subject to VAT if they are not meant for consumption. In other words, you will see it in regions where the identification of consumer goods is difficult to ascertain. Similarly, the identification of certain services do create a problem, VAT Consultants in DMCC in such cases become important as they are professional and know all too well what to do. VAT consultants are also very helpful in maintaining books of accounts and keeping the record in one place. The record being in one place will be easily available for audit if deemed necessary. Timely submission of returns and responding to possible queries are some of the benefits of hiring VAT professionals.
Audit is important to maintain transparency and assure compliance with rules and regulations formulated by the government in that country. Annual audit has been a regular practice that companies, business and commercial ventures look to do often. The idea is to transparency for business entities. The highly professional auditing company in Dubai UAE have the services of professional from all over the world. Annual Auditing is usually about removing discrepancies in accounting procedure as well as lapses in financial management. Every audit company makes sure that the financial statement remains free of objections. Auditors are able to respond positively, as well as guide accountants to do the needful. Audit Report of highly professional companies is of utmost importance. It allows companies to take decisions basing on the report. Keeping in view the figures of balance sheet, banks provide auditors support if they ask for it.