VAT refers to Value Added Tax. It is a general utilization impose which is connected on merchandise and enterprises as the Value incrementally increments at different phases of creation, deals and advertising.
In Dubai, a couple of things is exempted though; the government has likely settled the VAT rate as 5% w.e.f January 2018.
Effect of different capacities
Supplier’s pricing
A/P invoice processing time
Purchases from non-registered VAT businesses
Supplier education
System changes
Documentation (tax invoices)
Reports for VAT returns
Samples/marketing
Pricing strategies
Returned goods
Education and communication with consumers
Credit items
Existing and new contracts
Payments based on revenue or turnover (such as franchise or royalty arrangements)
Bad debts
Deposits/advanced payment
Leases and hire purchase
Loan of stock and equipment
VAT return preparation
Disposal of assets – Sales of scrap
Fringe benefits
Gifts to employees
Employees allowance and claims
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