Technology Easing Taxing Pain and Simplifying the Job of VAT Consultants

VAT (Value added Tax) is an indirect tax being paid at every addition made in the production cycle in Dubai. Just as technology has changed the accounting industry, in the same way, technology has changed the taxing pain too. VAT consultants are using taxing tools in which you are firstly required to do online VAT registration which is a simple process and once you have done it, you can file your tax returns through the online portal.

Importance of Online VAT registration:

Before moving to the changes that technology has bought in the VAT industry, let us know a little about the importance of online VAT registration. If you have a small scale business and you have registered for voluntary VAT registration, you will be able to charge VAT on the goods and services which you are selling to the customers and along with this you can reclaim the VAT charged on the purchase of goods and services for your business from other suppliers, businesses, and so on.

Technology simplifying the taxing system in UAE:

As per Dubai tax policy, the VAT consultants Dubai notify that the current rate of VAT is 5 percent. Moving forward to the technological advancements in taxing field, following points will make the concept clear:

The use of technology is contributing to the ease in tax paying in UAE. Technology in this field has reduced the burden of tax and compliance of business and according to a recent report, the time to comply has decreased by 5 hours to 240 hours. Similarly, the number of payments improved from 1 to 24. In a number of economies, the online VAT registration has seen increasing numbers as the process has been simplifying and also according to the recent reports from a number of VAT consultants in Dubai, people are filing VAT returns through the online portal easily and also making amendments on their own.

Latest software’s have been designed to ease the taxing system in which people can with or without the guidance of VAT consultants in Dubai, file tax returns by them from anywhere they wish to. This is indeed a good step towards complying with the digitalization in UAE.

Step by step information ad guideline is available on the internet on the online VAT registration websites and you can easily follow the instructions and get going.

For your knowledge, the IT services are amongst the most complex businesses in terms of VAT. In such complexity, it is really important to recognize the right platform for taxation, the amount taxable and the due dates.

Talking about the information, technology with the use of internet has bought about tremendous changes as all the necessary updates are given to you related to online VAT registration, VAT filing, due dates and so on. There is an option of setting reminders in your online VAT registration profile to give you the latest updates through SMS or email service. Once you select it, you will be able to get the information constantly. Along with easing, the technology has made the data safer and error-free and this has indeed revolutionized the taxing system in Dubai and people are looking forward to more advancements and facilities for the betterment of the system as well as the citizens.