How VAT affected UAE’s hotels and Restaurants
Recently a plan from UAE government was revealed regarding implementing the value-added tax on the people in UAE. The program of value-added tax was to be implemented on UAE’s public from January 1, 2018. the percentage of the implemented VAT is 5 per cent. Along with other items, a whole of 150 food items will come under the vatable category as well.
Tax agents in UAE have been appointed by the people so that they may see whether the companies have started vat registration in UAE or not. Along with this, vat agents are providing the companies and the people with the vat return filling services as well. All of these steps are being taken in order to make sure that the people pay value-added tax on time.
vat consultants in Dubai
Taking vat consultancy services or talking to the vat consultants is the best step you can take in order to know more about the vat registration in Dubai and its implementation and procedures. This will make everything a little easier for you and the confusion regarding tax and registration of VAT will become easier for you.
Vat on hotels and restaurants
Along with so many other things, vat has been implemented on food items as well. This is why the hotels and restaurant owners need to have a look at all of their items as well.
A whole of 10 per cent sales tax will come on the hotels. Everyone can get to know more about this stuff by using the online portals that have been made for the ease of the people. The people can now use the portals made by FTA for the registration of VAT.
People will get a whole of almost 12 months to bring all of their procedures into work regarding VAT. This means that people will get a year to induce all the vat procedures in their business. After that, they will be fined for not getting registered for VAT on time.
Implement VAT on your businesses
The companies and businesses will not get more than a year to implement VAT on their businesses properly. After that, if they get caught not paying the tax, they will get penalized and fined.
Like all other companies have come under the VAT, so is the food industry. Hotels and restaurants will have to pay tax as well. If they provide any service which is vatable, they will have to pay tax for that.
All the business owners must get the proper idea regarding vat and its implementation. For this purpose, getting vat advisory services in UAE is a good option because this is a good way of getting guidance regarding VAT.
Do not waste any of your time and get your company registered for VAT before it is too late. After a year passes by, there would be nothing to save you from huge fines and penalties. So, be prepared before it is too late for getting registered for VAT.