Prowess.ERP – UAE VAT Ready
VAT is one of the most common types of consumption tax found around the world. Over 150 countries have implemented VAT. It includes the European Union (EU), UK, Canada, New Zealand, Australia, Singapore, Malaysia, India etc. USA, GCC countries and some other countries, especially from African continents, have not introduced VAT.
Value Added Tax (VAT) is an indirect tax. It is a type of general consumption tax that is collected incrementally, based on the value added, at each stage of production or distribution/sales. It is usually implemented as a destination-based tax. It is also known as goods and services tax (GST) in some countries.
VAT, a general consumption tax, will apply to most transactions in goods and services. There are only a few items exempted from VAT in the UAE. A couple of items are zero-rated and the rest of the items are full rated or standard rated. The criteria for VAT registration will be on the annual turnover of the business entity. The government has tentatively decided to introduce VAT in the UAE by 01 January 2018. The proposed rate of VAT in the UAE is 5%.
How we can help?
Innovative Informatics Pvt. Ltd. can provide you with VAT compliant software. Our Prowess Accounting System is fully compatible with VAT requirements. We can provide existing businesses with a solution to be VAT ready before the 31st December 2017. Also we can help you to migrate from your existing ERP Application to Prowess.ERP software in an efficient way so that your business won’t get affected by these changes. We will give adequate training to your users so that they can easily adapt to the new systems without much difficulties.
- Prowess Accounting
- Add contacts and users
- Create Proposals and invoices
- Track bills and expenses
- Create projects and timesheets
- Monitor inventory levels
- Create sales order and purchase order
- Generate business reports
- File VAT returns