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TechVista Systems implements VAT for Twenty-Two organizations

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TechVista Systems, a global provider of IT solutions, has successfully assisted Twenty-Two organizations with ensuring compliance with new value-added tax (VAT) regulations. VAT implementation was performed for clients that use Microsoft Dynamics 365, AX 2012, NAV 5, NAV 2013, GP 2013, and GP 2018. TechVista’s team implemented VAT ledgers, standard VAT inquiries, and reports, and updated vendor and customer master data with tax IDs. VAT codes were implemented for 5%, 0%, and exempt status, using all applicable jurisdictions, as well as VAT groups (reverse charge, standard rated, inter-company, exempted, zero-rated supplies, etc.). The team performed SQL collation for Arabic data, and also set up an FTA audit file and VAT return report according to UAE VAT requirements. “Over the past two months, we have partnered with several organizations in the UAE to make sure that their implementation of all VAT rules and regulations takes place smoothly and efficiently,” said Adeel Edhi,
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Value Added Tax (VAT) guidance for Retailers – VAT in UAE

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Value Added Tax (VAT) guidance for Retailers published on Federal Tax Authority website  www.tax.gov.ae. Do I have to register for VAT? If your taxable turnover – the value of the taxable goods and services that you sell and any imports – exceeds AED 375,000 in a 12-month period, or if you expect your taxable turnover to exceed AED 375,000 in the next 30 days, you are required to register for VAT. If your taxable turnover is less than AED 375,000, but more than AED 187,500, you can register for VAT voluntarily. I have several shops: do I need to register them separately? No. All the business operations carried on by you as a taxable person can be dealt with under a single VAT registration. Can I form a Tax Group? Related businesses that share economic, financial and regulatory ties (either in law, shareholding or voting rights) may be able to register as a Tax Group if they have an establishment in the UAE and are legal persons under common control. Transactions between
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Location: Dubai - United Arab Emirates
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Guidance on Zero-Rated and exempt supplies

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Value-Added Tax or VAT is a tax on the consumption or use of goods and services levied at the point of sale. VAT is a form of indirect tax and is used in more than 180 countries around the world. The government of UAE published guidance on zero-rated and exempt supplies on their website ( government.ae ). Q.1: Do suppliers of zero-rated and exempt supplies charge VAT? Suppliers do not charge tax on a zero-rated or exempt supply. Q.2: What is the zero rate? If you make supplies at the zero rate, this means that the goods are still VAT taxable but the rate of VAT is 0%. You will need to record any zero-rated supplies in your VAT account and report them on your tax return. Q.3: If I make zero-rated supplies, do I need to register? As a supplier, you must register for VAT if your taxable turnover (which includes zero-rated supplies) exceeds AED 375,000 in a 12-month period, or if you expect your taxable turnover (which includes zero-rated supplies) to exceed AED
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Location: Dubai - United Arab Emirates
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Frequently asked questions on Value Added Tax (VAT) in UAE

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Ministry of Finance (MoF) UAE has published VAT information on their website(www.mof.gov.ae). The new piece of information has published in the format of frequently asked questions (FAQ’s) and is designed for the awareness of VAT system in UAE. General Questions Q.1.1- What is Tax? Tax is the means by which governments raise revenue to pay for public services. Government revenues from taxation are generally used to pay for things such public hospitals, schools and universities, defence and other important aspects of daily life. There are many different types of taxes: A direct tax is collected by government from the person on whom it is imposed (e.g., income tax, corporate tax). An indirect tax is collected for government by an intermediary (e.g. a retail store) from the person that ultimately pays the tax (e.g., VAT, Sales Tax). Q.1.2- What is VAT? Value Added Tax (or VAT) is an indirect tax. Occasionally you might also see it referred to as a type of general consumptio
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VAT in UAE: What is exempt and what is not

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Selected supplies in sectors such as transportation, real estate, financial services will be completely exempt from VAT The Federal Tax Authority (FTA) has announced the supplies that will be subject to Value Added Tax (VAT) as of January 1, 2018, revealing selected sectors that will be assigned zero-rated tax, such as education, healthcare, oil and gas, transportation and real estate. Selected supplies in sectors such as transportation, real estate, financial services will be completely exempt from VAT, whereas certain government activities will be outside the scope of the tax system (and, therefore, not subject to tax). These include activities that are solely carried out by the government with no competition with the private sector, activities carried out by non-profit organisations. The UAE Cabinet is expected to issue a Decision to identify the government bodies and non-profit organisations that are not subject to VAT. The below table outlines all supplies that will be
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Location: Dubai - United Arab Emirates
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Is it time for your business to implement an ERP platform?

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Business owners, executives, and other decision makers in every industry understand that adopting newer technologies like  enterprise resource planning  (ERP) is inherently beneficial, but such adoption will also require substantial investment. It is critical for businesses to clearly determine whether the benefits of ERP implementation outweigh the associated costs. Generally speaking, the larger and busier an organization is, the more worthwhile ERP adoption will be. But that just begs the question: how do you know your company is large and busy enough? The question posed in the title of this article can be taken in two different ways. First, would the net benefit of implementing ERP now be sufficiently desirable? And second (if the answer to the first question is yes), at what specific time should ERP be implemented? Let’s take a closer look at both questions. To determine whether your business need is great enough, quickly evaluate your operations by asking yourself these
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Location: Dubai - United Arab Emirates
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TechVista Systems on 2018 strategies

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TechVista Systems on 2018 strategies Khurram Majeed, general manager, TechVista Systems, shares details on its partnership with regional VAD Gulf Software Distribution and strategies for 2018. Khurram Majeed, TechVista Systems and Philippe de Mazieres, Gulf Software Distribution TechVista Systems, a subsidiary of Systems Limited, headquartered out of Pakistan, began its UAE business in 2014. With operations in UAE, Qatar and Australia, the  software services provider  has been working with regional value-added distributor, Gulf Software Distribution (GSD) since its inception in 2016. Khurram Majeed, general manager, TechVista Systems, says, “Before partnering with GSD, we were working with GBM for IBM technologies. However, we were still growing our footprint in these areas. We used to work excessively with IBM in Pakistan. Over the last year, we have aggressively started working with GSD and non-IBM platforms.” As a software services company, the reseller also has a
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Location: Dubai - United Arab Emirates
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