Retail ERP Solutions

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, ...

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...