The business environment in UAE is very challenging and competitive, especially after the introduction of VAT. Organizations deserve an accounting and tax firm who will guide them through the complexities of financial reporting and taxation while supporting them in every aspect of their business. Our team at ADJC brings extensive experience and commitment to deliver these services with the highest level of professional integrity.
ADJC is providing tax compliance Accounting Service Our proficiency and insightful understanding will help you make most efficient changes to the core operations. Vague ideas about the VAT compliance will take you nowhere but non-compliance and penalties. ADJC ensures business are fully VAT compliant from all perspectives i.e. VAT Accounting, Record Keeping, etc.
VAT accounting is the most crucial aspect of VAT compliance, VAT Accounting requires the basic and in-depth understanding of the business environment. Our firm has the proper understanding of VAT Laws and Rules to set up accounting properly. We offer Training sessions additionally tailored to meet the needs of your organization. We train staff by imparting training to them on relevant contents and trainees are quickly able to grasp the concepts as they will be based on actual transactions and scenarios their organization is involved in.
The FTA may inform the taxable person to retain the records for a further period not exceeding (4) years, in cases:
a. Taxable Person’s tax obligations are subject to a dispute between him and the Authority.
b. If the Person is being subject to a Tax Audit and that Tax Audit has not yet been completed.
c. If the Authority has given notice to the Person that it intends to conduct a Tax Audit before the expiry of 5 years.
The time limit for record retention for real estate is 15 years after the end of the Tax Period to which they relate.
The Taxable Person shall keep the following records:
a. Records of all supplies and Imports of Goods and Services.
b. All Tax Invoices and alternative documents related to receiving Goods or Services.
c. All Tax Credit Notes and alternative documents received.
d. All Tax Invoices and alternative documents issued.
e. All Tax Credit Notes and alternative documents issued.
f. Records of Goods and Services that have been disposed of or used for matters not related to Business, showing Taxes paid for the same.
g. Records of Goods and Services purchased and for which the Input Tax was not deducted.
h. Records of exported Goods and Services.
i. Records of adjustments or corrections made to accounts or Tax Invoices.
j. Records of any Taxable Supplies made or received from non-residents, including any declarations provided or received in respect of those Taxable Supplies.
k. A Tax Record that includes the following information:
1) Due Tax on Taxable Supplies.
2) Due Tax on imports.
3) Due Tax after the error correction or adjustment.
4) Recoverable Tax for supplies or Imports.
5) Recoverable Tax after the error correction or adjustment.