As we know, Value Added Tax (VAT) introduced in Saudi Arabia and the UAE for the first time. VAT applied in more than 160 countries around the world as a reliable source of revenue for state budgets. VAT is imposes on each stage of the supply chain from the production and distribution to the final sale of the good or service. And the VAT rate is 5%. The VAT & TAX issues can be easily resolved with the UAE Odoo VAT solutions of Technaureus.Value Added Tax (or VAT) is an indirect tax. Occasionally you might also see it referred to as a type of general consumption tax. In a country which has a VAT, it is imposed on most supplies of goods and services that are bought and sold. So VAT is one of the most common types of consumption tax found around the world. Over 150 countries have implemented VAT (or its equivalent, Goods and Services Tax), including all 29 European Union (EU) members, Canada, New Zealand, Australia, Singapore and Malaysia.VAT is charged at each step of the ‘supply chain’. Ultimate consumers generally bear the VAT cost while Businesses collect and account for the tax, in a way acting as a tax collector on behalf of the government. A business pays the government the tax that it collects from the customers while it may also receive a refund from the government on tax that it has paid to its suppliers. The net result is that tax receipts to government reflect the ‘value add’ throughout the supply chain.
Configuration of TRN for company, customers and suppliers.
Configuration of VAT place for company, customers and suppliers.
TRN and VAT place in invoices.
Independent tax group for each taxes.
Reverse charge applicable or not.
Simplified tax credit note.
UAE Taxes(standard rate and zero rate) and its ledgers.
1. Date of implementation: January 1, 2018
2. VAT rate: 5%
3. What exempted: 100 types of staple food, and other essential service sectors such as healthcare and education
4. What are not: Electronics, smart phones, cars, jewellery and watches, eating out and entertainments
5. Inflation fears: It will have minimal impact on residents with less appetite for luxury goods, services and lifestyles. It will not stoke inflation for the common man as vital household expenditure items are exempt from its ambit
6. Common man: While the impact of tax on property transactions will limited to the wealthy or those above upper middle income group, a likely hike in the cost of financial services will hit the common man. VAT will also have an effect on the buying power of tourists as they will have to pay duty tax again on certain goods in their country of origin
7. In this year through VAT UAE generated a revenue of approximately Dh12 billion.
8. Tax returns, data, information, records and documents must submitted to the authority in Arabic. The FTA may, however, accept documents in any other language, as long as the person provides a translated copy in Arabic at their expense and responsibility, if so requested.
9. Registrants must include their Tax Registration Number (TRN), in all correspondence and transactions with the authority or with others. They must also inform the authority by filling the form of any circumstance that might require the amendment of information related to their tax record within 20 working days of the occurrence of said circumstance.
10. Each taxable person must also prepare tax returns for each tax period and for each tax while being registered. They must then submit the tax returns to the authority and pay any payable tax as specified in the tax return or any tax assessment within the time limit. The authority reserves the right to turn down any incomplete return.
It is nice to have a VAT Software in Odoo. As Odoo have the capacity to provide all UAE VAT requirements, this will be very simple and easy UAE VAT software for small and medium companies. The user can scale any time the odoo system by customization to meet any requirements.. The ERP Included all vat reports and financial reports.Technaureus the No1 ERP implementation partner which provides the services mainly on Odoo ERP (formerly open ERP) Odoo implementation, Odoo customization, migration, and training. Team Technaureus developed an application for UAE Vat in Odoo by our dedicated team work. We also developed the VAT software for Bahrain, Saudi Arabia etc.
♥ UAE VAT Invoices
♥ UAE VAT Reports
♥ UAE VAT Filings
♥ UAE VAT Dashboard
♥ Federal Tax Authority (FTA) VAT available software
♥ Sales
♥ Purchase
♥ Accounting
♥ Inventory
♥ VAT Management
♥ Manufacturing
♥ Project
♥ Timesheet
♥ HR
♥ Payroll
♥ Helpdesk
♥ Website
♥ Website
♥ POS
♥ Ecommerce
♥ Marketing
♥ Fleet Management
♥ Document Management
Odoo UAE VAT ERP software
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