Can VAT Consultants Help General Public Get VAT-ready?

The UAE VAT Experts | VAT Advisors & TAX Consultants in UAE are making a significant contribution to the current situation by assisting various businesses in the country getting VAT ready before the commencement of the new taxation system on January 1, 2018; but what most of the people aren’t aware of is that how these latest regulations are going to affect the household budgets in the country.

Reportedly, the government has tried to keep the burden on the general public to a minimum. However, due to the introduction of VAT in the scene, the general public may have to pay a certain amount of tax on water, food, electricity, and telecom bills. Since most of the VAT Experts services are busy helping various businesses in the country, a good number of countrymen are unaware of such implications.

The chairman of Institute of Chartered Accountants of India (ICAI), Dubai Chapter, has stated in a report that he believes the introduction of VAT in these areas can lead to effective utilization of the items, especially water and electricity. He has also added that the VAT will have a limited amount of impact (one to 1.5 percent) on the household budget in the UAE.

A lot of businesses and general residents in the country had been complaining about the blurry details of the VAT decree law, but now that it has been clarified, the businesses have no longer any excuse to avoid the registration procedures. However, there are still some grey areas in the latest tax regulations that concern the general public which is expected to be elucidated by the Federal Tax Authority (FTA) or the government itself in the near future.

The VAT consultants in the UAE have a better idea about the latest regulations and the other relating issues, and they probably can help the general public adapt to the resulting changes in the smoothest way possible. Although, it’s a two-way process and will work if only the general public realizes the need for assistance from the professionals.