VAT in UAE is admittedly new to everyone regardless if it’s been around for a couple of months already. Residents and business people alike still find handling VAT as not entirely extreme, but it’s a pebble during a shoe. For some people, however, they find it not just a pebble but a rock to carry. The idea about certified tax agent UAE has been introduced to the business industry before the legal system was implemented.
The Federal Tax Authority (FTA) already felt the possible problems and issues which may arise and could be big concerns for business folks that is why the knowledge about tax agents was laid down by them. There are now a variety of approved tax agents within the country, which suggests they need to meet the high standards of the govt for one to become a tax agent.
With the assistance of tax agents, it’s believed that the implementation of the legal system within the country is going to be through with ease.
What is a Tax Agent?
Article 1, Chapter 1 of the Federal Tax Authority-Law Number 8 of 2018 or commonly known as the VAT Law, clearly states there that a tax agent is “any Person registered with the Authority, who is appointed on behalf of another person to represent him before the Authority and assist him within the fulfillment of his Tax obligations
What Certified Tax Agents UAE are Made Of:
Tax agents aren’t simply approved easily within the UAE. There are a variety of in-depth requirements that ought to be met by individuals if they need to be tax agents.
The standards are admittedly tough to satisfy as per Article 14, Part 2, Chapter 3 of the VAT Law, the wants are below:
• Three years of Practice in taxation, accounting, or law
• Fluent in Arabic and English
• Certifications like Bachelor’s or Master’s degree in tax, accounting, or law should be from an accredited institution.
• A passing grade in FTA examination
• Physically fit the individual to perform the duties and responsibilities of a tax agent
• Professional indemnity insurance in possession
• Clean record regarding conduct with none crime or misdemeanor recorded
Tax Agents and What they will assist you With:
The legal system may be a new concept for nearly everyone within the UAE, and so, it’s tough for business people to handle it on their own as they have been wont to be during a tax-free land. Looking for help in taking care of your duties and responsibilities as a taxable entity is vital. This will make sure that you’ll not pay any fines or be penalized for a small mistake that you simply might do in the longer term. Having an expert on your side is imperative during this era that not most are conversant in.
The FTA knows the struggles that business people might face due to the new system; therefore, the thought of tax agents was born which will greatly help them within the process of handling the tax system.
Tax agents are authorized individuals who can assist you with tons of tax-related things. They are allowed to represent you ahead of the FTA whenever you’ve got any concerns about VAT or excise. They can directly speak with the FTA regarding the tax-related issues that you simply face.
They can assist you in Tax and bookkeeping Services and make sure that you’re doing it right. Also, whenever you’re in a position of not knowing about vat or if the VAT should be applied, a tax agent is often just a call away to help to fulfill all the compliance related to Tax.