UAE has recently introduced Tax in the country. Excise Tax was introduced with effect from 1st October 2017 and Value Added Tax (VAT) has just taken its course from 1st January 2018.

The rate of Excise tax for carbonated drinks is applicable at 50% and it 100% applicable for tobacco and energy drinks. But, at the same time the VAT rate is applicable at just a minimal rate of 5%, which is the lowest tax rate among other parts of the world.

As VAT is a newly adopted concept in the region, it requires qualified and experienced Tax professionals’ advise to support the businesses especially, while complying in the initial stages of this transition. Premier Brains provides experienced chartered accountants as their tax advisors. Tax Experts have relevant industry specific experience in taxation complying with international standards.

Premier Brains has tax experts who can assist the clients with VAT transaction advisory services in the UAE, which cover the below steps:

• Business operating model
• Business process and operations
• Place of supply
• Time of supply
• IT systems
• Compliance risk
• Specific scenario arising out of specific operational transactions