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Basics on VAT

I would like to have basic knowledge on VAT which is going to be implemented in UAE.

Answers

Topic Expert
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO, SBAConsulting.com) |

If it is implemented along the lines of the UK, from what I remember is:

You purchase items and pay VAT. Items you purchase that are part of a service/product resold become a credit on your VAT return.

You sell products and services and collect VAT.

You report all sales and VAT collected.
You report all purchases for resale/manufacture.
You net the two and either you owe the government money or they owe you. Of course if they owe you, they hold onto the money until you owe them....

Ela Masny
Title: Head of technical support
Company: Dream Machines
(Head of technical support, Dream Machines) |

I can help you with Polish taxes. Just let me know if you need anything.

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