VAT Compliant ERP Software in Dubai

GCC VAT PRO is Fully Ready for VAT

GCC VAT PRO is global software and accounting solutions provider. We assess and execute customer oriented solutions that fully comply with existing as well as new laws and regulations. We have devised the latest VAT compliant accounting software for GCC countries as the implementation of VAT is due this year. Businesses can upgrade their existing ERP system or fully replace with our software. Our software has proven track records in most of the VAT implemented countries. Now we have redesigned it to suit the VAT laws of GCC. Contact one of our representatives to know more about it and subscribe.

What is VAT?

VAT is a tax on consumption of goods and services. It is set as 5 percent in GCC countries. Compared to the VAT rates in other countries, it is the lowest. Some countries of Europe and Asia charge up to 20% of VAT.

VAT is charged at each stage of the supply chain. Manufacturer, wholesaler and retailers add value to the product and in each stage VAT is added. For example, raw cotton becomes high in value when it is transformed into a shirt. Hence, the end buyer has to pay 5% VAT on it at the purchase.

There are goods and services that are exempted from tax. These products and services include health care items, education, certain food items, certain features of real estate and local transport. The exempted goods and services may various country to country in GCC. All products and services exported outside of GCC are zero rated. This means that businesses can apply for a tax refund for their exported goods and services.

More Explanation on VAT

VAT is levied at the point of sale of goods and services. Hence, it is the duty of consumers to pay it and it is the responsibility of business entities to collect it and submit to the tax authorities. VAT is not a new system of taxation. It is practiced in more than 180 countries now. While it feels precisely the same as a general deals assessment to end-purchasers, VAT is a more advanced expense and beats numerous difficulties that influence the general deals impose. VAT is charged at each progression of the 'inventory network'. End purchasers by and large bear the VAT cost while registered organizations collect and record the tax, in a route going about as agents to collect tax in the interest of the Federal Tax Authority.

How can I VAT compliant?

In the event that you haven't already, now is the perfect time to put resources into a bookkeeping arrangement that streamlines the VAT accumulation, record-keeping and the process of reporting that enables the generation of VAT solicitations in English as well as Arabic.

Though VAT is in force in UAE and Saudi Arabia, it may take another year for other countries to follow suit. Therefore, it is high time for you to subscribe to VAT compliant ERP software in Dubai. GCC VAT PRO is the accounting software to transform your ERP to VAT compliant. It is a sophisticated tool to transform all your business operations as per VAT laws.