VAT Account is a form of tax that's charged on the domestic consumption of goods and services except for those that are zero rated similar as food, drugs, etc, and on the goods and services that are classified as “ Exempted ” astronomically on exports. The tax is levied at every stage from procurement of raw materials, product and till the distribution chain that's over to deals. The quantum of VAT the Client pays is on the cost of the product, less the tax that has formerly been paid during the product cycle. This form of taxation( VAT) ensures there's no double taxation of the same product or service. Advantages of Online IT Products and Services and VAT Accounting Software for business are described below.
Impact Of VAT in UAE
VAT has come in effect on all business deals from January 1st, 2018. It'll be a positive response for UAE as it'll induce earnings for the development of structure and profitable growth of the country. It's estimated that with the preface of the new form of taxation “ Value Added Tax ” the economy may raise its periodic earnings by Dh 12 billion in the first time of implementation of the VAT system. Gulf Cooperation Council( GCC) decided upon the perpetration of VAT Accounting Business Software as being one of the ways to diversify earnings due to the fall in oil prices. Tax reform was top precedence in UAE succumb to the fall in oil costs and earnings. This fall in oil costs also affected the real estate industry affecting the profitable growth of the country.
Benefits Of VAT Accounting Software:
• Record the Purchase of Goods and Services
• Sales of Goods and Services
• Financial activity
• General Journal
• Record Inventory
• Start maintaining your financial records in an orderly manner
• Businesses will now need to develop more efficient processes
• Cost cutting on all fronts that you feel are unnecessary
• Restructure your business to incorporate new talent who are able to multi-task
• Get professional help for the right ways to implement systems

More Info :
Website: http://perfonec.com/
Contact No. – +971 56 408 5594
Mail ID - [email protected]
Address - Office No. 117, Nasser Ahmed Lootah Bldg., Umm Hurair 1, Dubai, United Arab Emirates.