Some businesses have already been fined and issued tickets for being non-compliant or failing to register.\u00a0 If you haven\u2019t made the switch with your Point of Sale\u00a0and ERP systems, you need to do so immediately.<\/p>\n
Steps to VAT Tax Compliance<\/h3>\n\n- Registering Your Business<\/strong>If your business has annual revenue exceeding AED 375,000 you are required to register with the Federal Tax Authority<\/a>.\u00a0 If your business earns less, or is expected to earn less, registration is voluntary.<\/li>\n
- Training Your Staff<\/strong>Employees must be trained to handle the VAT tax in transactions, how to calculate the tax, and what goods and services are included. Documenting the training and dates delivered, and the staff names participating, is a best practice.<\/li>\n
- Accounting, Auditing, And Pricing<\/strong>Your current systems, from your supply chain through sale, need to be audited to make sure you are compliant in each step.\u00a0 You will need to make sure your systems will attach the VAT tax to any sales so that you can collect the correct amounts.\u00a0 Your accounting will also need to track the collections and prepare the payments.\u00a0 With the additional workload, and potential compliance costs, you may need to consider product price adjustments to underwrite the additional costs.<\/li>\n
- Required Record Keeping<\/strong>VAT legislation requires stringent record keeping and an audit trail:\n
\n- VAT invoices<\/li>\n
- Debits and Credits<\/li>\n
- Import\/Export Paperwork<\/li>\n
- Recording of any Good and Services Provided at No Charge or Private Consumption<\/li>\n
- Zero-Rated or Exempt Goods and Services<\/li>\n
- Filing Your VAT Taxes<\/li>\n<\/ul>\n<\/li>\n
- Paying Your VAT Tax<\/strong>Registered business are required to file a VAT tax return typically at the end of the month following a reporting period, which could be monthly or quarterly. \u00a0Check with the Federal Tax Authority<\/a> for specific details. Paying the VAT tax can have cash flow implications, especially if not managed properly.<\/li>\n<\/ol>\n
System Implementation<\/h3>\n
Is your point of sale system VAT tax ready?<\/p>\n
If not, consider Linga POS, which includes basic ERP functions as well.\u00a0 Not only can it handle the VAT Tax, but it can handle multiple currencies and languages, split checks, table management, and back office reporting.\u00a0 Linga POS is a full function solution that provides everything you need to run your business:<\/p>\n
\n- Point of Sales<\/li>\n
- Back Office<\/li>\n
- Reporting and Analysis<\/li>\n
- IOT Device Control<\/li>\n
- Gift Cards and Loyalty Programs<\/li>\n
- Multi-Store Management<\/li>\n
- And More<\/li>\n<\/ul>\n
You can try Linga POS for free<\/a> now, or request a demo<\/a> to get all of your questions answered.<\/p>\nAdditional Questions About VAT Tax<\/h3>\n
If you have additional questions about the VAT tax, its implications, or implementation, consult the UAE Ministry of Finance.<\/a><\/p>\n
\n <\/p>\n
\r\n\tGet Started with Linga POS now<\/span><\/h2>\r\n \r\n \tSCHEDULE A CALL<\/a>\r\n <\/div>\r\n \r\n \tTRY LINGA FOR FREE<\/a>\r\n <\/div>
\r\n Try Linga PRO for 14 days. No credit card required.<\/p>\r\n ![\"play](\"\/\/www.lingapos.com\/wp-content\/uploads\/2017\/03\/play-video-demo.svg\")
Watch the Video Demo<\/b><\/span><\/h2><\/a>\r\n<\/div>\n","protected":false},"excerpt":{"rendered":"Special notice for restaurants and merchants using POS\u00a0 and ERP systems in the UAE: Making sure your Point of Sale (POS) system is compatible with the UAE’s new\u00a0\u00a0Value Added (VAT) … <\/p>\n
- \n
- VAT invoices<\/li>\n
- Debits and Credits<\/li>\n
- Import\/Export Paperwork<\/li>\n
- Recording of any Good and Services Provided at No Charge or Private Consumption<\/li>\n
- Zero-Rated or Exempt Goods and Services<\/li>\n
- Filing Your VAT Taxes<\/li>\n<\/ul>\n<\/li>\n
- Paying Your VAT Tax<\/strong>Registered business are required to file a VAT tax return typically at the end of the month following a reporting period, which could be monthly or quarterly. \u00a0Check with the Federal Tax Authority<\/a> for specific details. Paying the VAT tax can have cash flow implications, especially if not managed properly.<\/li>\n<\/ol>\n
System Implementation<\/h3>\n
Is your point of sale system VAT tax ready?<\/p>\n
If not, consider Linga POS, which includes basic ERP functions as well.\u00a0 Not only can it handle the VAT Tax, but it can handle multiple currencies and languages, split checks, table management, and back office reporting.\u00a0 Linga POS is a full function solution that provides everything you need to run your business:<\/p>\n
- \n
- Point of Sales<\/li>\n
- Back Office<\/li>\n
- Reporting and Analysis<\/li>\n
- IOT Device Control<\/li>\n
- Gift Cards and Loyalty Programs<\/li>\n
- Multi-Store Management<\/li>\n
- And More<\/li>\n<\/ul>\n
You can try Linga POS for free<\/a> now, or request a demo<\/a> to get all of your questions answered.<\/p>\n
Additional Questions About VAT Tax<\/h3>\n
If you have additional questions about the VAT tax, its implications, or implementation, consult the UAE Ministry of Finance.<\/a><\/p>\n
\n<\/p>\n
\r\n\tGet Started with Linga POS now<\/span><\/h2>\r\n
\r\n \tSCHEDULE A CALL<\/a>\r\n <\/div>\r\n\r\n \tTRY LINGA FOR FREE<\/a>\r\n <\/div>
\r\nTry Linga PRO for 14 days. No credit card required.<\/p>\r\n
Watch the Video Demo<\/b><\/span><\/h2><\/a>\r\n<\/div>\n","protected":false},"excerpt":{"rendered":"Special notice for restaurants and merchants using POS\u00a0 and ERP systems in the UAE: Making sure your Point of Sale (POS) system is compatible with the UAE’s new\u00a0\u00a0Value Added (VAT) … <\/p>\n