Simple VAT

First BIT is pleased to announce the release of its new add-on modules –Deferred Expense & Deferred Revenue

Calculations in foreign currency are often used by companies across the UAE. This article describes how to calculate correct VAT for such operations.
Let us consider the following situations:
1.    Full post-payment
2.    Full prepayment
3.    Partial prepayment: case 1
4.    Partial prepayment: case 2

FirstBIT Accounting has been approved as a provider of the VAT-compliant accounting software by the Federal Tax Authority.

First BIT and Emirates Chartered Accountants Group together with Khalifa Fund, and The Institute of Chartered Accountants of India Abu Dhabi Chapter, teamed up to hold a free seminar dedicated to correcting tax management within the recent introduction of VAT. The seminar took place on August 15, 2018 at St. Regis Abu Dhabi.

You may use other exchange rates on deals with suppliers and customers!

It appears rather complicated to choose a software solution for VAT accounting. We have prepared a brief checklist.

On October 2, 2017 UAE Council of Ministers adopted Cabinet Resolution No. (40). - resolution on administrative penalties for violations of VAT law in the UAE. This article analyses the most common mistakes which may cause penalties.