We provide varied types of accounting services viz., statutory , internal , investigation accountng and due diligence to suit the requirements of our clients. We provide solutions in book keeping and accounting needs of clients in line with their business operations and continuous support to maintain the accounts department for clients.
Besides the core competence of other Accountants in the area of accounting services, we are providing varied nature of assurance services to the clients at large and these services are comprise of Management Consultancy, Financial feasibility, Business valuation, Budgeting and cash flow analysis,
Golden Sand Accounting is a firm of Accountants and VAT consultants in U.A.E. Our main areas of professional services are VAT and accounting services to clients spread over all Emirates. We provide accounting and financial services to individual and business clients. The clients benefits from personalised, quality service that is beyond comparison.
1. Internal Accounting
2. Financial statement preparation
3. General ledger maintenance
4. Monthly and year-end closing assistance
5. Payroll and sales tax return preparation
6. Account reconciliations
7. Controller and bookkeeper staffing
8. Payroll and accounts payable processing
9. Accounting systems design
10. Accounting staff training
11. Depreciation schedules
12. Accounting software assistance
Value Added Tax (VAT) is set to make its debut in the six-nation GCC block in 2018. But what is VAT? How does it affect the common man? We attempt to answer some of the most commonly asked questions in this primer below.
VAT will be another source of raising revenues for governments in the Gulf Cooperation Council (GCC).It is estimated that the UAE will generate more than Dh12 billion additional revenues in the first year after implementation of this new tax.
GCC countries have decided to implement taxation as part of the governments' efforts to diversify revenues in the context of sharp decline in oil prices. The International Monetary Fund has been recommending fiscal consolidation in the GCC through diversification of government revenues and reduction of subsidies.
Companies in the UAE that report annual revenues of over Dh3.75 million will be obliged to be registered under the GCC VAT system, the Undersecretary of the UAE Ministry of Finance.
It is also confirmed that companies whose revenues fall between Dh1.87 million and Dh3.75 million will have the option to register for VAT during the first phase of the VAT implementation.
It is also mentioned that it will eventually become obligatory for all companies to be registered under the system, when it is rolled out in the second phase, regardless of the reported revenues.
The UAE will remain tax-free in many ways even after the implementation of VAT as there is no income tax on salaries in the country. Free zones in the country also offers tax free environment including 100 per cent foreign ownership in free zones, ease of doing business.
The government is likely to use its ability to either zero-rate or exempt many supplies most likely to impact the common man to ensure that the impact of VAT is kept to a minimum.?Essentially, the intentions of most governments when introducing a VAT is to focus more on taxing discretionary spend by consumers, while ensuring that those at the lower end of the spectrum are protected and assisted. The UAE government has already announced that 100 food items, health, education, bicycles, and social services would be exempted from VAT. Electronics, smart phones, cars, jewellery, watches, eating out, and entertainment will fall under the taxed category. GCC countries are also expected to introduce excise duties on certain beverages that are deemed to be harmful to health, including those with high sugar content.
VAT is a tax on consumption and is levied on the price charged to the customer. Therefore it is expected that prices will increase by the amount of VAT. However, it is ultimately a matter for suppliers to determine the price of their goods/services. The price will need to take account of VAT, i.e. whether you charge Dh100 or Dh105, the amount will be deemed to include VAT. Governments have been considering the need to diversify income sources and this is even more the case given the developments negatively affecting government revenues in the region such as reduced income from oil revenues.
Golden Sand Accounting provides accounting and financial services to individual and business clients. The clients benefit from personalized, quality service that is beyond comparison.
We make sure that every client is served by the expertise of our whole firm. We are dedicated to helping our clients meet their goals in life and in business.
We take the time to listen to our clients so as to provide practical, useful business recommendations to help business prosper and grow. Our primary goal as a trusted advisor is to be available to provide insightful advise to enable our clients to make informed business decisions. Our victory is the enthusuastic friendly team of professionals eager to use their expertise to help you succeed.
Our pride is your success through our professional assisstance delivered over years of professional training, technical experience and financial acumen. We provide a variety of service which includes. financial accounting system design and implementation, Bookkeeping, supervision and review of financial accounting records, financial reporting, Internal accounting and management financial recording services.
Address
Golden Sand Accounting LLC
P.O. Box: 18080, Office No 201, Al Rostamani Real Estate Building, Al Quoz, Dubai, UAE.
Contacts
Phone: +971 50 8980761
Email: [email protected]