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Let us help you with our VAT Compliant software systems
Tally. ERP 9 is the perfect business management solution and VAT compliant software for small and medium sized enterprises. Tally’s comprehensive business functionalities include Accounting & Finance, Inventory, Sales and Purchase Management.
Developed for medium and large sized businesses, SAP offers VAT compliant functional capabilities for accounting & financial management, customer relationship management, procurement, reporting and analytics, and integrations.
Comprehensive VAT compliant POS that fits any size or type be it Supermarket, Restaurants, Groceries, Hypermarket, Pharma, Apparel, Footwear, Electrical, Electronics, Fashion, SPA, Salon, Hardware, Books, Stationery or Sports & Games.
Introduction to VAT
GCC States has worked together and signed up a Unified Agreement for the introduction of the Value Added Tax (VAT). This framework agreement provides the basic principle of proposed VAT Laws for the six GCC countries. GCC Member states can retain some flexibility to treat differently certain products and services which they consider important or affect their economy.
UAE was amongst the first states to announce the introduction of VAT with tentative effective date of 1sy January 2018. VAT is expected to significantly impact nearly every business in one way or the other. The date of 1st January 2018 is not far away and businesses must prepare themselves and set their systems and processes to adopt this statutory change.
The big question is, as a business are you ready? This is not a just change in tax but will impact the way business is done
What is VAT?
A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of general consumption tax that is collected incrementally, based on the surplus value, added to the price on the work at each stage of production, which is usually implemented as a destination-based tax, where the tax rate is based on the location of the customer, VATs raise about a fifth of total tax revenues, both worldwide and amount the members of the Organization for Economic Co-operation and Development (OECD). As of 2014, 160 of the world’s approximately 193 countries employ VAT, including all the OECD members except the United States.
How does VAT works?
VAT charged on things like:
- Sales of goods and services
- Hiring or Loaning of goods
- Selling business assets
- Items sold to staff – for example canteen meals
- Business goods used for personal reasons
- “Non-sales” like bartering. Part –exchange and gifts
These are known as “taxable supplies”. For charities, different rules apply
What Customers are saying about us?
AREED IT has made an effort to understand the complexity of our business and has made a valuable contribution towards designing practical business solutions.
AREED IT Tally Solutions has allowed us to create an on-line project docket. From quotation through to invoicing everyone in the organisation can view where a project is at any time.
I have been through numerous software changes and this was BY FAR the easiest, most efficient and painless transition that I have been through. It has been smooth sailing since and we love the system.
The AREED IT Solution is working way better than our previous solution. The support team has been remarkable, when we submit a case it gets fixed in a very timely manner. Thanks for reaching out.