5% VAT will be implemented in the United Arab Emirates (UAE) and Kingdom of Saudi Arabia (KSA) as mandated by the GCC (Gulf Co-operative Council)
With FinAcct you can generate your VAT return in XML or MS Excel format as prescribed by the FTA
Recording of VAT compliant transactions and invoices
Easy to transact with FinAcct, get Invoices VAT compliant when you generate invoices in seconds. You create single items, multiple items, multiple tax types, multiple currencies and can be printed accordingly. VAT gets calculated on the base currency (the currency of your country)
You can migrate the data from other softwares to be VAT Compliant.
Print tax invoices in Arabic
You can print invoice in Arabic and English both as per the mandated guidelines of GAZT and FTA
Validate VAT reports before generating return
Generate your VAT return after validating the tax calculations and analysis in the VAT Calculation report. The report gives a complete overview of all transactions, with drill down option to know total amount of tax to be paid and refundable amount if any
Reverse charge and advance receipts
You can the transactions of reverse charge is applicable in the Reverse Charges report. It lists transactions for which liability has already been booked and for which liability needs to be booked
With Advance Receipt report to find out advances for which you have already created tax liability and for which you need to create, for a given period