Uae Vat Rates And Benefits Of Using Fta

By Author: Erica Patel
Total Articles: 3
Comment this article

Benefits of using FTA Approved Tax Accounting Software in the UAE
The requirements of the Federal Tax Authority (FTA) to accredit the tax accounting program are simply a result of the Authority’s determination to simplify the life of the taxpayer in adhering to VAT. This also underlines the value of using accounting software in the corporate process to reaching 100 percent conformity.

The primary objective that FTA wants to drive through the specifications of tax accounting software is to simplify all a taxpayer’s tax-based obligations such as monitoring documents, receipts, file VAT returns, producing FAF (Audit File), etc. In this article, we will address the key benefits of using FTA certified business software.

Let’s consider the main functionalities a tax accounting program needs to have before we put down the list of benefits.

Key Functionalities of Tax Accounting Software
Among the different requirements, the three main functionalities to be included in the accounting software should be that the program should be able to generate automatically.

1. FTA Audit File (FAF)

2. ...
... VAT return file

3. VAT compliant tax invoices and credit/debit notes.

A tax accounting program in the context of FTA is one that has built-in capabilities to produce tax reporting from accounting records. Let’s understand pictorial graphics on this.

For further information please visit https://consultvat.com/2020/01/15/benefits-of-using-fta-approved-tax-accounting-software-in-the-uae/