The preparations for upcoming Value Added Tax (VAT) are underway in UAE and now in a latest move, the government has started registration for tax agents and tax accounting software vendors. According to details, the Federal Tax Authority (FTA) has opened registration for tax agents and tax accounting software vendors. Minimum three years of experience in the fields of tax, law or qualified accounting is required for the applicant of tax agents.
These tax agents can be appointed by any individual on his/her behalf in front of FTA for the matters regarding tax. The tax agent will be required to provide FTA with records, data, documents and other related information of the person he represents, whenever necessary. These documents and information will be scrutinized by FTA. If the person dismisses the tax agent for any reason, then he will not be allowed to represent the person in front of FTA soon after.
The tax agent will assist the concerned person regarding his tax obligations. These tax agents will act as mediators between taxable persons in UAE and the concerned authority, FTA. He/she must maintain confidentiality of tax information to any non-related person while it is also part of his duties to refuse assisting in any act against the law.
The purpose of this important step is to implement tax system according to international standards. It is also helpful for potential taxpayers to fulfill their tax duties better while reducing tax errors and saving their time and struggle.
There are several conditions for potential tax agents including:
- A (bachelor or masters) degree in tax, law or accounting from a recognized institute along with minimum three years of experience in the relevant fields
- He/she must be of good conduct without being convicted of any crime from any court of law
- Medical fitness certificate and copy of liability insurance contract are also required along with the application
- The applicant will also have to pass the Tax Agent exam of FTA
The interested persons will fill an official application form after which the authority will informed about the approval or rejection of application within 20 working days of the submission of application. Before practicing as a tax agent, an individual has to complete registration process and receive accreditation from FTA and license from the authorities.
In case of tax accounting software vendors, the applicants have to submit all the required documents including:
- Vendor’s name
- Name and version number of tax accounting software
- Trade license number
- Address and contact details
- Application form
- Date and validity of schedule
Opening of such opportunities are evidence that arrival of VAT in UAE is producing job opportunities for local people also. If you are one among those willing to avail this opportunity, we at Riz & Mona Consultancy can assist you for completing the whole procedure conveniently. You can contact us via our email address [email protected]