How To Pay VAT Online?
You can now login to Mashreq Business Online and pay your outstanding VAT seamlessly in 3 simple steps:
- Create a Local Funds beneficiary using the GIBAN number provided by Federal Tax Authority
- Enter the amount to pay and select the Purpose of Payment as ‘Tax Payment’
- Review the details and authorize the transaction using the SMS OTP or Token
Your account will get debited and you will receive the confirmation of the transaction. All requests received before 3 PM are processed on the same day by Mashreq.
For further details, please contact your Relationship Manager or call our Business Banking call center +97144244763.
Know More About VAT
At Mashreq, we believe that as your preferred banking partner it is imperative that we truly partner in your business growth. As you are aware VAT is slated to be implemented in the United Arab Emirates starting 1st January 2018.
To support you in becoming VAT compliant Mashreq has partnered with Morison MJS Tax Consultancy to deliver specialized VAT services to our Business Banking clients.
Morison MJS Tax Consultancy is a Morison Menon Group entity formed with the objective of providing solutions with respect to Value Added Tax (‘VAT’) to be introduced in Gulf Cooperation Council (‘GCC’) countries in January 2018. The team at Morison MJS consists of experienced professionals having VAT implementation, Advisory, Compliance and VAT Audit experience across various industries in Europe, Middle East, Subcontinent and Far East.
Implementation of VAT creates an opportunity to assess your business all over again starting from Legal structure of the entity to Sales function to Deal advisory or Estimation to Commercial or contracts to HR to Operations to Supply Chain to Information Technology to Finance & Accounts to Compliance and related operating procedures.
The Central Design Feature Of VAT: Staged Collection Process
The central design feature of VAT and the feature from which it derives its name, is that the tax is collected through a staged process. Each business in the supply chain takes part in the process of controlling and collecting the tax, remitting the proportion of tax corresponding to its margin, i.e. on the difference between the VAT imposed on its taxed inputs and the VAT imposed on its taxed outputs. Thus the tax is in principle collected on the ‘value added at each stage of production and distribution.
VAT Service Offerings
IMPACT ASSESSMENT
- Fiscal Impact Assessment
- Transactions Impact Assessment
- Contracts Review & Related Support
- ERP Impact Assessment & Recommendations
- Supply Chain Impact Assessment & Restructuring
IMPLEMENTATION
- Testing VAT function of ERP
- VAT mapping of transactions in ERP
- Testing of transaction in ERP
- Pre-VAT implementation training
- Post-VAT implementation training
- Designing VAT Manual
COMPLIANCE & REVIEW
- Registration & Related Planning
- Transitional Support
- VAT Return Filing
- VAT Return Review
- VAT Advisory Services
- VAT Audit Related Support