VAT Enabled Invoice Solution
VAT (Value Added Tax) is expected to be implemented in the UAE (United Arab Emirates) with the effect from the 1st January 2018. We have enabled VAT as part of our smart invoice solution, inline with the VAT implementation in UAE. Our VAT enabled invoice solution helps organizations to raise VAT invoices to their customers, receive online payment and track the VAT payments effectively. And we helps to store the VAT invoices, and mandatorily keep the VAT invoice for 5 years. Our invoice solutions also has the online payment capabilities.
According to the FTA (Federation of Tax Administration), there will be two kinds of invoices for VAT in the UAE. Supply for less than the specified amount will be considered to maintain a simplified VAT invoice – specifically for supermarkets and retail industry. However, supply for more than the specified amount will have to make a detailed invoice.