Spider Associates

Ingot Brokers not only offer the safety of funds for the traders, but a superior trading experience as well, with spreads starting from 0, 8 asset classes, more than 1000 trading instruments, and leverage up to 1:500, we offer one of the best trading experiences in Pakistan

sweet dreams

Made Easy through www.spiderbc.com get a complete solutions for your for more Call Us Now / WhatsApp on +971-523777786 for assistance.
Email us on [email protected]

Spider Business Center| Fully Serviced Office

VAT Updates August 2017
Registration begins in September 2017
Mandatory Registration Threshold AED 375,000 (annual taxable supplies)
Voluntary Registration Threshold AED 187,500 (annual taxable supplies or expense)

Call or email for free consultation.
056 1755060
[email protected]

Your Partner For Success!

Spider Associates has pleasure in announcing to all their clients, the launching of a new Outsourcing Service for "Accounting & Bookkeeping". By introducing this new service, our aim at Spider is to give our clients peace of mind, with a more relaxed approach to all their bookkeeping and accounting requirements. No longer will it be necessary for you to hire a full time or even part-time accountant. By outsourcing your Accounting & Bookkeeping, you will not only minimize your expenses, but you will also have the privilege of using the expertise of our team of professional skilled accountants.

What are the output reports you will get?

● Monthly Trial Balance
● Monthly Bank Reconciliation
● Fixed Assets and Depreciation Report
● Analytical Sales Report
● Payroll and Wages Report
● Analytical Purchases Report
● Accounts Receivable Report
● Accounts Payable Report
● Analytical General & Administrative Expenses Report
● Profit and Loss Account (Annual)
● Balance Sheet
● And Many other reports and output information

Our fees, which are very competitive, will be based on the volume of transactions / accounting papers

Spider Associates, Conrad Hotel 19th Floor, opposite world trade center, Sheikh Zayed Road.

Greetings from Spider!!!
As we all know that UAE Government is bringing VAT from 1st Jan 2018
As per new VAT law, any businesses whose turnover is greater than AED 375,000 requires to register under this rules and then follow the other rules regarding a quarterly return, maintaining proper books of accounts etc. They are also imposing a higher penalty for not complying with the given requirements.
We would like to share responsibilities of businesses under NEW VAT
Keeping of Accounting Records and Commercial Books
As per Federal Law No.7 of 2017 on tax procedures, Chapter Two, Part One, Article (4) regarding record Keeping any Person conducting any Business must keep Accounting Records and Commercial Books of his Business and any Tax related information as determined by Tax Law and maintain the same according to the controls that will be specified by the Executive Regulations of this Law.
Now it’s mandatory to maintain books of accounts for a tax payer and as per UAE Government any businesses whose turnover is greater than AED 375,000 has to be register as a tax payer.
Tax Evasion Penalties
Without prejudice to any more severe penalty applicable under any other law, a prison sentence and monetary penalty not exceeding five times the amount of evaded Tax or either of the two, shall be imposed on:
Taxable Person who deliberately fails to settle any Payable Tax or Administrative Penalties. A Taxable Person who deliberately understates the actual value of his Business or fails to consolidate his related Businesses with the intent of remaining below the required registration threshold.
A Person who charges and collects amounts from his clients claiming them to be Tax without being registered.
A Person who deliberately provides false information and data and incorrect documents to the Authority.
A Person who deliberately conceals or destroys documents or other material that he is required to keep and provide to the Authority.
A Person who deliberately steals, mis-uses or causes the destruction of documents or other materials that are in the possession of the Authority.
A Person who prevents or hinders the Authority’s employees from performing their duties.
A Person who deliberately decreases the Payable Tax through Tax Evasion or conspiring to evade Tax.
The imposition of a penalty under the provisions of this Law or any other Law shall not exempt any Person from the liability to pay any Payable Tax or Administrative Penalties under the provisions of this Law or any Tax Law.
What does a business need to do to prepare for VAT?
Concerned businesses will have time to prepare before VAT will come into effect. During that time, businesses will need to meet requirements to fulfill their tax obligations. Businesses could start now so that they will be ready later. To fully comply with VAT, We believe that businesses may need to make some changes to their core operations, their financial management and book-keeping, their technology, and perhaps even their human resource mix (e.g., accountants and tax advisers). It is essential that businesses try to understand the implications of VAT now and once the legislation is issued make every effort to align their business model with government reporting and compliance requirements.
When are businesses supposed to start registering for VAT?
Registration for VAT is expected to be made available to businesses that meet the requirements criteria three months before the launch of VAT i.e, 1st October 2018. Businesses will be able to register online using eServices.
How often are registered businesses required to file VAT returns?
Registered businesses will be expected to submit VAT returns on a regular basis. It is expected that the default period for filing VAT returns will be three months for the majority of businesses. Registered businesses will be able to file their returns online using eServices.
What kind of records are businesses required to maintain, and for how long?
Businesses will be required to keep records which will enable the authorities to identify the details of the business activities and review transactions. The specifics regarding the documents which will be required and the time period for keeping them will be communicated in due course.
We as Spider associates can serve you with our accounting and auditing services, we have planned a special package for our Spider Business Center and Spider Business Consultancy client. We can help you in getting prepared for VAT with our experienced professionals.

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