UAE government has just announced the new VAT policy. Even Though the decision has been on the table for the last few years; last week the UAE finance ministry made the official announcement. The new VAT structure is planned to be rollout on January 2018 onwards. According to the announcement, the proposed VAT on goods and services is 5%, but basic food items, education, health, social service etc. would be tax exempt. Other GCC countries are believed to follow the step and implement VAT all over the GCC.
2. INTRODUCTION
• UAE government has just announced the new VAT policy. Even Though the decision has been on
the table for the last few years; last week the UAE finance ministry made the official announcement.
The new VAT structure is planned to be rollout on January 2018 onwards. According to the
announcement, the proposed VAT on goods and services is 5%, but basic food items, education,
health, social service etc. would be tax exempt. Other GCC countries are believed to follow the step
and implement VAT all over the GCC.
3. VAT and Industry
Obviously, the cost of living will be increased as far as the people are
concerned. The industries in UAE will also take some time to adjust with the
new VAT regime. One of the hurdles the industry may face is making the
accounting software compatible with new VAT structure.
Here we present UAE/GCC VAT ready online accounting software Cybro
Accounts, and its offline version Account suite, both are specifically designed to
meet the requirements of new UAE VAT structure.
4. Cybro Accounts – A GCC VAT Ready Online Accounting Software.
Cybro Accounts is a GCC VAT ready online accounting software which can manage all the
operations related to Inventory and Accounting part of a business firm. The software is more
than an accounting solution, it is a comprehensive accounting ERP which can manage the
Accounting, Payroll, and Inventory needs of any type of organization. The size and nature of
the business is not a concern, Cybro account ERP is flexible and customisable to any
environment.
5. Cybro Account is a software developed with the reliable Microsoft .Net platform and the previous
versions of the software are widely used across GCC countries. The new GCC VAT ready
version of Cybro accounts provides all the possibilities of the previous versions along with new
VAT structure support. Cybro Accounts is a proven product which serves the clients across
Australia, South Asian, Southeast Asian and GCC ( Gulf Cooperation Council) countries.
6. Account Suite - A GCC VAT Ready Offline Accounting Software.
'Account suite' is an offline 'GCC VAT ready software' which has all the features of 'Cybro
Accounts'; except it is offline. Account suit is also developed in Microsoft .Net platform and
it offers all the Accounting, Inventory and Payroll features needed for an organization.
7. The simple three-step Buy-> Rebrand >Resell strategy allows anyone to buy the source code of
above two products, rebrand it and resell at an expedited mode, rather than developing from
scratch.
8. Cybro Accounts offers the following GCC VAT compatible features.
● Calculate VAT automatically.
● VAT support in Sales, Purchase, Sales and Purchase returns, Journal entries.
● Generate Federal Tax Authority compatible tax reports.
● VAT Paid (charged by suppliers) and Vat Collection (Charged to customers) Analysis.
● Transaction wise details of VAT paid and VAT collected.
● Attach every Vendors/Customers VAT number and other details.
● VAT supported for Goods (stocked) and Service (non-stocked) items.
● Online, On the go, and Automatic accounting.
● VAT Account Reconciliation, VAT Collection & VAT Paid analysis report.
● Report export to excel and other standard formats.
● VAT return statement compatible with Federal Tax Authority standards.
9. Cybro Accounts & Account Suit General Features
● Branch, Department, Employee and User Role management
● Inventory Support; Warehouse, Product and Product Price Management.
● Provides all the normal accounting transactions including Contra, Payment, Receipt, Journal, and Servi
Vouchers, PDC management, Bank Reconciliation, Stock journal etc.
● Sales and Purchase Management
● Financial Statements including Profit and Loss, Trial Balance, Balance Sheet, Cash flow, Fund flow and Chart
accounts.
● Budgeting and budget Variance
● Service Management
● Payroll Management including, Employee salary setting, Bonus/Deduction, Advance Payment, Payslip a
Salary voucher generation.
● Detailed Reporting including
● Account Group and Ledger wise report
● Day Book, Cash Book
● Stock report
● Sales and Purchase report
● Ageing Report
● C/O Report
● Product Statistics Report
● VAT Reports etc.
10. Refer this link for more:
https://www.cybrosys.com/blog/is-your-accounting-software-uae-vat-ready
11. Thank You !
Cybrosys Technologies Pvt. Ltd.
Neospace, Kinfra Techno Park,
Kakkancherry,
Calicut University P.O.
Calicut
Kerala, India - 673635.
Cybrosys Ltd
15, ST Antonys Road,
Forest Gate, London
England,
E79QA.
Cybrosys Technologies Pvt. Ltd.
1st Floor, Thapasya Building,
Infopark, Kakkanad,
Kochi, Kerala,
India-682030.
