VAT Payment Service in Dubai, UAE – GCC Exchange
VAT Payments Solutions:
All entities that are registered under the Federal Tax Authority (FTA) which possess a TAX Registration Number (TRN) and a GIBAN bank account number can visit any of the GCC Exchange branches in the UAE to make their VAT payments to the FTA.
Documents required to process VAT Payment:
- TRN Certificate
- GIBAN
- Trade License Copy (For the New Corporate Registrations)
What is TRN?
Tax Registration Number (TRN): A unique number issued by the Authority for each Person registered for Tax purposes.
What is GIBAN?
A GIBAN is a unique IBAN number that is given to every taxable person
For more information, visit your nearest GCC Exchange Branch
I do strongly agree with you with the regards in VAT payments but Opponents of VAT claim that it unfairly burdens people with lower incomes. Unlike a progressive tax (like the U.S. income tax system, in which higher-income individuals pay a higher percentage of tax), a VAT is like a flat tax where all consumers of all income levels pay the same percentage, regardless of earnings: Whether your annual income is $50,000 or $500,000, you are levied the identical 15% VAT on products and services. Obviously, that 15% cuts deeper into the budget of the $10,000 individual than the $500,000 person. If the former paid $1,000 in VAT taxes, that comes out to 2% of his annual income. If the latter pays the same $1,000 in VAT, it’s only .02% of his income.
I think its better to approach VAT Consultants (https://www.worldwideformations.com) for more clarifications.