GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Banking and Investments

 
  Share

January 2018 marks the moment for all VAT registered businesses across the GCC to start keeping records of their transaction documents: invoices, records, VAT returns, accounts and others. According to the Tax Procedures Law recently released by the President of the UAE, the retention period of VAT records for all UAE-based businesses will be 5 years. This new obligation will be particularly challenging to organisations with a big volume of documents, such as trading companies, because it implies extra administrative duties and additional costs of space rental. With this in mind, electronic archiving appears to be a true enabler and facilitator for GCC businesses, offering compliance with the legal changes and easy access to transaction documents for tax audits.

E-archive is a solution for any organization that is required to store e-documents for an extended period of time. Data is housed in the controlled area designed for the long-term data storage. This means that only authorised users have access to documents and, when needed, they can retrieve them.  

“In contrast to traditional, paper-based archive, the electronic archiving solution ensures greater security of data. Apart from access control, time stamping is a must-have in terms of e-archiving solution. A time stamp confirms that a document has not been changed since its creation day as well as guarantees a correct issuer. Importantly, time stamping and access control are compliant with the Federal Law No. (1) of 2006 On Electronic Commerce and Transactions in the UAE” –  Łukasz Spirała, Business Development Manager at Infinite IT Solutions, explains.

In the UAE, tax audits will be carried out by the Federal Tax Authority (FTA) to examine if a company is compliant with the provisions of the Tax Law. In the event of a tax audit, businesses using e-archive solutions will be able to provide the FTA with a temporary access to e-documents via the administration panel. There, the tax authority will be able to retrieve both a printable document and an original file of this document.

With e-archive suite, GCC businesses are ready to step up to the document archiving challenge. By moving trade documents into the paperless archive companies across the GCC will achieve VAT compliance in terms of documents storage as well as substantial operational savings.



Posted by : GoDubai Editorial Team
Viewed 4673 times
Posted on : Monday, August 7, 2017  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : “Misr Um El Donia” Account launched in UAE
Next Story : ENBD REIT Acquires First Education Asset in Dubai
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Michael Kors Unveils Spring 2019 Michael Kors Collection Ad Campaign
Flaunt your gravity-defying hairstyles to become the face of our brand
Linda Meredith Luxury Skincare Now at Coya Spa, Mirdif
City of gold celebrates the joy of new year with amazing wins this Dubai Shoppin...
Facial Peels – What Are They?
St. Valentine's Day
Sony Unveils Newest Products and Introduces Latest Efforts from Entertainment B...
Hask's Winter Care for Your Hair
Celebrate Valentine's Day with GUESS
New Lamborghini Huracán EVO: elevation of technologies for amplified drivin...
Start the Year with some TLC and enjoy the fantastic offers at The SPA at Steige...
Corum Heritage Eleganza- A luxury feminine piece
Trend Alert: Stay Timeless and Classy With a D1 Milano Timepiece
Morison Menon strategically integrates with Kreston International and rebrands ...
Rolls-Royce Motor Cars Achieves Historic Business Record
Tissot Chemin des Tourelles
Nokia 8 Sirocco blends premium craftsmanship and latest innovation with Android™...
Gharib Lands Al Shira'aa Double As One-Star Event Comes To A Close
LG Electronics' Promise of AI for an even Better Life Delivered at CES 2019 Keynote
Continental Commissions First Driverless Tyre Test Vehicle
Hankook 24 Hours of Dubai kicks off the 2019 season for Audi
19 reasons to fly with British Airways in 2019
Joyalukkas Shopper wins BMW Car in the ongoing DSF Mega Promotion
Malabar Gold DSF Winner Photo for Release - Babul Hussain
Celebrate the Month of Love with a Brighter Smile at The Smile Bar
HP Opens CES 2019 with Stunning Displays, PCs and Security Innovations
Malabar Gold & Diamonds opens a new showroom in Millennium Dubai Airport Hotel t...
Global Village presents Scheherazade, a timeless tale of intrigue and adventure
Eberhard & Co. Main Sponsor of Winter Marathon 2019
Longchamp Spring/summer 2019 Show
Turkish Airlines reached the 80.2% Load Factor in December 2018.
Samsung Smart TVs to Launch iTunes Movies & TV Shows and Support AirPlay 2 Begin...
Epson to participate at SGI 2019 for the 10th year highlighting high value solut...
Always take the front row with this 7.2” supersized smartphone screen
Third Edition of Al Shira'aa International Horse Show Concludes with Thrilling Finale
Bring out the Chef in your little ones at 800 Degrees Pizzeria
Shane Breen Wins Grand Prix Qualifier at Al Shira'aa International Horse Show fo...
Young Al Owais Ends Al Shira'aa One Star With Victory
Smart City Services at Silicon Park Reach Advanced Level of Completion
Dubai Festival City Mall's Festival Bay transformed with a new, larger-than-lif...
Introducing Burberry Bespoke Fragrances
Al Wahda Mall thrilled to announce launch of new outlets
UAE tap water is safe to drink – just keep storage tanks clean
Celebrate Valentine's Day With a Quintessential Timepiece From D1 Milano
Eberhard & Co. Gilda makes an extraordinary Valentine's Day gift
Cadillac announces Middle East arrival of the 2019 ATS model
Canadian University Dubai (CUD) launches degree program in Climate Change in par...
Union Coop Among the ‘Elite' Sponsors of The FAZZA Championships for People of D...
Always Breaks the Guinness World Record for a Cause
ADEK's Winter Activities Program in Abu Dhabi hailed a resounding success