United Arab emirates Requirements Document for Tax Accounting Software
Sysnet Solutions
Member Posts: 1
Dear Support,
UAE is now introducing 5% VAT tax system. they have given us a guideline document which a accounting software should follow.
Please let us know if WAVE meets all these requirments.
Regards,
Abbas
00971502524548
Below is thier guideline:
Tax Accounting Software in the context of the FTA Software vendors must strictly abide by this guide when developing the tax accounting software. Three key functionalities that must be included in the accounting software require the system to have the ability to automatically generate 1) a standard file known as the FTA Audit File, 2) VAT return file, and 3) tax invoices and credit/debit notes. Vendors will be required to demonstrate that their tax accounting software has this functionality and complies with the requirements in this guide.
Software vendors must ensure that their tax accounting software: •âá allows automatic production of an non-editable VAT return files based on the format mentioned in the relevant Appendix in this document with no assistance required from the software vendor or any other IT specialist; •âá allows automatic production of a FAF by a user with no assistance required from the software vendor or any other IT specialist; and •âá provides the issuance of tax invoices, credit/debit notes and self-billed invoices that comply with the VAT Legislation; The software vendors must also ensure that their tax accounting software: •âá provides a reporting facility for the efficient generation of information necessary to prepare tax and returns; •âá is accompanied by comprehensive user-guide documentation to assist auditors and users to understand how the software operates; •âá incorporates adequate internal controls and tax protection controls to ensure reliability of the processed data; •âá creates adequate audit trails to assist auditors in understanding the flow, and, if necessary, the reconstruction of events; •âá has archival and restoration of archived data mechanisms in place, in order to ensure the integrity and readability of electronic records after an extended period, as well as to allow auditors to retrieve the records as required; •âá captures key data elements necessary for the generation of a VAT return file; •âá helps the taxpayer in filing VAT returns automatically; •âá captures key data elements necessary for the generation of a FAF; •âá provides comprehensive documentation to assist auditors and users in their understanding of the system, the processing, and its environment; and Page 5 Tax Accounting Software •âá contains facilities to allow audit automation to assist auditors in gaining audit assurance and enabling businesses to self-test their tax da
Comments
Hi there! Thanks for sharing your question with our Community. Wave is not built to be region specific, so you won't find the ability to generate these types of tax forms and files. However, many people find that they are able to easily pull the information they require to file taxes using Wave.
My recommendation would be to work with an accountant or bookkeeper who is familiar with tax regulations in your region to assess the software for your needs.
please add uae vat feature
PLEASE ADD UAE 5% VAT FEATURES.
IMMEDIATE RESPONSE IS HIGHLY APPRECIATED
@pBOY Hey there!
We appreciate you expressing your interest in this feature idea. As mentioned above, Wave isn't designed to be region specific. For full transparency, we do not have this feature on our current product roadmap and we don't know if or when this feature will ever be released. I apologize for the inconvenience.