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Introduction

For businesses in the UAE, filing VAT is going to be crucial. VAT is introduced at a rate of 5% with some limited exceptions including basic food items, healthcare, and education.

For VAT filing, the software vendors must ensure that
1. Their tax accounting software provides a reporting facility for the efficient
generation of information necessary to prepare VAT tax and return.
2. Provides the issuance of tax invoices, credit/debit notes and self-billed invoices that
comply with the VAT Legislation.
3. Capture key data elements necessary for the generation of a VAT Return file.
4. Helps the taxpayer in filing VAT returns automatically.

MyReport, for such businesses, will prove extremely beneficial.