This module provides the functionality that you can use to define tax types and tax rates, calculate taxes for all transactions where applicable, generate the required tax reports, and pay the collected tax amounts to the Tax Authority.
Currently, the most important tax in the UAE is VAT (Value-Added Tax). For more information on VAT and specific regulations, see VAT in the UAE.
With FirstBIT ERP, your company can easily comply with the FTA requirements to calculating VAT on appropriate documents, generating tax invoices, record keeping, filing VAT returns, and preparing VAT audit files (in the FAF format).
The VAT functionality is available if the VAT Accounting option is selected on the Administration > Settings > General Settings form.
To be able to use all the extensive VAT functionality of the FirstBIT ERP, make sure that the functionality is correctly configured with the VAT Configuration Checklist.
In this chapter