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General Trading Software Solution

General Trading software Solution in UAE

Infotiz is the ultimate Trading software Solution in UAE for every purchase or sales/trading of international/local commodities, where we need to negotiate the prices to buy and to sell globally. An in-depth understanding of the Trading company business requirements in the middle-east has enabled Infotiz to develop this General Trading Business Management Software’s.

Infotiz have incorporated vide range of software’s especially suitable to different business operations in Dubai and Middle East. Viz Acctiz, Tradeizy, Acctiz Pro, iMainzer, RMA.

Each software have distinct features, detail description is provided in our products portal.

All software’s includes the basics modules to suit all types of trading business.

  • Finance Management
  • Inventory Management
  • Cost Budget and budgeting control
  • Local purchase order
  • Import purchase order
  • Supplier Analysis
  • Estimation and Quotation Management
  • Service & Maintenance Management
  • Equipment Management
  • Sales Management
  • Fixed Assets Management
  • Post Dated Cheque (PDC) Handling
  • Online Document Printing
  • Cheque Printing
  • Bank Reconciliation
  • Job / Activity Based Costing
  • HR (Personnel) Management
  • Payroll Management
  • Value addition (for New & Used Items)
  • Letter of Credit (LC)
  • Expense Analysis

Because of our modular approach to software delivery, In the Infotiz accounting systems, we look at here for the most part, which allow customers to build their own financial systems based on what their operations require. While we examine baseline general ledger capability, these systems often also offer vertical market versions tailored for specific kinds of businesses, such as nonprofit entities, manufacturing companies, distribution businesses, or real estate management, for example. Generally, these are add-on modules that install over the baseline accounting software.



For example, production, warehousing, and distribution businesses all have very different inventory needs, and this becomes even more complex when the business houses inventory of different kinds in multiple locations or countries. One of the areas we examined, but did not test, was a vendor's ability to meet these various inventory complexities, including bill of materials (BOM) processing, kitting (inventorying subcomponents of a finished product), and supply chain management.

Other characteristics of higher-level accounting systems include the ability to handle multiple companies and divisions, frequently with intercompany or interdivisional transactions; multicurrency capability, enhanced security, and features such as self-service payroll where the employee can directly access his or her information and make limited changes such as increasing or decreasing the number of dependents.


Value Added Tax (VAT)

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In another milestone towards the implementation of VAT across the Gulf Cooperation Council, the Unified Agreement for VAT was published in the official gazette of one of the member states, Saudi Arabia. The Unified Agreement provides the framework for the operation of VAT across the GCC. Each GCC member state will implement the framework through legislation and other instruments. This milestone is another reason for companies operating in the Middle East to put in place or further their VAT implementation plans.

The Unified Agreement for VAT for the GCC Region includes the following key features:

  • VAT will apply to goods and services at the standard rate of five percent (5%).
  • VAT registration is mandatory for businesses with an annual turnover of DHS 375,000 (or its equivalent from any other GCC member state currency). Nevertheless, businesses that generate 50% of this threshold annually can voluntarily register for VAT.
  • Most VAT compliance requirements and procedures are left to the discretion of each member state under its local legislation. For example, i) the modalities and conditions to treat a group as one taxpayer (VAT grouping) ii) the tax period (but should not be less than one month), iii) the content of the VAT invoice and the deadline for its issuance.
  • Taxable persons will be allowed to deduct input VAT that is incurred for making taxable supplies of goods and services.
  • Input tax credit at the end of each tax period may be allowed as a refund or carried forward, depending on each member state’s modalities.
  • The VAT treatment of some sectors, namely, education, healthcare, real estate and local transport is left to the discretion of each member state (i.e. whether these sectors are subject to tax at standard rate, zero rate or exempt).
  • The VAT treatment of financial services: The standard rule stipulated in the Treaty is to exempt these services from VAT with a right to reclaim the input tax credit according to specific rates determined by each member state. However, each member state may opt for a different VAT treatment for financial services.
  • Food products shall be subject to the standard rate of VAT, however each member state will have the right to apply zero rate on food as per the unified list of commodities (e.g. basic foods: bread, milk etc.).
  • Medical equipment and medicines will be subject to zero rate.
  • Oil and gas including oil derivatives sector may be subject to VAT at a standard rate or zero rate, at the discretion of each member state and in accordance with the modalities and conditions they each set out.
  • The transport of goods and passengers (intra-GCC and international) and associated ancillary services will be subject to VAT at a zero rate.
  • Export of goods to outside the territory (outside the GCC Region) will be zero rated.
  • The supply of goods placed under suspension arrangements referred to in the GCC Common Customs Law (e.g. temporary import, re-export etc…) shall be subject to a zero rate.
  • A reverse charge mechanism will apply to the acquisition of services from abroad. The taxable customer in the destination state shall be the person liable for the tax due.
  • Specific place of supply rules apply for intra-GCC transactions to ensure VAT is levied at place of consumption and avoid double or no taxation.
  • VAT due on import of goods shall be paid at the first point of entry in the GCC Region.




VAT FLOW

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