Profit Margin Scheme: Where to start and how to apply correctly
The Profit Margin Scheme is an optional method of tax calculation, where the taxable person calculates the VAT on the profit instead of the sales value. The method is applicable to select type of goods under specific circumstances. Profit Margin is defined as the difference between the purchase price and the selling price of the good. Tax payer may choose this method at any point where all the required conditions are met.
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Re/think is a boutique accounting, audit, VAT advisory, compliance, HR consultancy and CFO business advisory firm with offices in Dubai, Abu Dhabi and Bahrain, focused on providing entrepreneurial businesses of varying sizes with timely, proactive and customized business solutions from start-up and early development to the latest stages of a business lifecycle.
Assistant Tax Manager
Senior Manager (Indirect Tax)
Partner & Director of Accounting & CFO Services