"The first BIT" in Dubai optimized tax accounting of Aster Aviation Services

The First BIT company announced on April 27, 2018 carrying out the project on optimization of tax accounting in Aster Aviation Services company and to the implementing solution FirstBIT Accounting.

Prerequisites of the Project

Since January 1, 2018 in the UAE became effective the law on a value added tax. Most the local companies, including Aster, for the first time was faced the need of delivery of tax statements. Kept the financial accounting Aster in the specialized software product, but its functionality did not conform to requirements of conducting tax accounting.

Project Tasks

Aster Aviation Services was required to be rebuilt in a short time under the entered tax law of the UAE and in time to provide the declaration on the VAT during the first reporting period.

Aster Aviation Services organizes and coordinates services in land service and refueling aircrafts

Project Progress

Specialists of branch of The First BIT company in Dubai – First BIT - recommended to use own solution FirstBIT Accounting created specially under business needs of the Middle East taking into account legislative innovations of the UAE and the IFRS standards.

The project of transition passed in three stages:

1. preparation of methodology of tax accounting according to specifics of business;
2. installation and setup of the software product;
3. maintenance of the client at submission of the first tax statements.

The project began with the analysis of all business processes of the client. For this purpose at the first stage the tax auditor together with whom tax account policy was prepared was connected to the project. After creation of architecture on the developed methodology together with the client FirstBIT Accounting implementation process began.

Under control of experts of First BIT specialists of Aster company executed transfer of the existing accounting documents in the created database and created the tax report on the VAT. After careful verification of reporting information data were transferred to the tax declaration on the website Federal Tax Authority (FTA) - Federal tax authority of the UAE. The report on the VAT in the solution FirstBIT Accounting is completely identical to the official tax declaration that provides convenience and speed of verification of information by transfer of data in tax authorities.

Project Results

In a project deliverable of Aster Aviation Services timely provided in Federal tax authority of the UAE the first declaration on the VAT according to the current legislation. FirstBIT Accounting integrated accounting and tax accounting in a single system according to requirements of IFRS and the tax law of the UAE.

"The functionality of formation of the declaration on the VAT in FirstBIT Accounting completely corresponds to instructions of Federal Tax Authority. Also there is a wish to note convenience of work in a system: all information is near at hand, it is possible to output the report, and automatic cost accounting many times saves time of our workers". Denis Efimovich, Director of Aster Aviation Servies DMCC