VAT is a system of levying tax at each stage of supply chain. It is named as Value-added tax because every time a value addition is done to the product, the cost of such value addition is taxed. The amount of tax charged is withheld by the supplier and usually the burden is passed onto the customer.
The VAT system was introduced in UAE on 1st January 2018. All the companies in UAE have started to comply with the VAT laws by implementing them in their businesses. If your business still has not been registered to the Federal Tax Authorities (FTA), do not worry because our qualified team offers VAT implementation services which you can check out on our page.
Other than VAT implementation services, we have tax experts who are providing VAT consultants services as well. Our team is well versed with all the VAT tax laws introduced in UAE to assist you in simplifying this seemingly complex task.
Our VAT consultant services include the following:
- A thorough understanding of your business model will be taken by our team through observations to scrutinize areas that need any sort of rectification regarding VAT.
- A training session will be held for explanation of VAT laws to the employees and departments of the client company.
- A better strategy will be developed and recommendations will be given to the client for managing their VAT in an enhanced manner.
- Meetings and discussions will be held to dissolve any confusions or queries the client has regarding VAT matters in the company. Expert advice will be given to solve each issue.
- VAT compliant software will also be suggested and any assistance required regarding the software will be provided by our team.
- We will always be available on phone for any advice our client needs towards VAT issues.
- If you haven’t already registered, we will assist in the registration process and guide accordingly to avoid any mishaps or confusions.
- Since VAT is a withholding tax it is necessary to inform all the buyers and suppliers. Our team will provide our dedicated services to do this lengthy task for you. All the documents and contracts will be reviewed and VAT clauses will be added by mutual agreement.
- Special training will be provided to employees that are responsible for transactions and activities directly being impacted by the VAT.
- Advice and support will be provided to client during the procedure of syncing the IT software, accounting and other processes with VAT rules and regulations.
- Our team will also check the calculation of total tax payable and receivable and guide the procedure of claiming input credit incase tax receivable exceeds tax payable.
- A report will also be prepared exhibiting the impact of VAT on overall business. The post-VAT stage will be analyzed to scrutinize areas that are being majorly impacted by the VAT such as pricing, marketing, communication and working capital. Any negative impacts shall be focused on to rectify the inefficiencies being caused.