The Value added Tax, commonly called VAT in business parlance is the most common type of consumption tax levied on goods and services. On 1st January 2018, VAT will become an integral part of businesses in the UAE, as already announced by the UAE Ministry of Finance. While offering limited exceptions to some categories including financial services, healthcare and education, Value Added Tax will be collected at the rate of 5 % on the goods and services at each step of the supply chain. The new VAT system will be implemented across the GCC countries, although possibly on different dates, at different rates.
Our experienced taxation team with exposure to different tax regimes in the Middle East, Sub Continent and Europe is capable of advising and assisting businesses in the region to improve their systems and processes. Our experienced team will do the following for the clients
- Evaluate & Plan tax implication
- Business Impact Assessment – Mapping of existing systems and identifying key VAT touch points.
- Review of key documents like existing contracts and incorporation of VAT clauses in the existing and new contracts and related documents.
- Training sessions to create an organization-wide awareness and preparedness on the effect of VAT implementation
- Design, Develop & Train
- Advise, develop and assist in restructuring transactions, supply chain and other related processes
- Advice and support for requisite changes in the IT systems and applications.
- Train and equip the key personnel.
- Implementation & Compliance
- Assist in VAT registrations and in the preparation and filing of VAT returns.
- Handhold during the initial phase.
- Align compliance practices with VAT requisites.