VAT has been a feature of tax systems in over 150 countries all over the world, which has recently been implemented in the UAE from, January 2018. This tax reform produced several complexities for existing businesses in the region as it required them to restructure their business models to accommodate for the addition Value Added Tax on their trade. An inherent feature of the VAT is the self-assessment nature. Every business which will be VAT registered (or required to be VAT registered) must record, assess, and report its VAT obligations and entitlements, in accordance with the law, to the tax authorities.
Awareness and preparation for the potential implications and opportunities are paramount to ensure smooth transition and optimization of the costs for every organization which is subject to VAT.
Through our Hands-on and Interactive Approach, we can assist our clients in:
Implementing the VAT operating model within the business organization across finance, tax, and supply chain functions. In addition to this we also help in the preparation of periodic VAT returns for filing with the tax authorities (either monthly or quarterly). Training and Coaching Support, including VAT Theory, practical implication of VAT Transformation and Consolidation.