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VAT

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VAT Consultancy Services

From the 1st of January 2018, Value Added Tax (VAT) has come into effect in the UAE. If, as a business, you have not yet planned for VAT, it is imperative that you should plan for the impact of VAT over your business right now.

Wherever your business operates in the UAE, VAT is bound to impact your company inevitably.

Are you searching for the right VAT Consultants in the UAE, that helps you in obtaining VAT compliance?

RVG has been offering VAT consultancy services for several companies in the UAE.

At RVG, we can help you plan for your VAT research and get ready for VAT compliance in the UAE.

How Our Exclusive VAT Team Eases Your Business
Like any new legislation, there are always challenges that businesses face while readying themselves for VAT. We have an exclusive team of trained Tax consultants in the UAE. Ably supported by our international team, the RVG team will assist you to steer your business smoothly through the new tax laws. Our special VAT consulting services in the UAE involves:

 

  •  Providing an understanding of the Tax Laws and Executive Regulations to client companies.
  • Understanding your business model and evaluation of VAT impact on your business.
  • Providing inputs for using VAT compliant software for your company.
  • Exclusive VAT bookkeeping assistance.
  • Providing training to your staff on VAT.
  • Support for VAT registration for your company as individuals or as tax groups.
  • Helping you to prepare and execute all VAT related communication to your trade partners.
  • Providing strategic inputs for conducting your business in the post-VAT age, addressing aspects like pricing, working capital, marketing & communication etc.

 

Our VAT consultancy team in the UAE will guide your Finance and Accounts team and update them with up-to-date progress concerning VAT. Additionally, our VAT consultants will assist your team in developing your internal VAT operations, involving finance management and book keeping operations, in tune with the VAT system requirements. RVG assists you to obtain substantial knowledge in VAT and our consultants assure that your business process is totally prepared and skilled for the transition.Over and above the scope of services mentioned above, our VAT consultancy reports would include the following: Analysis of the influence of VAT on costing, profitability and working capital. This evaluation provides and improved high level understanding to the management regarding the overall VAT impact on the business. Our VAT Implementation programs are backed up by training programs which are done in different modes – online trainings and webinars as well as personalized individual training or department level training on client requirements. We also provide a general VAT sensitization training to key employees across various departments of the company that are impacted by VAT. This would involve engagement of other functions such as Sales, Marketing, Sales Coordination, Administration etc. and at times the senior management of the company as well. At the end of our consultancy, we provide you with a VAT Impact Study report comprising Key Recommendations, Transaction Analysis as well as other aspects that will enable you to implement VAT successfully.

How can RVG help?
 

  • Identify resources available
  • Roles & Responsibilities
  • VAT Impact study report
  • VAT Awareness
  • Presentation on impact to the business
  • Review reports on existing contracts
  • Report on improvements in existing IT systems
  • Preparation of VAT training manuals
  • VAT process maps and manuals
  • Support on systems implemented
  • Report on any issues identified

How VAT means for your business?

Analysis

Identify resources available Review business activities Understand major areas of impact VAT awareness & Training

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Implementation

Assist with implementation of IT systems Review VAT compliance reports Assist in VAT registration Provide industry specific VAT technical training Training staffs on proposed changes in the system Advise on special VAT schemes

Impact Study

Identify the relevant business process, transactions & Tax points Review sample existing contracts Access the impact on IT systems Setting a strategy for implementation

TESTING & “GO LIVE”

  • Testing the system implemented
  • Assist in submission of VAT returns

VAT Implementation is undoubtedly the most vital step in the economic sector of UAE, which is going to have a huge impact on the purchasing power and overall cost of living. VAT is one of the most common types of consumption tax that has been implemented in more than 150 countries across the globe and UAE is the recent addition to the list. Businesses will have to carefully document their income, costs and VAT charges associated with it. Configuration of the IT system as per the VAT regulations needs to be completed by the entity for smooth handling of tax booking, invoice generation, return filing etc. VAT implementing plans and approach comprise of: Evaluating and mapping the business transaction: Business transactions need to be accurately assessed for a hassle-free implementation. Identifying implications based on the current business model: To build the most suitable VAT implementation plan for your business, an important step would be to recognize the implications based on the present model. VAT readiness assessment: Companies will have to assess the VAT readiness of their technology platforms and tools, whether they are capable enough to incorporate the new implementation. Issuing a VAT blue print: Designing a blueprint outlining the implementation of VAT on your business model, keeping into account the various ways it is going to affect your trade, is mandatory. Configuration of the IT systems, process and people: The IT systems should be configured according to the VAT regulations, along with providing guidance to core VAT team members in the client organization about the implementation of VAT in the UAE, business type and compliance challenges on the UAE VAT Law. Identifying resource requirement for VAT which will enable the entity a smooth migration to VAT regime.

It’s imperative that all entities should be VAT compliant and should follow the rules and regulations which include maintenance of books of accounts, software and other mandatory procedures Compliance procedures comprise of the following: Transaction verification: Review and verify VAT related transactions recorded by the Entity during the tax period to ensure that correct VAT amount is charged on sales as Output tax, and that VAT charged by the supplier is correctly claimed/accounted. Random verification of the VAT transactions to confirm that the selected transactions fulfil the compliances as per the provisions of the Value Added Tax Laws applicable in United Arab Emirates. Such samples shall be selected based on out risk assessment and auditing practices. Compliance on Record Keeping: Random review of document maintenance by the entity as per the guidelines provided by the Federal Tax Authority in United Arab Emirates to ensure that compliance is adhered with. Compliance on VAT Return: Preparing VAT Return as per the regulations issued by the Federal Tax Authorities, in the prescribed format. Such return shall be prepared based on accounting records maintained by the entity. Aiding and advising on filing the VAT Return with Federal Tax Authority. This would primarily be a formal submission from the entity at the prescribed portal issued by the Federal Tax Authority.

VAT Applicability Designated Zone

Any Designated Zone specified by a decision of the Cabinet shall be treated as being outside the State, subject to the following conditions: The Designated Zone is a specific fenced geographic area and has security measures and Customs controls in place to monitor entry and exit of individuals and movement of goods to and from the area. The Designated Zone shall have internal procedures regarding the method of keeping, storing and processing of Goods therein. The operator of the Designated Zone complies with the procedures set by the Authority.

Designated Zones (Abu Dhabi)

1. Free Trade Zone of Khalifa Port 2. Abu Dhabi Airport Free Zone 3. Khalifa Industrial Zone

Designated Zones (Dubai)

1. Jebel Ali Free Zone (North-South) 2. Dubai Cars and Automotive Zone (DUCAMZ) 3. Dubai Textile City 4. Free Zone Area in Al Quoz 5. Free Zone Area in Al Qusaiz 6. Dubai Aviation City 7. Dubai Airport Free Zone

Designated Zones (Sharjah)

1. Hamriyah Free Zone 2. Sharjah Airport International Free Zone

Designated Zones (Ajman)

1. Ajman Free Zone

Designated Zones (Umm Al Quwain)

1. Umm Al Quwain Free Trade Zone in Ahmed Bin Rashid Port 2. Umm Al Quwain Free Trade Zone on Sheikh Mohammed Bin Zayed Road

Designated Zones (Ras Al Khaimah)

1. RAK Free Trade Zone 2. RAK Maritime City Free Zone 3. RAK Airport Free Zone

Designated Zones (Fujairah))

1. Fujairah Free Zone 2. FOIZ (Fujairah Oil Industry Zone)

Established in 2016 in United Arab Emirates, we are a team of professionals having our offices worldwide in UAE and in India.

 

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