VAT Consultancy

VAT is an indirect tax levied on the consumption of most services and also on the import of goods and services. Although VAT is going to be levied on most of the goods and services there are some exceptions like medicines, export of goods and international services.

It is managed and collected by the businesses registered in the United Arab Emirates.

Managing VAT obligations is an on-going challenge for business, VAT registered businesses charge and add VAT to the value of goods and services they supply. Such business can also reclaim VAT incurred on goods and services acquired for business purposes. There are restrictions for reclaiming VAT.

It is, therefore, very important that you have a Trusted Advisor who can guide you not only for complying VAT regulations but also help your business reducing VAT burden by taking advantages of exceptions available in the law.

GN Global’s Consulting team aims to minimize the commercial impact on your company of meeting VAT obligations.

Our four-stage implementation methodology is designed to assist you with your VAT compliance.

FOUR STAGE IMPLEMENTATION METHODOLOGY

Phase 1 Impact Assessment
GN Global offers a number of tailored VAT reviews to suit the needs of your business. These reviews may be VAT Compliance and saving reviews which can help ensure that you meet all your compliance obligations to minimize the risk of penalties. Our review team also look into the areas which could generate savings and identify opportunities to improve cash-flow. These reviews will ensure that you do not create VAT issues for your customers which can adversely affect your commercial relationship. Our reviews are flexible and targeted to the needs of the individual business. We study the process that the business has established for managing VAT and establish controls to avoid errors.
Phase 2 Design and build
To ensure that your business is VAT is compliant, it is essential that you make tax calculation right, file periodical returns with the Federal Tax Authority and your accounting system is streamlined. Our trained and experienced consultants will help you in selecting right VAT Compliant Software, so those transaction matrices of your business are developed without disrupting your current business affairs.
Phase 3 Implementation and training
How much training and support on VAT matters is provided to staff in your business. Staffs that are dealing with VAT related transactions should be knowledgeable, confident and proactive. GN Global consulting provides training services that are practical and focus on issues that are live for the clients. Our training packages are designed after we have carried out a VAT Compliance and Savings Review. This approach ensures that we understand the problems that the business is facing so that we can tailor the right package for the client. We can also produce VAT Manuals to ensure that the business has well documented procedures in order to reduce the risk of making mistakes and also to avoid penalties. VAT Manual can serve as an effective defense against references made by Federal Tax Authority arising out of tax audits.
Phase 4 Go live
Our consultants are here to help you up until your new VAT compliance systems are live. We will be with you during Pilot runs, testing processes, generating and submission of periodical reports. During our partnership with you, we will be monitoring continuously your VAT compliance.

TAX AUDITS

Tax audits is a new culture introduced as a result of VAT Legislation. Federal Tax Authority is going to carry out surprise and periodical audits of the businesses registered in the U.A.E.

If your business is selected for a tax audit, you need to have a Trusted Advisor on your side. Experts from GN Global are there to help you out.

A number of issues may be raised by a tax inspector. It could be a VAT calculation error in an invoice to the customer or it could be wrong the classification of the transaction. There may be situations where transactions recorded by the business are correct and not VAT avoidance had taken place.  All these issues can be effectively addressed by our expert VAT consultants.

Remember initial discussions are always free with GN Global.

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