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
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.