VAT Implementation

The GGC countries have implemented the anticipated Value Added Tax (VAT) of 5% on all goods and services from January 1st, 2018. UAE has actively proposed government entities and practices for a smooth VAT implementation in Dubai, Abu Dhabi and other major emirates. The VAT registration framework is quite parallel to the existing structure in European Union (EU). This is due to the rising economic transactions and regulations between the EU states and GCC Members. The VAT regulations are highly complex in terms of transactions and recordkeeping. The UAE Federal Tax Authority have designed an online portal for hassle-free VAT registrations for all businesses. The businesses all over UAE are in high-demand of expert tax agents and consultants to undertake the entire VAT implementation procedure. comprises of experienced professional consultants from Europe, that have effectively managed their taxation practices. VAT implementation strategy in Dubai results in more than 30 years of successful practices around the globe. The VAT consultancy offered to have an advantage of industrial knowledge in Dubai, that our experts have developed serving businesses across Europe.

The Process of VAT Implementation

VAT Impact Assessment

The VAT implementation procedure is initiated through understanding how the new laws can impact profits, expenses and cash flow system. Our VAT professionals analyze the changes necessary for employees, procedures, and accounting systems and evaluate the new Dubai costs involved before the registration is carried out.

Design and Implementation developed action steps for Dubai VAT implementation. It includes main compliance and documentation requirements with consideration of UAE VAT registration.

Modification and Output Testing

We assess the consistency of the VAT procedures along with Dubai regulations when transitioned. The changes are applied once the testing is concluded.

Post Implementation Assistance

The process involves the evaluation of the Dubai supply chain management after the VAT implementation. The tax experts highlight the potential areas for improvement based on the first VAT returns.

Key Actions of VAT Implementation

  • The VAT implementation process starts with the initial project plan and budget calculation for your business. It includes the consultant costs, accounting system configuration, training and financial support.
  • The VAT expenses are paid on a return basis by all businesses in Dubai. Therefore, the cash flow recording is essential to inspect the impact on the entire VAT procedure.
  • We analyze the potential of the existing UAE accounting systems to deal with VAT implementation on January 2018.
  • The Account Payables are reviewed to assess whether tracking and recording of VAT expenses are done in a timely manner after the registration in UAE.
  • reviews employee benefits and the procedures of approving claim requests as per Dubai laws before the VAT implementation.
  • We regulate the changes essential for existing documentation to support compliance with VAT in Dubai regions.
  • Our tax professionals analyze and understand transformational issues for supplies of goods in Dubai that span the VAT implementation period.
  • The team evaluates the affect on costs for any supplies in Dubai that extend the duration of VAT implementation.
  • We train and educate employees to adapt on the recent operational impacts of the VAT on UAE business.
  • identifies the legal indications of the current long-term Dubai contracts through the entire VAT implementation.