Value Added Taxation would have an impact on your entire business processes from the point of sales, invoicing, accounting, and reporting. Whether your Enterprise Resource Planning is an in-house system or a globally renowned software, it will need to be enhanced and modified incorporating all aspects of VAT implementation. ePROMIS VAT incorporation program will allow organizations to have tax functionalities in their existing ePROMIS ERP software systems.
Are you ready to shine in the role of Single Touch Payroll advisor, during the rollout of Single Touch Payroll for Small and Micro business?
Understand the options, and discover your opportunity to leverage GovReports for your STP service.
Title: Payroll Seminar
How to register;
RTI (Real Time Information);
Record keeping and reporting requirements;
Mistakes to avoid;
Penalty regime;
CIS refunds.
Summary:
In this seminar you will learn the basic skills to enable you to deal with the payroll and CIS yourself. It will also enhance your understanding of the RTI (Real Time Information) initiative and the penalty regime. Case studies will be completed in groups for better understanding of the practical application of the knowledge learned.
To be delivered by:
Zee Shan Bawany – Regional Tax Adviser – Smartfield Accountants
The new law provides for an equalisation levy of 6% on the amount of consideration received, or receivable on specified services carried on by a non-resident not having a permanent establishment in India.
The government of Ghana replaced Sales and Services Tax with Value Added Tax (VAT)) in March 1998 with the aim of widening the tax net and improving the efficiency of tax administration. It has been 17 years since VAT was introduced in Ghana, but the VAT systems have not achieved most of its objectives due to many compliance challenges. VAT strives on voluntary compliance and accurate bookkeeping because VAT is self-assessed. This paper examines the various compliance challenges facing VAT administration in Ghana and makes recommendations for improving voluntary compliance and efficient VAT administration. Semi-structured interviews were conducted with VAT Administrators and taxable persons to ascertain their perceptions on the major challenges confronting compliance and how best to address them. The study found out that VAT compliance is low partly because VAT registration and filing procedures are too complex for the small traders. Also most businesses fail to keep proper books of accounts on which accurate VAT assessment could be done. In addition many taxpayers fail to comply because they have negative perception about how the government uses tax revenue. The paper makes many recommendations that could be implemented to improve VAT compliance in Ghana. These include implementation of electronic VAT registers; simplification of VAT registration and filing procedures, decentralization and ensuring regular VAT Audits.
Are you ready to shine in the role of Single Touch Payroll advisor, during the rollout of Single Touch Payroll for Small and Micro business?
Understand the options, and discover your opportunity to leverage GovReports for your STP service.
Title: Payroll Seminar
How to register;
RTI (Real Time Information);
Record keeping and reporting requirements;
Mistakes to avoid;
Penalty regime;
CIS refunds.
Summary:
In this seminar you will learn the basic skills to enable you to deal with the payroll and CIS yourself. It will also enhance your understanding of the RTI (Real Time Information) initiative and the penalty regime. Case studies will be completed in groups for better understanding of the practical application of the knowledge learned.
To be delivered by:
Zee Shan Bawany – Regional Tax Adviser – Smartfield Accountants
The new law provides for an equalisation levy of 6% on the amount of consideration received, or receivable on specified services carried on by a non-resident not having a permanent establishment in India.
The government of Ghana replaced Sales and Services Tax with Value Added Tax (VAT)) in March 1998 with the aim of widening the tax net and improving the efficiency of tax administration. It has been 17 years since VAT was introduced in Ghana, but the VAT systems have not achieved most of its objectives due to many compliance challenges. VAT strives on voluntary compliance and accurate bookkeeping because VAT is self-assessed. This paper examines the various compliance challenges facing VAT administration in Ghana and makes recommendations for improving voluntary compliance and efficient VAT administration. Semi-structured interviews were conducted with VAT Administrators and taxable persons to ascertain their perceptions on the major challenges confronting compliance and how best to address them. The study found out that VAT compliance is low partly because VAT registration and filing procedures are too complex for the small traders. Also most businesses fail to keep proper books of accounts on which accurate VAT assessment could be done. In addition many taxpayers fail to comply because they have negative perception about how the government uses tax revenue. The paper makes many recommendations that could be implemented to improve VAT compliance in Ghana. These include implementation of electronic VAT registers; simplification of VAT registration and filing procedures, decentralization and ensuring regular VAT Audits.
Fta brazilian taxadvices_for_international_investors Dec 2017Marcelo Couceiro
How doing business in Brazil is a basic summary of tax and corporate aspects international entrepeuners and executives need to understand on their strategic planning phase to enter in Brazil. We recomend as best practice request assistance to experts in order to carry out their business in compliance and adding value to your business.
A presentation of URA to the members of Uganda Coffee Federation and several other coffee stakeholders. The meeting was held in UCDA Board Room on Friday 26th-June-2015 a 03:00pm.
Our 2016 Business Tax Planning Supplement recaps these and other major developments from the past year and provides rates, tables and other information to assist in future planning. Highlights include:
- Summary of changes to the tax extenders
- Revised rules for partnership IRS audits
- Changes to the tangible property regulations
- Overview of ACA reporting requirements
Grant Thornton - Global Tax Automation TalkbookAlex Baulf
Instead, there is suite of solutions available (from different software solution providers and consultants) which are each designed to relieve specific pressure points in the global VAT/GST compliance process. This high level talkbook is designed to set out the pressure points at each stage of the VAT/GST compliance cycle and the various options at a high level to help facilitate an impartial commercial discussion around tax automation and technology solutions.
Technology shouldn't be deployed in isolation and instead it should be implemented alongside best practices as part
of a wider tax control framework, encompassing Technology, People, Process and Data.
Electronic Filing and Payment System For Entrepreneurs, Self-Employed Individ...elizabeth costales
Free webinar was conducted on November 1, 2013 in coordination with DigitalFilipino.com.
TOPIC: Electronic Filing and Payment System for Entrepreneurs, Self-Employed Individuals, Professionals and Mixed-Income Earners
ePROMIS is supporting organizations in transforming their
business and operating models to meet the market standard and regulatory or Tax compliance. ePROMIS ERP not only assures your VAT readiness but also modernize your entire business processes.
Why simplyVAT ?
Implementing VAT can be complex, risky and costly depending on your company’s business scenarios. Enpersol Arabia has a team of very strong functional consultants with huge experience. Our expertise and experience will ensure a smooth transition to the tax regime.
CONTACT US FOR A DEMO
Drop an email at info@enpersol.com
Visit our website for all details http://enpersol.com/simply-vat/
Fta brazilian taxadvices_for_international_investors Dec 2017Marcelo Couceiro
How doing business in Brazil is a basic summary of tax and corporate aspects international entrepeuners and executives need to understand on their strategic planning phase to enter in Brazil. We recomend as best practice request assistance to experts in order to carry out their business in compliance and adding value to your business.
A presentation of URA to the members of Uganda Coffee Federation and several other coffee stakeholders. The meeting was held in UCDA Board Room on Friday 26th-June-2015 a 03:00pm.
Our 2016 Business Tax Planning Supplement recaps these and other major developments from the past year and provides rates, tables and other information to assist in future planning. Highlights include:
- Summary of changes to the tax extenders
- Revised rules for partnership IRS audits
- Changes to the tangible property regulations
- Overview of ACA reporting requirements
Grant Thornton - Global Tax Automation TalkbookAlex Baulf
Instead, there is suite of solutions available (from different software solution providers and consultants) which are each designed to relieve specific pressure points in the global VAT/GST compliance process. This high level talkbook is designed to set out the pressure points at each stage of the VAT/GST compliance cycle and the various options at a high level to help facilitate an impartial commercial discussion around tax automation and technology solutions.
Technology shouldn't be deployed in isolation and instead it should be implemented alongside best practices as part
of a wider tax control framework, encompassing Technology, People, Process and Data.
Electronic Filing and Payment System For Entrepreneurs, Self-Employed Individ...elizabeth costales
Free webinar was conducted on November 1, 2013 in coordination with DigitalFilipino.com.
TOPIC: Electronic Filing and Payment System for Entrepreneurs, Self-Employed Individuals, Professionals and Mixed-Income Earners
ePROMIS is supporting organizations in transforming their
business and operating models to meet the market standard and regulatory or Tax compliance. ePROMIS ERP not only assures your VAT readiness but also modernize your entire business processes.
Why simplyVAT ?
Implementing VAT can be complex, risky and costly depending on your company’s business scenarios. Enpersol Arabia has a team of very strong functional consultants with huge experience. Our expertise and experience will ensure a smooth transition to the tax regime.
CONTACT US FOR A DEMO
Drop an email at info@enpersol.com
Visit our website for all details http://enpersol.com/simply-vat/
UAE introducing VAT from January 2018 and this presentation gives full information regarding VAT concepts and applicability. Drop your query to us to discuss more about VAT in UAE at vat@nrdoshi.ae
With IMC’s comprehensive action plan you can take control of VAT’s impact on people and organizations, processes and controls, and data and technology.
The GCC member countries have entered into a unified agreement which bind them to implement VAT and Excise regulations in their jurisdictions latest by January 2019. IMC has a dedicated “VAT in GCC” team set-up in Dubai, UAE. Write to us at bc@intuitconsultancy.com or visit https://intuitconsultancy.com/vat-in-middle-east/ for more. IMC would be pleased to advise readers on how to apply the principles set out in this publication to their specific circumstances.
Grant Thornton's Tax Software and Tax Technology teams are currently working towards developing software solutions to enable our clients to submit their nine-box VAT return online via API. In the interim, we can assist your VAT compliance function by tailoring you existing API-enabled accounting software to meet the requirements of MTD, as well as exploring other technology solutions to meet your business needs.
UK: Are you ready for Making Tax Digital (for VAT)?Ksenia Skatchkova
From 1 April 2019, businesses with a turnover above the VAT registration threshold will be required to keep specified minimum records in their VAT account and to submit the current nine-box VAT return to HMRC via Application Program Interface (API) software.
Vat Registration UAE We Offer VAT Registration Services in UAE | Our experienced account managers Will take VAT and excise tax registration.
https://www.ebs.ae/vat-registration-uae/
UK: Briefing Paper - Are you ready for Making Tax Digital? Alex Baulf
The UK government is going ahead with its Making Tax Digital (“MTD”) programme, starting with VAT-registered taxpayers. From 1 April 2019, businesses with a turnover above the VAT registration threshold will be required to keep specified minimum records in the VAT account and to submit the current nine- box VAT return to HMRC via Application Program Interface (“API”) software (linking either the accounting system or excel spreadsheets to the HMRC system).
Understanding VAT returns in the UAE can be challenging for businesses new to its tax landscape, mainly since VAT was introduced in January 2018.
https://www.ebs.ae/vat-and-excise-returns-filing/
We make VAT Reporting in GCC countries very easy. Read our free VAT guide for a step-by-step walkthrough of how to use Tax reporting tool by Azdan to solve the Value Added Tax in GCC countries.
For those currently going through/have in the pipeline an ERP system implementation/upgrade project – attached is worth a read. You could see a significant return on your investment (your time in looking at this and/or us assisting you) in the form of a significant saving in time spent on meeting your VAT compliance obligations.
Capium provides Cloud based Online Accounting Software for day to day needs of accountants and sme's, allows you to manage payroll, bookkeeping for free.
Resource :- https://www.capium.com
Presentation on updates of VAT in UAE is in line with the various advisories issued by Ministry of Finance along with the expert views. VAT is being implemented in the UAE wef 1st January 2018. Presentation has impact of VAT/ Steps to follow to become VAT compliant/ thresholds for VAT registration with process to be followed.
Similar to Incorporating Value Added Tax (VAT) functionalities to your existing ePROMIS ERP system (20)
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The concept of “Smart Factory” is becoming a reality for manufacturers. A wide range of ideas and innovations that loosely fall under “Industry 4.0” are already started contributing to factory operations. Industry 4.0 will shape the future of ERP software systems for the manufacturing industry. ERP software industry leaders including Houston-based ePROMIS have made investments in technology and innovation to incorporate new technologies such as machine learning, cloud deployment, and predictive analytics into their ERP software ecosystem.
Wholesale Distribution companies face several micro- and macro-economic challenges in today’s business. The industry is experiencing dynamic changes including unpredictable consumer behaviors, demand fluctuations, and changes in regulations. ePROMIS ERP Software for Trading Industry helps wholesale traders to overcome present and future challenges.
Outspread your hands to a wider range with the most innovative Engineering and Construction ERP software available in the market. ePROMIS Construction ERP Software is a comprehensive Enterprise Resource Planning software solution specially designed to cover the entire life cycle of a project. Business Intelligence capabilities of this fully integrated project based construction ERP software solution help construction and engineering companies to monitor, track, and analyze project performance at all times. Attain excellent process quality, optimization of resources, and cost control with real time information, and extensive reporting capabilities of this industry specific ERP software solution.
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ePROMIS Solutions is headquartered at Houston, Texas,United States of America. ePROMIS Solutions is a global leader in delivering business solutions including ERP, HCM, CRM solutions to the Construction, MEP, Trading, Contracting, Manufacturing, Distribution, Retail and Services industries. With 30 + years of combined experience serving small, medium and enterprise organizations, ePROMIS has acquired many customers around the globe including over 2,500 and is still growing in number.
ePROMIS Solutions is backed with the best-practices developed with over 3 decades of expertise, along with the latest technology and innovation to maximize your return on investment.We provide solutions, products, process management solutions and services to different industries with extensive experience in technologies that help drive innovation.
Real estate companies must respond to risks of today’s market such as increasing customer demands, changing regulations, and new economic realities with innovative approaches and strategies. You need powerful industry specific applications to balance your profitability and customer satisfaction levels. Manage, control, and organize your business with the most innovative Enterprise Resource Planning (ERP software) solution, ePROMIS Real Estate ERP software solution.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
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2. ePROMIS VAT
Compliance Roadmap
for Existing Customers
VAT is becoming a reality in Gulf Region, and the
UAE and the KSA were the first GCC member
states publically announced the VAT
implementation, with a proposed effective date
of 1st January 2018. The formal discussions on
VAT introduction had begun at Doha conference
of GCC Under-Secretaries of the Ministries of
Economy and Finance, March 2015 and the
member states have worked together to build a
comprehensive VAT introduction framework
since then. All GCC countries will make VAT
regulations laws under the umbrella of an agreed
upon framework in their respective countries.
3. Aligning VAT with your ePROMIS ERP
www.epromis.net | 02
“A type of general consumption
tax that is collected
incrementally, based on the
value added, at each stage of
production or sales.“
As the value added taxation is new to GCC
countries, a general concern could have raised in
the minds of people about the impact of VAT
implementation on businesses which have
historically been enjoying a ‘tax-free’ environment.
VAT started its journey from 9 countries in 1969
and is already implemented in about 90% of the
countries around the world, as by the end of the
year 2015, 166 countries in the world have
implemented VAT. Considering VAT’s rapid spread
and success, it’s doubtless that the benefits of VAT
on a longer run would surpass the anxiety of its
initial days of implementation.
Getting Familiar with VAT
Value Added Tax or VAT can be described as
4. 03 | www.epromis.net
The Value Added Tax is a form of
indirect tax which applies to the
consumption of most goods and
services, thus technically leaving no
burden of VAT on businesses. i.e. by
registering for VAT, your company
can avail the Input Tax credit paid to
the suppliers and pass the burden
to the customers. It's a tax on
transactions not on profits.
There is a misconception that VAT is
charged at every stage of product
development life cycle, which is not
true at all. It will be 5% of final selling
price, not 5% of every stage. For
instance, if the price of a designer
shirt is AED 1,000, it has AED 50 as
VAT included in its selling price. A
consumer who buys the dress pays
this VAT. If VAT is charged at every
stage of product development, the
price of items will rise enormously. A
supply chain process collects VAT,
and end user pays bears the net
VAT.
It is estimated that the VAT implementation
will help UAE government in generating
AED 12 billion of additional revenue. This
revenue can be utilized to give better
amenities to local people and millions of
immigrants.
In GCC member states the VAT will mostly
impact prices of luxury items. For UAE, the
government has already announced the list of
100 items that will not be included in VAT.
These include education, healthcare, etc.
How does it Work?
Aligning VAT with your ePROMIS ERP
MANUFACTURER
SUPPLIER WHOLESALER
CUSTOMER RETAILER
Sale - material
AED 1,000 +
AED 50 VAT
Sale - product
AED 2,000 +
AED 100 VAT
Sale - product
AED 3,000 +
AED 150 VAT
Sale - product
AED 5,000 +
AED 250 VAT
*This example is calculated considering the VAT rate as 5%
AED 50
Government
Income AED 250
AED 50 AED 100
AED 100
AED 150
AED 250 AED 150
5. Aligning VAT with your ePROMIS ERP
Preparing for VAT
www.epromis.net | 04
VAT will impact all parts of your business, including;
1. Supplier-Customer relationship
• Supplier’s pricing and your pricing
strategies
• Invoice processing time
• Import purchases and global trading
• Educating suppliers and
customers
• Goods return
2. Finance & Accounts
• Advance payments and deposits
• Loans and investments
• Leases and rentals
3. Legal
• Existing and new contracts
4. Information Technology
• Updating or upgrading ERP
• VAT returns
• Asset disposals
VAT
registration
Filing VAT returns
with the TAX authority
Remitting
VAT Payables
Recording all
business transactions
As per UAE ministry of finance
ruling, any business that has
taxable supplies or imports of over
AED 375,000 must register for VAT.
If your enterprise is above that
threshold, it's mandatory to collect
VAT after its implementation. In the
UAE and the KSA, the VAT
registration will open from the
third quarter of 2017 which will
become compulsory by the end of
the year 2017.
Although VAT is not intended to be
a tax on business rather on the
consumer who consumes it, the
operating cost of your company is
likely to go up while implementing
VAT. This could be due to VAT
compliance requirements,
consultations and documentations,
employee training, and updating or
upgrading your current Enterprise
Resource Planning system.
For stable operations of VAT,
business may require some time to
settle down as VAT operations are
new to GCC.
Your VAT compliance
requirement checklist will
include:
6. 05 | www.epromis.net
Aligning VAT with your ePROMIS ERP
Your business is required to be in full compliance with the VAT to remain in business after
Jan 1, 2018. ePROMIS has developed a strategy to help existing ePROMIS ERP customers
to execute smooth sailing of VAT roll out. The ePROMIS ERP edition implemented in your
organization was not incorporated with the tax functionalities, yet you have a great
opportunity to achieve your VAT compliance through our exclusive VAT impact
assessment and implementation roadmap for existing customers.
Your current ePROMIS ERP may require modification to be VAT compliant. Not only that,
unless your employees are educated and fully trained on VAT protocol, handling of TAX
operations at your organization could be unresolved. ePROMIS VAT incorporation
program ensures a transparent approach for our customer organizations to calculate
rate of tax, identify refund procedures, maintain and improve current accounting
procedures, and knowledge transfer, helping you guarantee your VAT compliance.
ePROMIS strategic VAT incorporation program is a service upon request, based on
proven implementation methodologies. The phases of this exclusive program include a
Feasibility study, Impact analysis, Solution Design & Development, Testing & Go-live, and
Monitor and Control.
Tax Compliance with your current
ePROMIS ERP edition
ePROMIS strategic VAT incorporation program
YOUR REQUEST FOR CONSULTATION
FEASIBILITY STUDY & IMPACT ANALYSIS
Our VAT incorporation program for previous
ePROMIS ERP editions is a service upon request
To evaluate positive and negative impacts of
the VAT implementation in the existing system
SOLUTION DESIGN & DEVELOPMENT
To design and develop a solution that
meets business needs
TESTING & GO-LIVE
System becomes operational after
end-to-end testing of the developments
7. www.epromis.net | 06
Aligning VAT with your ePROMIS ERP
ePROMIS understands the need for quick, reliable,
and pragmatic VAT implementation strategy. With
our industry experience and expertise in the region,
we have identified parameters that may influence
the VAT implementation roadmap. Our best
practice implementation plan enables easy VAT
incorporation to your current ePROMIS edition -
Get started on VAT in just weeks.
FastTrack Implementation