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.
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.
VAT is on the way of implementation in UAE from 1st of Jan 2018. It is critical for the companies to understand the nuances of the same and work on a roadmap to implement VAT so as to optimize the impact not only on profitability, working capital, pricing but also ERP, team sensitization and vendor education.
VAT is applied in more than 160 countries around the world as a reliable source of revenue for state budgets.
VAT is imposed at each stage of the supply chain from the production and distribution to the final sale of the good or service. The understanding concepts of “Supply”, “Place of Supply” and “Time of Supply” become critically important for effective implementation of UAE VAT.
Here is a simple graphical guide for understanding the UAE VAT.
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.
VAT is on the way of implementation in UAE from 1st of Jan 2018. It is critical for the companies to understand the nuances of the same and work on a roadmap to implement VAT so as to optimize the impact not only on profitability, working capital, pricing but also ERP, team sensitization and vendor education.
VAT is applied in more than 160 countries around the world as a reliable source of revenue for state budgets.
VAT is imposed at each stage of the supply chain from the production and distribution to the final sale of the good or service. The understanding concepts of “Supply”, “Place of Supply” and “Time of Supply” become critically important for effective implementation of UAE VAT.
Here is a simple graphical guide for understanding the UAE VAT.
An introductory guide to the implementation of VAT in the UAE which we have been using as part of our client training and awareness sessions - feel free to share with colleagues and use as part of your reference materials.
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
The standard VAT rate will be 5% unless a zero rate or exemption applies.
The Member States have the right to subject the following sectors to a zero rate or to exempt them from VAT:
Education
Health
Real estate
Local transport
The Member States have the right to subject the oil sector, petroleum derivatives, and gas to a zero rate of VAT.
Individual GCC countries have the right to subject certain food products to a zero rate of VAT.
The Member States have the right to subject medical supplies to a zero rate of VAT.
Intra-GCC and international transport will be subject to a zero rate of VAT.
The export of goods to jurisdictions outside of the GCC Member States will be subject to a zero rate of VAT.
The Member States have the right to exempt Financial Services from VAT. The term financial services is not defined but broadly the exemption will generally relate to dealings in money, securities, foreign exchange and the operation and management of loan accounts, deposits, trade credit facilities and related intermediary services. The exemption is not expected to extend to fee based services transacted by a financial institution. However, Member States may choose to apply different VAT treatments to financial services if they wish.
Supplies of goods and services from a VAT registered person in one Member State to a VAT registered person in another Member State are subject to the reverse charge mechanism.
VAT grouping appears to be permitted between two or more legal persons resident in the same Member State.
The treatment of GCC free zones is not addressed and it is left to each Member State to determine its own VAT treatment for free zones.
Businesses with an annual revenue of over AED 375,000 will be required to register for VAT purposes.
Businesses with an annual revenue between AED 187,500 and AED 375,000 will have the option to register for VAT purposes.
UAE: MOF confirm that the UAE will implement VAT at 5% from January 2018Alex Baulf
It has been confirmed that the UAE will implement value added tax (VAT) at the rate of five per cent from 1 January 2018.
Obaid Humaid Al Tayer, Minister of State for Financial Affairs, said that “GCC countries have from 1 January 2018 to 1 January 2019 to implement VAT.” He confirmed that each country represented in the GCC can implement VAT within that time period and continued that “a lot of ground work needs to be done before implementing VAT”. He continued that the GCC countries are currently working on a framework, which he expects to be agreed upon and made public in June of this year.
This is the proposed VAT Law in Dubai, the act is yet to come and then i will present one more presentation with the actual law. Kindly note that this is just for the overview and please don't make decisions on the basis of the same.
Value Added Tax (VAT) is an indirect tax. It is a type of general consumption tax that is collected incrementally, based on the value added, at each stage of production or distribution/sales. It is usually implemented as a destination-based tax. It is also known as goods and services tax (GST) in some countries
Government has tentatively decided to introduce VAT in UAE by 01 January, 2018. The proposed rate of VAT in UAE will be up to 5%.
Presentation is an attempt to give brief introduction of VAT in UAE & Provisions of Input Tax in GST Law.
Input tax is going to be the most important aspect from organisation point of view, cause levy is on supply value and not on value addition. Proper planning is very very important.
UAE: 3 – 5 percent of VAT in 2018
The spokesman of government has recently confirmed the introduction of Value-Added-Tax (VAT), across the UAE and the GCC, in 2018, at a percentage of 3 – 5.
The Under-secretary at the United Arab Emirates’ Ministry of Finance, Younis Haji Al Khoori, made several comments concerning the VAT introduction, at the sidelines of the first meeting of the Under-secretaries of the Arab Ministries of Finance, organised by the UAE Ministry of Finance in cooperation with the Arab Monetary Fund.
UAE VAT Law Executive Regulations (Draft) have been issued
UAE's Federal Tax Authority has issued the (Draft) VAT Executive Regulations today. You can download it here
What to do next?
Companies should now act fast to get themselves VAT compliant and apply for VAT registration.
How BMS AUDITING CAN HELP ?
At BMS AUDITING we are helping many companies to get VAT implemented successfully through our UK Experienced VAT experts. . We provide end to end VAT implementation services across UAE, in all Emirates
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/
VAT Implementation in KSA (Kingdom of Saudi Arabia)Mitesh Katira
VAT is on the way of implementation in the KSA from 1st of Jan 2018. It is critical for the companies to understand the nuances of the same and work on a roadmap to implement VAT so as to optimize the impact not only on profitability, working capital, pricing but also ERP, team sensitization and vendor education.
VAT is applied in more than 160 countries around the world as a reliable source of revenue for state budgets.
VAT is imposed at each stage of the supply chain from the production and distribution to the final sale of the good or service. The understanding concepts of “Supply”, “Place of Supply” and “Time of Supply” become critically important for effective implementation of KSA VAT.
Here is a simple graphical guide for understanding the KSA VAT.
An introductory guide to the implementation of VAT in the UAE which we have been using as part of our client training and awareness sessions - feel free to share with colleagues and use as part of your reference materials.
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
The standard VAT rate will be 5% unless a zero rate or exemption applies.
The Member States have the right to subject the following sectors to a zero rate or to exempt them from VAT:
Education
Health
Real estate
Local transport
The Member States have the right to subject the oil sector, petroleum derivatives, and gas to a zero rate of VAT.
Individual GCC countries have the right to subject certain food products to a zero rate of VAT.
The Member States have the right to subject medical supplies to a zero rate of VAT.
Intra-GCC and international transport will be subject to a zero rate of VAT.
The export of goods to jurisdictions outside of the GCC Member States will be subject to a zero rate of VAT.
The Member States have the right to exempt Financial Services from VAT. The term financial services is not defined but broadly the exemption will generally relate to dealings in money, securities, foreign exchange and the operation and management of loan accounts, deposits, trade credit facilities and related intermediary services. The exemption is not expected to extend to fee based services transacted by a financial institution. However, Member States may choose to apply different VAT treatments to financial services if they wish.
Supplies of goods and services from a VAT registered person in one Member State to a VAT registered person in another Member State are subject to the reverse charge mechanism.
VAT grouping appears to be permitted between two or more legal persons resident in the same Member State.
The treatment of GCC free zones is not addressed and it is left to each Member State to determine its own VAT treatment for free zones.
Businesses with an annual revenue of over AED 375,000 will be required to register for VAT purposes.
Businesses with an annual revenue between AED 187,500 and AED 375,000 will have the option to register for VAT purposes.
UAE: MOF confirm that the UAE will implement VAT at 5% from January 2018Alex Baulf
It has been confirmed that the UAE will implement value added tax (VAT) at the rate of five per cent from 1 January 2018.
Obaid Humaid Al Tayer, Minister of State for Financial Affairs, said that “GCC countries have from 1 January 2018 to 1 January 2019 to implement VAT.” He confirmed that each country represented in the GCC can implement VAT within that time period and continued that “a lot of ground work needs to be done before implementing VAT”. He continued that the GCC countries are currently working on a framework, which he expects to be agreed upon and made public in June of this year.
This is the proposed VAT Law in Dubai, the act is yet to come and then i will present one more presentation with the actual law. Kindly note that this is just for the overview and please don't make decisions on the basis of the same.
Value Added Tax (VAT) is an indirect tax. It is a type of general consumption tax that is collected incrementally, based on the value added, at each stage of production or distribution/sales. It is usually implemented as a destination-based tax. It is also known as goods and services tax (GST) in some countries
Government has tentatively decided to introduce VAT in UAE by 01 January, 2018. The proposed rate of VAT in UAE will be up to 5%.
Presentation is an attempt to give brief introduction of VAT in UAE & Provisions of Input Tax in GST Law.
Input tax is going to be the most important aspect from organisation point of view, cause levy is on supply value and not on value addition. Proper planning is very very important.
UAE: 3 – 5 percent of VAT in 2018
The spokesman of government has recently confirmed the introduction of Value-Added-Tax (VAT), across the UAE and the GCC, in 2018, at a percentage of 3 – 5.
The Under-secretary at the United Arab Emirates’ Ministry of Finance, Younis Haji Al Khoori, made several comments concerning the VAT introduction, at the sidelines of the first meeting of the Under-secretaries of the Arab Ministries of Finance, organised by the UAE Ministry of Finance in cooperation with the Arab Monetary Fund.
UAE VAT Law Executive Regulations (Draft) have been issued
UAE's Federal Tax Authority has issued the (Draft) VAT Executive Regulations today. You can download it here
What to do next?
Companies should now act fast to get themselves VAT compliant and apply for VAT registration.
How BMS AUDITING CAN HELP ?
At BMS AUDITING we are helping many companies to get VAT implemented successfully through our UK Experienced VAT experts. . We provide end to end VAT implementation services across UAE, in all Emirates
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/
VAT Implementation in KSA (Kingdom of Saudi Arabia)Mitesh Katira
VAT is on the way of implementation in the KSA from 1st of Jan 2018. It is critical for the companies to understand the nuances of the same and work on a roadmap to implement VAT so as to optimize the impact not only on profitability, working capital, pricing but also ERP, team sensitization and vendor education.
VAT is applied in more than 160 countries around the world as a reliable source of revenue for state budgets.
VAT is imposed at each stage of the supply chain from the production and distribution to the final sale of the good or service. The understanding concepts of “Supply”, “Place of Supply” and “Time of Supply” become critically important for effective implementation of KSA VAT.
Here is a simple graphical guide for understanding the KSA VAT.
We are aware that operating in several jurisdictions offers chances to save expenses and increase market share, but that doing business abroad is time-consuming and expensive due to the intricate rules. We have strong ties to our foreign affiliates overseas and are members of reputable international alliances. Our foreign affiliates have the technical know-how to guide you through the confusing web of national and international tax rules, including the Goods and Services Tax in India.
What is Value Added Tax (VAT)?
**An indirect tax imposed at each stage of production and supply.
**In general, the ultimate consumer is the one who bears the full cost of this tax while the business collects and
calculates the tax and pays it in favor of the state.
**A 5% is imposed on multiple production stages with the right to deduct taxes on inputs from taxes collected
from production outputs.
**The tax is collected each stage of the economic cycle (production, distribution, consumption)
Value added = Sale Price – Purchasing or Production cost
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/
VAT Implementation in Kingdom of Saudi Arabia ( KSA)Mitesh Katira
VAT is on the way of implementation in the KSA from 1st of Jan 2018. It is critical for the companies to understand the nuances of the same and work on a roadmap to implement VAT so as to optimize the impact not only on profitability, working capital, pricing but also ERP, team sensitization and vendor education.
Here is a simple graphical guide for understanding the KSA VAT.
Incorporating Value Added Tax (VAT) functionalities to your existing ePROMIS ...ePROMIS Solutions
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.
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.
Grant Thornton China tax bulletin - January 2015Alex Baulf
China Tax Bulletin aims to provide a prompt and high level overview on the latest tax rules released by various authorities, especially those by China SAT and local tax authorities. Implications for your business are also presented for the tax rules
VAT is on the way of implementation in the UAE from 1st of Jan 2018. It is critical for the companies to understand the nuances of the same and work on a roadmap to implement VAT so as to optimize the impact not only on profitability, working capital, pricing but also ERP, team sensitization and vendor education.
Here is a simple graphical guide for understanding the UAE VAT.
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
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/
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).
Multinationals are challenged by changing tax laws, accounting practices, valuation methods and penalties as administrations around the world clamp down on tax avoidance
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.
GST in India - Impact Assessment & ImplementationNimish Goel
GST is proposed to be implemented in India from April 1, 2017 and it is important for companies to get an impact assessment done and understand the implications on their margins, cash flows, business processes and tax obligations. International Business Advisors (www.ibadvisors.co) is working with its clients to help transition to this new legislation.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
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Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
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[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
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"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
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"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
2. 2
What is VAT?
Value Added Tax (VAT) is an indirect tax levied on consumption. It is
imposed on sale of goods and services excluding the goods and
services which are exempt from VAT under the law. More than 150
countries around the world have already implemented the VAT
including Canada, Australia, New Zealand, Singapore and many
European countries. The average rate of VAT around the world is
17% and Hungary has the highest VAT rate of 27 percent amongst
OECD nations. The rate of VAT in GCC is expected to be on a lower
side around 5 percent.
3. 3
When will the VAT be
implemented?
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. All the member countries will have their separate
legislation and are in process of drafting the same. The
website of Ministry of Finance of United Arab Emirates
states that “VAT is likely to be introduced across the UAE
on January 1, 2018.
The rate will be low and is likely to be 5%. Kingdom of Saudi Arabia will also be implementing VAT from 1st
January 2018. Oman, Qatar, Kuwait and Bahrain have also signed the VAT treaty and VAT is expected be
introduced in all GCC countries by 2018.
4. 4
Impact of VAT on the Business
The impact of VAT on the business can be classified under following categories:
1.Compliance
• Ensure whether proper books of accounts are maintained and updated
• Check whether your business meet the criteria for registering for VAT collection
• Registration for VAT
• Collection of VAT in the invoices raised
• Keep record of VAT paid in Invoices of Vendors to avail credit
• Filing VAT returns and payment of VAT to the Government
2.Pricing Structure and Profit Margins
• VAT shall impact the pricing structure and profit margins to factor the VAT in all the invoices raised by business. A critical analysis will be
required for this to ensure that business will face the least impact by preparing customized pre and post VAT scenarios for every
business.
• Also, increase in price may result in result in decline in customer spending. It will be challenging to maintain the same.
3.Restructuring of Business Model
• Business model should be restructured to ensure:
• Increased efficiency in operations
• Restructuring of supply models to ensure reduce cost of procurement of raw materials and capital goods
• Possible negotiations with vendors and suppliers
• Restructuring of Human resources to ensure that the staff is competent enough to deal with the challenges bough in by the new law
• Restructuring of accounting systems and IT systems to ensure proper compliance and competency with new requirements
5. 5
Where IMC steps in
IMC’s comprehensive approach to tax advisory comes from a thorough understanding of ground
realities and decades of experience of serving clients around the world. You can trust us your
partners in successful adoption of VAT practices in your business and being 100% compliant. Our
team is involved at every stage of the process followed by a post adoption review and
continuously updating you about the amendments in the laws. We classify our scope of work in
three stages:
1.Impact analysis
• Understanding the needs of client’s business and estimating the impact of VAT on the business
• Preparing Pre and Post scenarios for ascertaining impact on business
• Analysing various areas of positive or negative impact and the causes behind them
• Providing most accurate information for decision making
2.Assistance in Implementation
• Advise client about various legal and procedural requirements
• Checking and verifying the books and records as per the legal requirements
• Prepare an implementation plan based on requirements of client
• Registration with relevant Governmental authorities
• Completing documentation and other requirements
• Liasoning with authorities and governmental bodies on behalf of client
6. 6
What enables IMC to make a difference
•Our experience and local expertise in helping businesses set-up and
operate in the entire GCC region transition to VAT
•Our consultants possess in-depth understanding of the local
Government legislations, regulations, processes, procedures and the
regional market
•We have the tax professionals with necessary competence and
experience to assist businesses and organisations in preparing for the VAT
implementation from a consulting, compliance and technology
standpoint.
•We can assist you with the upcoming changes, taxability reviews, supply
chain analysis and review of compliance requirements.
•We can guide you through preparation and filing of VAT returns and
implementation of automated solutions to clients’ transaction tax
compliance process.
6
7. 7
About IMC
IMC is a cross border advisory firm focusing
on the AMEA (Asia, Middle East & Africa)
markets. We specialize in corporate
advisory services, global mobility services,
private client & family advisory,
international tax, corporate finance,
mergers & acquisitions, investment advisory
and business support & outsourcing
solutions.
We have a dedicated “VAT in GCC” team
set-up in Dubai, UAE. Write to us at
bc@intuitconsultancy.com or visit
www.intuitconsultancy.com for more.