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.
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
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
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/
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.
How the businessmen should be prepared for vatAhmedTalaat127
Value added tax (VAT) is a form of indirect tax that is to be paid by the residents. It is the tax that is charged on every stage of the production till the final stage. The VAT is already implemented in UAE from January 2018 and all businesses that fulfill the specified criteria must register for VAT. The amount of VAT will be collected by the government with the help of the documents that will be maintained by the companies. However, not every business needs to be registered with VAT.
This presentation is all about the basics of Value added Tax in rajasthan...and basically covers all the aspects as are related to VAT as per the White Paper Policy.
The complete guide to understanding VAT returns for small businesses in the UK. Our presentation includes: VAT principles and how VAT is collected, the different types of VAT rates and categories they apply to, how VAT returns are calculated for small businesses selling exempt products, VAT registration rules and advice, the three VAT schemes explained, useful real-world examples and much more.
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.
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.
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/
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.
How the businessmen should be prepared for vatAhmedTalaat127
Value added tax (VAT) is a form of indirect tax that is to be paid by the residents. It is the tax that is charged on every stage of the production till the final stage. The VAT is already implemented in UAE from January 2018 and all businesses that fulfill the specified criteria must register for VAT. The amount of VAT will be collected by the government with the help of the documents that will be maintained by the companies. However, not every business needs to be registered with VAT.
This presentation is all about the basics of Value added Tax in rajasthan...and basically covers all the aspects as are related to VAT as per the White Paper Policy.
The complete guide to understanding VAT returns for small businesses in the UK. Our presentation includes: VAT principles and how VAT is collected, the different types of VAT rates and categories they apply to, how VAT returns are calculated for small businesses selling exempt products, VAT registration rules and advice, the three VAT schemes explained, useful real-world examples and much more.
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.
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.
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/
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/
Auto Enrolment - 5 Steps to Bureau Success by Paul Byrne with guest speaker Henry Cobbe from Trust Pensions.
For more information visit www.brightpay.co.uk
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.
Looking at the latest legislation to impact on AP and Finance teams in the UK. Making Tax Digital (MTD) for VAT. Includes a look at Global trends and how technology can help.
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
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).
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.
Meet the dynamic requirements of your business and gain competitive advantage with FactsHCM integrated Human Capital Management solution. With FactsHCM , you can go beyond operational efficiency and achieve strategic excellence with a high performance HR.
Industry 4.0 - Smart Connected Factories for Smart Manufacturing - ePROMIS ER...ePROMIS Solutions
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.
With a determination to make business better through technology innovation, ePROMIS Solutions has helped over 250,000 application users in over 2,500 organizations globally overcome the challenges they face and gain a strategic advantage over their competitors.
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.
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
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.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
"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
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"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.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Buy Verified PayPal Account | Buy Google 5 Star Reviewsusawebmarket
Buy Verified PayPal Account
Looking to buy verified PayPal accounts? Discover 7 expert tips for safely purchasing a verified PayPal account in 2024. Ensure security and reliability for your transactions.
PayPal Services Features-
🟢 Email Access
🟢 Bank Added
🟢 Card Verified
🟢 Full SSN Provided
🟢 Phone Number Access
🟢 Driving License Copy
🟢 Fasted Delivery
Client Satisfaction is Our First priority. Our services is very appropriate to buy. We assume that the first-rate way to purchase our offerings is to order on the website. If you have any worry in our cooperation usually You can order us on Skype or Telegram.
24/7 Hours Reply/Please Contact
usawebmarketEmail: support@usawebmarket.com
Skype: usawebmarket
Telegram: @usawebmarket
WhatsApp: +1(218) 203-5951
USA WEB MARKET is the Best Verified PayPal, Payoneer, Cash App, Skrill, Neteller, Stripe Account and SEO, SMM Service provider.100%Satisfection granted.100% replacement Granted.
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
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.
[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
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
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.
1. Your VAT
Readiness
www.epromis.net
Value Added Taxation is becoming a reality in the GCC
member countries from 1st January 2018. If you are not
prepared to face VAT implementation deadline by now,
you are already too late.
2. Another Good Reason to choose ePROMIS ERP for
Your Business
01 | www.epromis.net
The introduction of VAT is the
biggest fiscal reform that has ever
gone into legislation in the GCC
member states. VAT implementation
will start from Jan 1, 2018, and
likely to be implemented in all GCC
countries by the end of the year
2018. This much-anticipated VAT
implementation will affect nearly all
businesses in the UAE and the KSA
as well as in rest of GCC.
Organizations in Gulf have very
limited time for VAT readiness.
VAT registrations will open in UAE
and KSA from the third quarter of
2017 which will become
compulsorily by the end of the year
2017. The introduction of VAT
demands a restructuring of your
current business processes to
achieve hassle-free compliance. As
per UAE ministry of finance ruling,
any business that has taxable
supplies or imports of over
AED 375,000 must register for VAT.
3. www.epromis.net | 02
The companies that do not act
quickly on assuring VAT compliance
by re-organizing business systems
may get penalized because of
existing systemic inefficiencies.
For over three decades now,
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.
4. Getting Familiar with
Value Added Tax
Your VAT Readiness
“A type of general consumption
tax that is collected
incrementally, based on the
value added, at each stage of
production or sales.“
Definition of VAT
The Value Added Tax is a form of indirect
tax that is applied to the consumption of
most goods and services, which technically
leave no burden of VAT on the 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.
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.
5. www.epromis.net | 04
Your VAT Readiness
How does it Work?
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
VAT has been a standard
source of revenue for
governments around the
world. In GCC member
states, the VAT will mostly
impact prices of luxury
items. The government of
UAE has already announced
a list of 100 items that will
not be included in VAT.
These include education,
healthcare, etc.
Items exempted from VAT:
• Local transport (buses, taxis)
• Residential Property under lease
• Bare Land
Reasons why VAT is introduced
in GCC:
Zero Rated Items:
• Exports outside GCC
• Medicine and Medical equipment
• First sale of residential property
• Education
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 a luxury
dress is sold at a price of AED 1,000,
it has AED 50 as VAT included in its
selling price. This VAT is paid by the
consumer who buys the dress. 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.
The increase in cost
of public services
To find source of revenue
from non-oil sectors
To improve the living
standards further
6. Your VAT Readiness
05 | www.epromis.net
Impact of VAT Implementation
on Your Business Processes
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. Across the
industries, the following processes are impacted by VAT.
Deploying the latest VAT enabled ePROMIS ERP will
minimize the risks and complexities associated with
VAT’s impact on your business.