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 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.
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.
With the introduction of the concept of GST Audit, it is important to know and taken int consideration various facts that is needed before we conduct GST Audit. In this presentation, we have covered the concept of filing of GSTR 9C, its applicability and various other topics that one should take care of. The presentation also covers an example of GSTR 9C based upon a hypothetical case. The PPT is a one shot compilation of various topics associated with GSTR 9C - GST Audit.
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.
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.
With the introduction of the concept of GST Audit, it is important to know and taken int consideration various facts that is needed before we conduct GST Audit. In this presentation, we have covered the concept of filing of GSTR 9C, its applicability and various other topics that one should take care of. The presentation also covers an example of GSTR 9C based upon a hypothetical case. The PPT is a one shot compilation of various topics associated with GSTR 9C - GST Audit.
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.
Checklist on GST Audit step by step guide on how to conduct GST Audit. Main emphasis on
1. Approaching Audit place
2. Checking Invoice
3. Input Tax Credit
4. Time of Supply
etc...
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.
What is VAT ?
What is covered under VAT ?
At what rate to charge for which Items ?
When to charge ?
When to pay ?
What happens to sales returns and Bad Debts ?
What records to keep and how long to keep ?
When, how and with what information to file returns ?
What are the penalties for non-compliance ?
Slide contain discussion on GST Audit Provision , Rules & Format GSTR-9C Notified . Disclaimer - The law and provision are updated as on date of uploading , there are some interpretation involves which may vary.
GST Audit and GST Annual Return
presentation on GST Audit and Annual Return.
Covering handy material on Relevant provisions governing GST Audit , indicative checklists and summarized contents of annual return and Reconciliation statement
A quick reference for professionals
Budget 2016 was recently announced by the Finance Minister of India. This Presentation unravels the Transfer Pricing and International Tax proposals of the Budget 2016.
HLB HAMT has a dedicated desk comprising of experienced tax consultants, for assisting new and existing registrants to fulfil UAE VAT administrative formalities related to VAT Registration, Deregistration and Group Amendments in UAE.
“Most awaited GST Annual Return (Form GSTR 9) and Audit Reconciliation Statement (Form GSTR 9C) are notified by Government vide Notification 39/2018 CT dated 4th Sep 2018 and 49/2018 CT dated 13th Sep 2018. Due date for filing of the same for F.Y. 2017-18 is 31st Dec 2018. Enclosing herewith Master Guide on GST Annual Return and Audit, covering:
§ How to Go Head with Annual Return and GST Audit
§ Important Provisions
§ Analysis of GSTR 9 Form and How to fill the same
§ Analysis of GSTR 9C Form and How to fill the same
Professional should plan their work and ensure to file the said forms before due date, without waiting for extension.”
Thanks & Regards
CA Swapnil Munot
+91 90212 65137
Grant Thornton VAT Club: Global VAT/GST Update June 2017Alex Baulf
Slides from the high level Global VAT/GST update delivered by Grant Thornton's International Indirect Tax team at the London VAT Club event on Wednesday 21st June 2017. This includes:
GCC VAT update – UAE and Saudi Arabia
Brazil – PIS/COFINS tax base to exclude ICMS
EU – ECOFIN reject General Reverse Charge
Poland - Proposed extension to SAF-T
Australia - Netflix Tax and Low Value Imports
China - VAT rate simplification
Taiwan - Digital services
India - GST Implementation
Italy – VAT rate changes, split payment mechanism …
France – Anti-Fraud VAT software requirements
Switzerland – Non-resident threshold reduced
Spain – SII reporting
Cyprus – Electronic submission of VAT returns
Argentina - Proposal to reduce VAT rates and modifications to turnover tax
Bahamas – Transparency in the administration of VAT collection proposed
Vat return review and refund application in uaeFiyona Nourin
HLB HAMT provides return review services in UAE as a part of Tax Agent services or consultants services where filing of accurate return on timely basis will be ensured.
The PPT contains provision relating to GST Annual Return and form notified. (Please note the understanding is based on the law and format prevailing as on date of uploading and there are some onion and interpretation involve which may vary).
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.
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.
Checklist on GST Audit step by step guide on how to conduct GST Audit. Main emphasis on
1. Approaching Audit place
2. Checking Invoice
3. Input Tax Credit
4. Time of Supply
etc...
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.
What is VAT ?
What is covered under VAT ?
At what rate to charge for which Items ?
When to charge ?
When to pay ?
What happens to sales returns and Bad Debts ?
What records to keep and how long to keep ?
When, how and with what information to file returns ?
What are the penalties for non-compliance ?
Slide contain discussion on GST Audit Provision , Rules & Format GSTR-9C Notified . Disclaimer - The law and provision are updated as on date of uploading , there are some interpretation involves which may vary.
GST Audit and GST Annual Return
presentation on GST Audit and Annual Return.
Covering handy material on Relevant provisions governing GST Audit , indicative checklists and summarized contents of annual return and Reconciliation statement
A quick reference for professionals
Budget 2016 was recently announced by the Finance Minister of India. This Presentation unravels the Transfer Pricing and International Tax proposals of the Budget 2016.
HLB HAMT has a dedicated desk comprising of experienced tax consultants, for assisting new and existing registrants to fulfil UAE VAT administrative formalities related to VAT Registration, Deregistration and Group Amendments in UAE.
“Most awaited GST Annual Return (Form GSTR 9) and Audit Reconciliation Statement (Form GSTR 9C) are notified by Government vide Notification 39/2018 CT dated 4th Sep 2018 and 49/2018 CT dated 13th Sep 2018. Due date for filing of the same for F.Y. 2017-18 is 31st Dec 2018. Enclosing herewith Master Guide on GST Annual Return and Audit, covering:
§ How to Go Head with Annual Return and GST Audit
§ Important Provisions
§ Analysis of GSTR 9 Form and How to fill the same
§ Analysis of GSTR 9C Form and How to fill the same
Professional should plan their work and ensure to file the said forms before due date, without waiting for extension.”
Thanks & Regards
CA Swapnil Munot
+91 90212 65137
Grant Thornton VAT Club: Global VAT/GST Update June 2017Alex Baulf
Slides from the high level Global VAT/GST update delivered by Grant Thornton's International Indirect Tax team at the London VAT Club event on Wednesday 21st June 2017. This includes:
GCC VAT update – UAE and Saudi Arabia
Brazil – PIS/COFINS tax base to exclude ICMS
EU – ECOFIN reject General Reverse Charge
Poland - Proposed extension to SAF-T
Australia - Netflix Tax and Low Value Imports
China - VAT rate simplification
Taiwan - Digital services
India - GST Implementation
Italy – VAT rate changes, split payment mechanism …
France – Anti-Fraud VAT software requirements
Switzerland – Non-resident threshold reduced
Spain – SII reporting
Cyprus – Electronic submission of VAT returns
Argentina - Proposal to reduce VAT rates and modifications to turnover tax
Bahamas – Transparency in the administration of VAT collection proposed
Vat return review and refund application in uaeFiyona Nourin
HLB HAMT provides return review services in UAE as a part of Tax Agent services or consultants services where filing of accurate return on timely basis will be ensured.
The PPT contains provision relating to GST Annual Return and form notified. (Please note the understanding is based on the law and format prevailing as on date of uploading and there are some onion and interpretation involve which may vary).
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.
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.
Business Registration, taxation and compliance for enterpreneurs in IndiaAshish Bihani
Business in India
Starting business in India is dream of every offshore Business to grab market share in India's huge potential. Right from business registration and working on various tax laws and other compliance it becomes important to have advise from some experts.
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/
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
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.
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/
It is vital for businesses to identify the GST risks that may impact daily operations.
Grant Thornton Malaysia can provide GST Health Check Services that will accord you with guidance and assistance to identify the GST risks and subsequently your business can prepare remedial measures to mitigate the GST risks.
GST is one indirect tax for the whole nation, which will make India one unified common market.
There is a huge impact on industry and business due to this. We have summarise how and where this impact will be covered in your Microsoft Dynamics NAV ERP.
For more information, you can reach us at inoday.com
We are a reputed Chartered Accountancy Firm established throughout Karnataka. We have 5 branches and involved in all services from Indian compliance's to International one's
Introduction to TransPrice Knowledge AllianceAkshay KENKRE
TransPrice flagged off a knowledge circle amongst its members, clients and associates; the purpose of which is to spread awareness about the transfer pricing issues in the industry; to value add by representing the issues discussed in the forum at various larger forums and ultimately provide plausible solutions.
I hereby invite the industry members who are affected by Transfer Pricing and International taxation to join the group.
Interested professionals can write to me on akshaykenkre@transprice.in
This is purely a knowledge awareness session and not a business initiative.
Thanks a lot
Akshay Kenkre
Consequences of Non Compliance Under GSTMitesh Katira
This document examines some of the monetary penalties,late fees & prosecution under the Central Goods & Service Tax Act,2017
The effective implementation of any tax law requires strict action against tax offenders. It is important for businesses to understand various compliances and implications for non-comply with various rules under GST. To encourage compliance with India's new GST tax regime, the government has come up with a three-pronged approach: Interest, Monetary Penalties, and Prosecution.
The skills and competence of forensic service providers play a crucial role in resolving disputes.Investigations and analysis relating to fraudulent and or corrupt activities; Procurement Fraud and Theft.
Importance of IT is going up. Mobile and Internet are completely disrupting the business landscape.
CA practices are at a stage where if they adopt this fast creeping change can fast track themselves many time or may perish if unable to adopt!!
This talks about dimensions, benefits and tips to adapt to the same.
This is prepared for a session at J.B. Nagar, Andheri Study Circle session of WIRC (ICAI)
APD provides cutting edge services to the Banks including the nationalized and cooperative Banks. It specializes in Bank Audit as one of the arms of auditing practice.
Audit Services Include Statutory Audits, Concurrent Audits, KYC Audits, Revenue Audits and Stock Audits.
Outsourcing includes TDS Returns Filing, TDS notices Handling, TDS related representations with the IT department, TDS appeals with ITAT, etc.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the telegram contact of my personal vendor.
@Pi_vendor_247
#pi network #pi coins #legit #passive income
#US
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
2. APMH & Associates LLP
Chartered Accountants
• Legal Framework
• Understanding VAT Model
• VAT Impact in UAE
• A Quick Guide to VAT Registration
• Ongoing Contratce with Registered Persons
• Tax Group Registration
• Rates and Input Credit Mechanism
• Concept of Taxable Supply
• Intra GCC Transactions
• VAT Periodical Compliance
• Transition
• VAT Impact Areas
• VAT Implementation Roadmap
• GST Implementation Success Story (In India)
• VAT Advisory
3. Legal Framework for
VAT in UAE
•
Sets broad principles and some mandatory elements
for VAT in GCC
•
Each state responsible for its own implementation
and enforcement
•
Federal Decree - Law No (8) of 2017 passed which gives effect to GCC agreement
•
Sets out implementation and compliance enforcement framework for VAT
•
Cabinet Decision No. (52) of 2017 on the Executive Regulations of the Federal
Decree-Law No (8) of 2017 on VAT
GCC
AGREEMENT
(Finalized and
published)
VAT LAW
(Final law
published)VAT IMPLEMENTATION
REGULATIONS
(Final regulation published on 27-11-17)
Tax Procedures Law
&
their regulation
APMH & Associates LLP
Chartered Accountants
5. VAT Impact in UAE
Sales Price VAT @ 5% VAT Credit Tax to the
Government
Manufacturer to Net Taxable Price 10000.00 500.00 500.00
Distributor
Distributor to Net Taxable Price 110% 11000.00 550.00 500.00 50.00
Retailer
Retailer to Net Taxable Price 110% 12100.00 605.00 550.00 55.00
Consumer Dealer
Total 1655.00 1050.00 605.00
APMH & Associates LLP
Chartered Accountants
6. Registration
Mandatory
Article 13
Person has residence in
State/ Implementing State
a) If person proves at the end
of given month total value
supplies or expenses
subject to tax over period
of 12 months has exceed
voluntary threshold
(AED 187500)
b) Anticipated that above
threshold will exceed in
next 30 days
If person makes
A) Supplies of goods or
services and
B) No other person is
obligated to pay the due tax
on these supplies without
any threshold limit
Voluntary
Article 17
Registration by
Exception Article 15
Person does not
have a place of residence
APMH & Associates LLP
Chartered Accountants
a) Total Value of all supplies
exceed the mandatory
threshold (AED 375000)
b) Anticipated that above
threshold will exceed in
next 30 Days
7. APMH & Associates LLP
Chartered Accountants
Tax Group Registration (Article 14 of UAE VAT LAW)
51 : 49
Hospitality
65:35
Real Estate Business
35:65
School
Holding Company
• Each shall have a place of establishment or fixed establishment in the UAE.
• The relevant person shall be related parties.
• One or more person conducting business in a partnership shall control the other.
Eligible for
Group Registration
Not Eligible
for Group
Registration
8. APMH & Associates LLP
Chartered Accountants Rates and Input Credit Mechanism
5%
Input Tax
Deductible
• Standard Rate
0%
Input
Tax Deductible
• Exports of goods from UAE (Article 31 of Regulation)
• Zero-rating international transport services for passengers & goods (Article 33 of Regulation)
• Medicines and medical equipment (Article 35 of Regulation)
• Supply & import of goods & service
• Education (Article 40 of Regulation)
Exempt
Non Deductible
• Finance services including life insurance (Article 42 of Regulation)
• Lease or license of residential real estate (Article 43 of Regulation)
• Supply of bare land (Article 44 of Regulation)
• Supply of land passenger transport (Article 45 of Regulation)
• Supply of goods or services, other than those to be specified in the VAT Executive Regulations
• Supply of goods made outside the UAE region
• Supplies made by a person who does not belong to and is located outside the UAE region and
falls outside the scope of imported services
• Business below the threshold limit
• Supply within or between designated zones under Article 51 fo Regulation
• Government supply except as envisaged under law.
Out of Scope
(Entities + Type
of Transactions
+ Supplies)
9. APMH & Associates LLP
Chartered Accountants
Concept of Taxable Supply
• Goods
• Services
• Business in UAE
• Money considerations
• Include Deemed
Suppy
• Exclude Exempt
Supply
• Goods
• Services
Special Factors
• Business in UAE
• Money considerations
• Include Deemed
Suppy
• Exclude Exempt
Supply
Object of supply
Reasons of supply
10. APMH & Associates LLP
Chartered Accountants
Supply is a Wide Term
Of Goods
(article 5)
Deemed Supply
(article 11)
Of Services
(article 6)
Special Cases
(article 7)
Of More than
one components
(article 8)
Via Agent
(article 9)
To Govt. Entities
(article 10)
Supply
Includes
11. APMH & Associates LLP
Chartered Accountants
Registered Dealer
UAE VAT payable by Importer
Intra-GCC Transaction
Including Non Implementing
states of GCC region
Local Sale
UAE VAT
Local Purchase
Suppliers Suppliers
Import Purchase
UAE VAT payable by Importer
Zero Rated
Export Sale
You
UAE VAT payable by Importer
Intra GCC purchase
Suppliers
Intra GCC sale
UAEVATIntraGCCsale
BranchTransfer
NoTax
UAE VAT
KSA
Unregistered
UAE Implementing States
GCC Region
World
12. APMH & Associates LLP
Chartered Accountants
VAT Periodical Compliance
Length of Tax period : Standard Tax period is 3 months ending on the date that the authority.
Due Date for filing of tax return - 28th day following the tax period.
(As per 62 & 63 of VAT UAE Regulation)
13. APMH & Associates LLP
Chartered Accountants
Transition
An invoice has been prior to 01-01-2018 or Consideration receives before 01-01-2018.
Date of supply shall be 01-01-2018 if, Following instance occur after 01-01-2018.
Transfer of
Goods under the
supervision of the
supplier.
Placing the Goods
at the recipient’s
disposal.
The completion of
assembly or
installation of the
Goods.
The issuance of
the customs
declaration.
The acceptance by
the Recipient of
Goods of the
supply.
14. APMH & Associates LLP
Chartered Accountants
VAT Impact
Areas
• Assess costing
• Re-design processes
• Collect customer vat data
• Restructure at existing contracts
• complete registration formalities
• Plan for transition to new law
• Plan for the change in cashflow
• Design compliance calendars
• Add relevant tax clauses in relevant agreements
• Validate critical documentation and formats
• Update vat data in vendor/ customer Masters
• Update inventory masters with Tax class and rates
• Develop document formats for Invoices / debit note / credit notes
• Design relevant statutory
• Reports for vat filing and record Keeping
• Re-skill / recruit / outsource
• Assess and change the division of
Responsibility with respect to vat
Supply
Chain
Sales &
Marketing
Human
Capital
IT
Systems
Tax &
Finance
15. APMH & Associates LLP
Chartered Accountants
Post Implementation Support
• Day to day queries
• Handholding team through
3 monthly cycles of VAT filing
from an offshore basis
Impact Analysis
• “As is” Study
• Suggesting Tax Optimization
Scenarios
• Drawing Change Management
Roadmap
PHASE-1
Implementation
• Registrations
• Policy and SOPs
• Team Training
• System Integration support
PHASE-2
• Impact in costing / pricing /
cashflow due to VAT
• Objective decision making for
optimizing the tax impact
• Approved implementation
roadmap
• Clear operating guideline
• Team sensitization
• ERP requirement mapping
• ERP User Acceptance
Testing (UAT)
• Compliance Assurance
• Online issue resolution
• System related feedback
generation
PHASE-3
Roadmap for VAT Implementation
ActivityKeyOutcome
Impact
Analysis
Dec. 2017 Dec. 2017 1st
Jan. 2018 Feb., Mar., April 2018
Implementation
Post
Implementation
support
16. UAE VAT Preparedness
APMH & Associates LLP
Chartered Accountants
• Have worked with
various Industry tier
• Good presentation skills
• Analytical Skills
• Grip on VAT or Indirect Tax laws
VAT Preparedness Analysis
Team
Understanding
• Understanding of Business
• Understanding of Systems
Training
• On Boarding Workshop
• Workshop on Implementation
• Handling Q & A
Reporting
• Issues & Suggestions
• Preparedness in Domain
• Preparedness in People
• Preparedness in Systems
17. APMH & Associates LLP
Chartered Accountants
• Experts with through Domain
knowledge of VAT
• Detailed templates & process flows,
• Helpdesk support
• Compliance Experience &
Software Tieups
VAT Enterprise Compliance
Generation of relevant VAT
reports from ERP
Upload returns and track
pending status
Sense check the VAT aspects
in transactions
Compute the VAT liability and
generate payments advice
Develop of reports for the
management and accounting
entries
Close accounts in ERP
18. GST Implementation Success Story (In India)
Multi-Nationals Trading and Distribution Manufacturing and Ancillaries
Construction and Real-estateLogisticsBanking
Engineering Hospitality Broking e-commerceSAAS
Startups Small and Medium Large
VC / PE Funded
Family Owned
APMH & Associates LLP
Chartered Accountants
19. APMH & Associates LLP
Chartered Accountants
CA Pranav Kapadia
Partner APMH
Profile Brief
Pranav’s expertise lies in GST Consulting,GST Advance Ruling,
GST Transaction Advisory and GST Classification Consulting. He has been
an expert consultant to large corporates with presence in Multiple States
with complex structures in the Indirect Tax. Pranav lucidly deals in complex
legal matters like Works Contracts (WCT), DDQ (Determination Disputed
Question) now called Advance Ruling (AR), Assessments and Appeals
related to VAT and Allied Tax Laws. Pranav is also an expert consultant on
VAT for Corporates and Multinationals in GCC region, mainly Saudi Arabia
and UAE. He is the President of The Goods & Service Tax Practitioners
Association (GSTPAM) of Maharashtra.
Pranav is also part of the Indirect Tax Research Committee of the WIRC of
ICAI. He has been past Chairman of Indirect Tax Committee of The Chamber
of Tax Consultants for 2014-15 and past Convenor of Ghatkopar CPE Study
Circle of ICAI. Pranav has addressed various seminars and lectures on
MVAT and CST & GST at the GSTPAM, Chamber of Tax Consultants, WIRC
Study Circles of ICAI and various Industrial Associations in Mumbai and
across Maharashtra.
Specializations
• VAT Advisory
• VAT Opinion
• VAT Advance Ruling
Education
• Chartered Accountant
• DISA - ICAI
CA Mitesh Katira
Partner APMH
Profile Brief
Mitesh is a Chartered Accountant and a ISA qualified with specialisation
lies in Business Advisory Services with more than 15 years of experience.
Mitesh has been focusing on Internal Audits, Compliance Outsourcing and
GST implementation. He has been helping corporate and Multinationals on
GST Impact Analysis, Implementation and Compliance. Mitesh has been
convenor for Information Technology Committee of the CTC i.e., Chamber
of Tax Consultants. He is also a part of IT committee of the WIRC of ICAI.
He has been assisting a diverse range of businesses with the
implementation of VAT in the GCC mainly handling VAT implementation
projects in Damman and Kingdom of Saudi Arabia (KSA). He has also
visited UAE, Khobar, Dammam, Jeddah and Riyadh for understanding the
VAT implementation issues of various industries, multinationals, hospitals,
hotels, real-estate companies in this region.
Specializations
• VAT Implementation
• VAT Transaction advisory
• VAT compliance outsourcing
• Corporate Training
• Process Implementation
Education and Certifications
• Chartered Accountant • DISA - ICAI
• FAFP – ICAI • Certified trainer india GST by ICAI
20. APMH & Associates LLP
Chartered Accountants
CA Atul Mehta
Senior Partner
Profile Brief
Atul focuses on accounting and taxation practice of the firm. He has
exposure of more than 17 years in accounts outsourcing and tax advisory
side with a specialization in GST Compliance His expertise lies in
consultancy, opinions and Tax Planning for Corporates and Individuals.
Atul can lucidly handle complex audits, advisory and assessment matters
issues related Works Contract matters, CENVAT Credit Rules, Point of
Taxation (POT) Rules, Point of Provision of Services (POPS) Rule and so
on. Currently Atul is a Convenor for Indirect Taxation Committee of the
Chamber of Tax Consultants. He has led the Ghatkopar CA CPE Study
Circle of WIRC. Atul has Conducted Training Session organized by
WIRC-ICAI and has served at WIRC ICAI Committee for Research and
Development and Direct Tax Committee. Atul is appointed as the Vice
Chairman of CTC IDT Committe of India.
Specializations
• VAT Compliance
Education
• Chartered Accountant
• DISA - ICAI
CA Amlesh Gupta
Manager
APMH
Profile Brief
CA Amlesh Gupta is a Chartered Accountant by profession with more
than 5 yrs of experience in Tax Advisory services mainly consisting of
GST Implementation and Enterprise Compliance India VAT, Service Tax,
Withholding tax and GST Compliance .Amlesh has been handholding
India GST Impact Analysis and GST Implementation for various service
industries while India went live with GST on 1st July 2017. Apart from
domain knowledge, Amlesh has brief understanding of IT Systems,
Project Management and Training Skills. Amlesh has been
understanding, learning and tracking development in VAT Laws and
Regulations in Saudi Arabia and other GCC Countries. Amlesh has
extensive knowledge and experience in handling VAT implementation in
Dammam, Kingdom of Saudi Arabia (KSA) and is currently handling a
huge project in Dammam.
Specializations
• Tax Advisory
• VAT Compliances & Consulting
• GST Implementation, Compliance and Consulting
• Tax Technology
Education
• B.Com
• Chartered Accountant
21. APMH & Associates LLP
Chartered Accountants
CA Pratik Mehta
VAT Consultant
Profile Brief
Pratik is a qualified Chartered Accountant from the ICAI. He is been in
the field of Indirect Taxation for more than 5 years. He has worked with
various corporates and multinationals with regards to VAT, Service Tax
and now GST.
Pratik has been doing consulting, training and implementation of
Indirect Tax Laws in varied industries like financial services, trading,
manufacturing, education and so on.
Pratik has been learning and implementation UAE VAT for a large
education group based in Dubai.
Specializations
• Tax Advisory
• VAT Compliances & Consulting
• Tax Technology
Education
• B.Com
• Chartered Accountant
Mehul Pawani
Senior IT Consultant
APMH
Profile Brief
Mehul is an IT enthusiast with deep understanding about functional
aspects of software applications computer systems, networking along
with background of accounting and finance. Mehul has been attending
various workshops and trainings on data analytics, excel, ethical
hacking, cyber forensic, excel and so on. With his ability to
understand IT and money trails ie, accounting quickly.
Mehul is an expert in systems audit, vulnerability testing, application
implementation, etc. Mehul has been important part of IT team of
APMH for more than 3 years.
Mehul has been helping a hospital in Dammam, Saudi Arabia as well as
an Education Group in the UAE to adopt their ERP both billing system
the GL system to the requirements of the VAT.
Specializations
• VAT IT Implementation
• Process Consultant
22. APMH & Associates LLP
Chartered Accountants
Disclaimer: Content published in this book is based on the VAT Acts, Rules and notifications from other sources believed to be reliable, but no
representation or warranty is made to its accuracy, completeness or correctness. This is to simplify the legal provisions and procedural aspects
of of the law keeping in mind a basic businessman and their accounting team, with the helps of simpler language and graphical representation
and so may result into error or omission or interpretation differences. This document is not intended to be a substitute for professional, technical
or legal advice or opinion and the contents in this document are subject to change without notice. Whilst due care has been taken in the
preparation of this presentation and information contained herein, APMH, accept any liability whatsoever, for any direct or consequential loss
howsoever arising from any use of this document or its contents or otherwise arising in connection herewith.
Mumbai :
D-613/614, Neelkanth Business Park, Opp. Near Railway Station, Vidyavihar(W), Mumbai - 400 086.
+91-22-2514-6854 / 55 / 56 / 57 / 58
+91-9833777556
info@apmh.in
www.apmh.in
Saudi Arabia / UAE Contact No.:
+96-6547300622
mitesh@apmh.in
Get In Touch