The document provides an overview of VAT (value added tax) that is expected to be implemented in GCC (Gulf Cooperation Council) states. It discusses that VAT is an indirect tax on consumption applied to most goods and services. It also notes that VAT will be levied on business transactions at each stage of production and distribution and ultimately paid by the end consumer. The document summarizes preparation steps businesses should take for VAT implementation including understanding the impact, identifying a strategy and timeline, and assessing system capabilities.
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.
Corporate tax will be levied for all businesses(extraction of natural resources is excluded) and commercial activities across all the emirates in the UAE.
The company is a member firm of HLB International and has the global exposure to help entities comply with corporate tax, once it gets implemented in the year 2023.
SA CONSULTANTS presents a New Webinar Series on Corporate Tax Under 30 Minutes
Join our free live sessions where we will have multiple market leaders speaking on corporate tax in the United Arab Emirates.
Save the date for Saturday, February 05,2022 at 3:00 pm (UAE)
Please Register in advance for this meeting:
https://zoom.us/meeting/register/tJUvdu2hqTwvH9GVjgbp5HmA7wzb-Kq2daDF
After registering, you will receive a confirmation email about how you will be joining the live session.
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.
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.
Corporate tax will be levied for all businesses(extraction of natural resources is excluded) and commercial activities across all the emirates in the UAE.
The company is a member firm of HLB International and has the global exposure to help entities comply with corporate tax, once it gets implemented in the year 2023.
SA CONSULTANTS presents a New Webinar Series on Corporate Tax Under 30 Minutes
Join our free live sessions where we will have multiple market leaders speaking on corporate tax in the United Arab Emirates.
Save the date for Saturday, February 05,2022 at 3:00 pm (UAE)
Please Register in advance for this meeting:
https://zoom.us/meeting/register/tJUvdu2hqTwvH9GVjgbp5HmA7wzb-Kq2daDF
After registering, you will receive a confirmation email about how you will be joining the live session.
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.
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.
Transition to GST could be a cumbersome process if preparations are not started immediately. VAT/Service tax taxpayers should complete the GST migration. Know more about GST Transitional Provision at https://cleartax.in/s/transition-to-gst/
This PPT is mainly on the basics of International Taxation which is confusing for many students and many professionals too nowadays. During this evolving world of multinational culture, International Taxation has gained significant importance of which all the professionals should be aware of.
I have tried to compile the concepts of international taxation in this PPT except the concept of Transfer Pricing which in itself is like a whole book.
I have inserted the core concepts which lead to the emergence of International Taxation in India.
Brief Introduction of India's Biggest Tax Reform GST[GOODS & SERVICE TAX]. Its impact on Indian economy , Its Benefit, Limitations and its Current Scenario in Other Countries
► Digital economy is raising complex issues for VAT systems
► OECD (November 2015): “International VAT/GST Guidelines” published with a heavy
focus on the place of supply of cross-border supplies of services and intangibles and the
application of the principles of destination and neutrality
► Trend toward digital supplies becoming taxable in the country of consumption
► Businesses increasingly needing to make VAT decisions in real time (at the point
of sale)
► Policymaking is developing – typical developments:
► Joint and several liability for online marketplaces
► Active searches for non-established ESS suppliers
► Removal of low value import thresholds
► Tax authorities are going digital
► Plus increasing inter-governmental cooperation
► Reputational risk rising
Transition to GST could be a cumbersome process if preparations are not started immediately. VAT/Service tax taxpayers should complete the GST migration. Know more about GST Transitional Provision at https://cleartax.in/s/transition-to-gst/
This PPT is mainly on the basics of International Taxation which is confusing for many students and many professionals too nowadays. During this evolving world of multinational culture, International Taxation has gained significant importance of which all the professionals should be aware of.
I have tried to compile the concepts of international taxation in this PPT except the concept of Transfer Pricing which in itself is like a whole book.
I have inserted the core concepts which lead to the emergence of International Taxation in India.
Brief Introduction of India's Biggest Tax Reform GST[GOODS & SERVICE TAX]. Its impact on Indian economy , Its Benefit, Limitations and its Current Scenario in Other Countries
► Digital economy is raising complex issues for VAT systems
► OECD (November 2015): “International VAT/GST Guidelines” published with a heavy
focus on the place of supply of cross-border supplies of services and intangibles and the
application of the principles of destination and neutrality
► Trend toward digital supplies becoming taxable in the country of consumption
► Businesses increasingly needing to make VAT decisions in real time (at the point
of sale)
► Policymaking is developing – typical developments:
► Joint and several liability for online marketplaces
► Active searches for non-established ESS suppliers
► Removal of low value import thresholds
► Tax authorities are going digital
► Plus increasing inter-governmental cooperation
► Reputational risk rising
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%.
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/
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/
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.
Why simplyVAT ?
Implementing VAT can be complex, risky and costly depending on your company’s business scenarios. Enpersol Arabia has a team of very strong functional consultants with huge experience. Our expertise and experience will ensure a smooth transition to the tax regime.
CONTACT US FOR A DEMO
Drop an email at info@enpersol.com
Visit our website for all details http://enpersol.com/simply-vat/
UAE introducing VAT from January 2018 and this presentation gives full information regarding VAT concepts and applicability. Drop your query to us to discuss more about VAT in UAE at vat@nrdoshi.ae
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/
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.
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.
General knowledge on GST to understand the biggest tax reform in the Indian Economy.
Note: It's just a brief on GST and does not get into the intricacies. Thank you for viewing.
Compilation of FTA Clarifications & User Guides by manoj agarwalManoj Agarwal
ebook is a compilation of all the Clarifications and User Guides issued by Federal TAx Authority "FTA" related with UAE VAT Law and Executive Regulations.
VAT in UAE: FTA has issues a Guide for Taxable PersonManoj Agarwal
To help businesses in the UAE, FTA has issued a guide as “Taxable Person Guide for VAT” to help businesses to understand the VAT Rules, Regulations and its Procedures.
Guide will explain various types of transactions and its implication to ensure compliance of VAT.
Businesses will get benefits with such extended steps of the UAE FTA.
The UAE FTA - Cabinet Decision No 55 on CharitiesManoj Agarwal
The FTA has released the Cabinet Decision No 55 of 2017 on Charitable Institutions that may recover Input Tax. Decision is effective from 1st January 2018.
User Guide for Registration, Amendments & De-Registration for UAE VATManoj Agarwal
Federal Tax Authority has released User Guide for Registration, Amendments & De-Registration. As most of the businesses have already registered with FTA, guide is useful for Amendments in the information and De-Registration process.
VAT Refund User Guide Summary for Business VisitorsManoj Agarwal
The FTA has released a Summary of User Guide for VAT Refund for Visiting Businesses of the UAE. Process of Refund is quite simple and straight forward.
VAT in UAE: Comparison of Draft and Final Executive Regulations of the UAE VA...Manoj Agarwal
VAT in UAE
A Comparison of Draft and Final Executive Regulations issued by the Federal Tax Authority of the UAE. Changes and Additions are marked in red and blue colour in a easy to understand way.
Approved Executive Regulations now available for the UAE VAT Law. All businesses with taxable supplies of more than AED 375,000 needs to register before 4th December 2017 and be fully compliant with the UAE VAT Law
UAE VAT Law - Draft Executive RegulationManoj Agarwal
Much Awaited Regulations released by the UAE Government. Cabinet has approved draft of the Executive Regulations of the UAE VAT Law which will make UAE VAT Law implementation simplified.
VAT in UAE - Compilation of FTP with Executive Regulations and Fee & Fines Manoj Agarwal
UAE has released Federal Tax Procedures and its Executive Regulations to be followed for VAT and other Tax Laws. UAE cabinet has also approved Federal Tax Authority's Service Fee and Administrative Fines for VAT and other Tax Law.
This eBook is a compilation of Tax Procedures with Executive Regulations and Fee and Fine for VAT and other tax laws in UAE.
UAE Federal Tax Authority has released its Fee and Fines for the UAE VAT and Excise Law. This includes the administration fee of Federal Tax Authority with the fines and penalties on non compliance of Tax Laws of the UAE.
Executive Regulations of UAE FTP - VAT in UAEManoj Agarwal
The UAE has released Executive Regulations of Federal Law No 7 of 2017 on Tax Procedures (FTP).
The Executive Regulations provides the outline on rights and obligations of the Authority, Taxpayer and any other Person dealing with the Authority for Value Added Tax (VAT) in the UAE and Excise Taxes along with any future taxes to be introduced in the UAE.
VAT in UAE, Tax in UAE
The United Arab Emirates (UAE) has released the text of Federal Tax procedures Law (FTP). The FTP Law provides the outline on rights and obligations of the Authority, Taxpayer and any other Person dealing with the Authority for Value Added Tax (VAT) and Excise Taxes. Also any future taxes introduced in the UAE.
This write up consist of unofficial translation of the Federal Tax procedures Law (FTP)/ UAE VAT Law with views and suitable modifications, wherever appropriate, by the author.
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.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
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.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
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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/
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)
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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
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.
2. Introductionof VAT
Value Added Tax (VAT) is an indirect tax on consumption. It applies to most goods and services.
VAT is levied on business transactions, i.e. on goods and services supplied in the course of business.
The Gulf Cooperation Council (GCC) States are expected to adopt a standard VAT system with a single rate
applying to most goods and services and potentially some limited exceptions such as basic food items,
healthcare and education.
Currently five countries in the Middle East region have adopted VAT or similar broad based consumption tax
system (General Sales Tax (GST)).
Countries with VAT/GST systemCountries with VAT/GST system Countries with no VAT/GST systemCountries with no VAT/GST system
Egypt
Jordan
Yemen
Lebanon
Palestinian
Libya
Iraq
Syria
GCC (Saudi Arabia, Kuwait,
UAE, Oman, Qatar, Bahrain)
www.uaetaxation.com
3. Chargeabilityof VAT
VAT is levied at each stage in the chain of production and distribution and is collected by businesses on behalf
of the VAT authorities. VAT is ultimately paid by the end consumer. A simplified example of VAT:
www.uaetaxation.com
4. FrequentlyAskedQuestions (FAQ)
Why VAT in GCC?
Governments have been considering the need to diversify income sources and this is even more the case given
the developments negatively affecting revenues in the region due to reduced income from oil revenues.
VAT is seen as an effective tool in raising revenue to achieve government objectives whilst preserving the
neutrality for businesses.
If designed and operated correctly and efficiently it can provide significant revenues with limited administrative
costs and impact on business.
Implementation date of VAT in GCC
It is expected that GCC States will most likely introduce VAT latest by 1 Jan 2018 or 1 Jan 2019.
UAE is implementing VAT wef 1 Jan 2018.
Rate of VAT?
It is expected that the standard rate of VAT will be 5%.
www.uaetaxation.com
5. FAQContd…
Will VAT apply to everything?
Some exceptions may apply mainly driven by socio economic policy considerations. For example, some items
may be subject to VAT at 0% (zero-rated), such as basic food - where no VAT applies but the related VAT incurred
on purchases can be deducted.
Other areas such as healthcare and education may be exempt from VAT - where VAT will not apply and the
related VAT incurred on purchases cannot be deducted.
What about imports / exports of goods?
Based on general VAT principles, VAT will apply to goods imported into the GCC and this will be payable at the
time and place of import.
Exports of goods to countries outside the GCC territory will not be subject to VAT (generally zero rated).
www.uaetaxation.com
6. FAQContd…
What about VAT incurred on costs?
Where a business is engaged in the supply of goods and services that are subject to VAT (at either the
standard or the zero rate) VAT incurred on costs can generally be deducted.
Where a business is engaged in the supply of goods and services that are exempt (this may be in areas
such as healthcare, education, etc.) VAT incurred on costs generally cannot be deducted.
Will VAT be a cost to the business?
Where businesses are engaged in the supply of goods or services that are subject to VAT (including at the
zero rate) they will be entitled to reclaim VAT incur on costs.
Where businesses are engaged in activities that are exempt from VAT and cannot reclaim VAT incurred on
costs, VAT will be a cost to the business (as suppliers will charge VAT that business cannot reclaim).
www.uaetaxation.com
7. ImpactonBusiness
How will VAT impact the businesses?
While VAT is charged and collected by businesses on behalf of the Government and as such should not be
considered as a cost.
There will be an additional burden in terms of administration and compliance with the new legislation. The
complexity of a specific VAT solution will depend on the nature of the business.
Businesses will need to amend their systems and procedures to ensure compliance with the new
requirements. For example:
• Charging VAT on supplies at the correct rate
• Calculate VAT deductible on purchases
• Calculate net amount of VAT to pay/ refund
• Submit VAT returns with required information within the prescribed time limit
• Pay the net amount of VAT due within the prescribed time
• Keep the correct documentation in relation to invoices, records, accounts, VAT returns, etc.
www.uaetaxation.com
8. ImpactonBusiness Contd…
www.uaetaxation.com
Will VAT affect prices / margins?
VAT is a tax on consumption and is levied on the price charged to the customer. Therefore it is expected that
prices will increase by the amount of VAT.
However, it is ultimately a matter for suppliers to determine the price of their goods / services. The price will
need to take account of VAT, i.e. whether you charge 100 or 105 the amount will be deemed to include VAT.
If the supplier does not increase the selling price when VAT is introduced then this will affect margins as VAT
will be due on the amount received.
9. PreparationforVAT
Do I need to start preparing for VAT? What should I be doing now?
There is a relatively short time to consider the implications of the introduction of VAT and to make the
necessary changes. The amount of work required will depend on the size and complexity of business and it
is essential to consider the impact now and determine how best to deal with it. At this stage, and until there
is more clarity on the VAT legislation, we recommend you:
Understand how VAT impacts your business and assess the capability of existing systems to cater for VAT
Identify a VAT implementation strategy and create a project team to manage implementation
Undertake an initial review and determine a plan / timeline for implementation
Identify contractual arrangements that need action
Identify business transactions including intra GCC transactions and inter company transactions
www.uaetaxation.com
10. Complexityof VAT
Transaction Categories for VAT
Purchases and sales by a business could fall into three categories for VAT purposes:
Standard rate @5% - Majority of goods and services are expected to fall within this category.
Zero rate (0% but still a taxable supply for VAT purposes) - This will apply to the export of goods.
Exempt from VAT (No VAT charged also no VAT recovery on purchases) - This is applied to many services
offered by health care, educational institutions.
Basis of VAT Chargeability
Further the location of the supply plays an important part in determining the jurisdiction in which VAT needs to
be accounted for and by whom. Under normal rules the place of supply in a B2B and supply of services is
where the customer is located.
For example, when a consultant in Dubai provides professional advice to a business customer in Oman, the
place of supply is likely to be treated as Oman and as such the Dubai based consultant would not charge
VAT. Instead, the business in Oman would self account for Oman VAT under the reverse charge mechanism.
www.uaetaxation.com
11. Integration/AutomationforVAT
Extent of integration of current business processes
GCC organizations especially SMEs are managing many of their financial processes like employee
expenses, inter company invoices and petty cash transactions outside their core transactional finance system.
The introduction of VAT is very likely to encompass these types of transaction and so businesses may have
more than just main accounting system to think about.
Automation of VAT processes
It is important to determine the extent of VAT process automation that an organization wants to achieve
immediately (at the beginning of the VAT mandate) and the level of automation desired over the long term.
As an example, an organization may be focused on automating the majority of processes as part of an initial
implementation but may defer automation of more complex transactions that demand increased resources
until current processes have been fully established.
www.uaetaxation.com
12. ManaginganeffectiveVATimplementation
An effective implementation for VAT in the GCC relies on a number of factors. The relative importance of these will vary
depending on how far the implementation has progressed.
Before implementation
Ensure full understanding of the requirements and communication to all relevant stakeholders.
Understand whether the finance system will be customized in any way.
Business should have a clear view on the processes needed to support the systems implementation.
During implementation
It is important to ensure that the right skills and knowledge are available at all stages of implementation.
Ownership of the various stages of an implementation should be agreed (Design, Build and testing).
Communicate clearly and regularly with the process owners on impact at different stages of the implementation.
After implementation
Training and support has to be provided so this should be planned for in advance.
Continuous improvement of the system whether through improved automation processes or better supporting processes.
Ownership of system and data maintenance should be managed within tax, finance and IT departments.www.uaetaxation.com