VAT in the GCC

Impact on the Business

Compliance

Ensure whether proper books of accounts are maintained and updated
Check whether your business meet the criteria for registering for VAT collection
Registration for VAT in the GCC
Collection of VAT in the invoices raise
Keep record of VAT paid in Invoices of Vendors to avail credit
Filing VAT returns and payment of VAT to the Government

Pricing Structure and Profit Margins

VAT shall impact the pricing structure and profit margins to factor the VAT in all the invoices raised by business. A critical analysis will be required for this to ensure that business will face the least impact by preparing customized pre and post VAT scenarios for every business
Also, increase in price may result in result in decline in customer spending. It will be challenging to maintain the same

Restructuring of Business Models

Increased efficiency in operations
Restructuring of supply models to ensure reduce cost of procurement of raw materials and capital goods
Possible negotiations with vendors and suppliers
Restructuring of Human resources to ensure that the staff is competent enough to deal with the challenges bough in by the new law
Restructuring of accounting systems and IT systems to ensure proper compliance and competency with new requirements

How IMC Can Help

Impact Analysis

Understanding the needs of client’s business and estimating the impact of VAT on the business
Preparing Pre and Post scenarios for ascertaining impact on business
Analysing various areas of positive or negative impact and the causes behind them
Providing most accurate information for decision making

Assistance in Implementation

Advise client about various legal and procedural requirements
Checking and verifying the books and records as per the legal requirements
Prepare an implementation plan based on requirements of client
Registration with relevant Governmental authorities
Completing documentation and other requirements
Liasoning with authorities and governmental bodies on behalf of client

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