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VAT IMPLEMENTATION IN DUBAI

VAT implementation in Dubai was started from January 1st, 2018 and the companies are now restructuring their business models to include VAT in all of their operations. VAT has been introduced in the UAE with an aim to reduce the dependency on the oil revenue and to promote economic sustainability of the country. It is an indirect tax that is levied at each stage of the supply chain. IMC will help your business to be compliant with the VAT structure.

IMC has the best VAT consultants in Dubai who will perform checks to ascertain the fact on how the VAT can be infusedwith the client’s business structure. VAT classifies the levy of rates into three categories:

  • The Standard rate of 5%
  • Zero-rate goods and
  • Exempt goods.

Our experts provide the companies the necessary VAT support in Dubai to classify their goods and services in the categories mentioned above and assess their impact.

VAT shall impact the pricing structure and profit margins and is to be factored in all the invoices raised by businesses. 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. IMC’s VAT experts can assist you in the following ways.

If a contract that is silent with regards to VAT, then it will generally be treated as inclusive of VAT.
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
  • Liaison with authorities and governmental bodies on behalf of client

IMC will also perform the following tasks to check whether the current business structure is suitable to the standards of VAT compliance in Dubai:

  • Understanding the business model of the client
  • Steps for VAT registration process
  • Evaluate the accounting structure
  • Undertake training of the employees
  • Restructuring the invoicing systems
  • Filing for VAT return or a refund of VAT credit.

IMC offers expert solutions to companies looking for VAT advisory in Dubai. We assist our clients in designing a blueprint outlining the implementation of VAT on their business model, keeping into account the various ways it is going to affect their trade. This process is mandatory for a business to identify the resources required for a smooth transition to the VAT system of taxation.

As VAT will have a significantimpact on the operations of the companies, the IT systems should be upgradedto record and process the precise handling of tax booking, invoice generation, return filing and other services which feature in the VAT regulation.

When it comes to VAT implementation in Dubai, you can trust us as your partners in the successful adoption of VAT practices in your business and be 100% compliant. Our team is involved at every stage of the process followed by a post-adoption review and continuously updating you about the amendments to the laws.