VAT Impact on the Business
Compliance
Pricing Structure
Restructuring
Impact Analysis
Assistance
Downloads
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
- Business model should be restructured to ensure
- 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
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
Downloads
- Introduction to VAT in GCC
- GCC VAT Treaty
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