The UAE, following in other countries’ footsteps is increasingly focussing on indirect tax including VAT. VAT is a transaction based consumption tax that needs continuous monitoring for effective and timely compliance. Tax assessments, audits and enforcement measures are also becoming increasingly sophisticated, with a focus on common errors and industry specific issues.
The UAE, for the first time, introduced Value Added Tax (VAT) on 1 January 2018.
Frequent changes in tax policies and tax laws have become the norms of the day and are often seen sending confusing signals to the hugely stressed internal tax teams. Businesses are anxious about how these new indirect tax laws would affect them and how they could remain compliant ahead of time.
At IMC, our seasoned tax professionals are pretty much aware of this rapidly evolving VAT norms and regulatory environment in UAE and can design tailor-made solutions for you to address VAT issues timely and satisfactorily.
How IMC VAT Services Can Help You Run Your UAE Business More Effectively and Smoothly
Transaction mapping exercise
As VAT is a Transaction based tax, the transaction mapping exercises will help businesses document each relevant transaction type for the purpose of validating the classification and evidence requirements. This can be used to support systems automation for VAT determination and reporting purposes.
VAT diagnostic review
By conducting VAT Diagnostic Reviews, our team of VAT experts Review to both interview analyze your supply chain (goods and services) and help you understand better your VAT risks and opportunities.
VAT Documentation review
Periodic Review of VAT documentation retained for each categories of supply that helps you identify risk and recommend action. We also review documents from input VAT deductibility, which is critical for your business.
VAT refund request review
Review of the VAT refund request template for the tax period and corresponding VAT return in order to identify risks and suggest corrective actions before submission of the VAT refund request.
VAT return review
We periodically carry out a detailed review of your VAT return and simultaneously provide you with knowledge gained from broader compliance activities and industry specific risk areas to highlight key issues and recommend actions.
We will work as partners to develop a strategic approach to address any remediation that you would need from time to time.
Why choose IMC?
Integrated team of high caliber tax professionals
Our VAT services team is comprised of highly qualified and dedicated tax professionals with proven experience across different sectors.
Deep and diverse Industry experience
Our team has hands-on experience across diverse sectors and has successfully assisted clients on several complex tax issues