With decades of specialized experience in VAT related matters, VSG is geared to assess your VAT related requirements and prepare your business for all
VAT compliance issues in the GCC. Our experience covers all industries and business sectors, no matter how large or small.
VSG has a four phase approach to managing VAT implementation projects as detailed below:
- Phase 1 : VAT Impact Assessment, VAT Project Plan & Strategy, VAT Workshop
- Phase 2: Detailed design and setup phase
- Phase 3: Implementation, testing, training, go-live
- Phase 4: Post implementation support
We have developed a sophisticated proprietary readiness assessment template with over 120 assessment points to advise you on your state of VAT readiness. This tool will also serve as a high level project management template and outline the matters to be addressed. The assessment tool can be purchased separately by SMEs who wish to self-manage their VAT implementation and compliance once a trained VAT consultant has provided the initial input and advice.
VSG Directors have over 50 years of combined VAT experience including;
• Preparation of policies and manuals
• Submission of returns
• Training of management and staff
• Dispute management and resolution
• Due diligence
• Corporate structuring;
• VAT audits
• System implementation
VSG professionals have extensive experience of working in the GCC region
and will continue to be part of and support the growth objectives of the region
The VAT Services Group (VSG) has well established working relationships
with various service providers and suppliers in the following fields:
• Legal Advocacy
With the above-mentioned relationships VSG are able to assist in finding
holistic solutions to ensure the long term success of your business enterprises.
News & Information:
With the implementation of value-added tax (VAT) getting closer, businesses in the UAE and the rest of the Gulf Co-operation Council (GCC) countries have been advised to “take action” in order to prepare themselves for the new system. Companies have been advised to start creating awareness and looking into the potential impacts of the new taxes on their business, including margins and cash flows. They should also look into tax compliant strategies to “ensure a smooth transition.” Companies in the UAE that record annual revenues over $100,000 will be obliged to register under a Value Added Tax (VAT) system.
Companies in the UAE that record annual revenues over $100,000 will be obliged to register under a Value Added Tax (VAT) system, and will accordingly be taxed, according to Younis Al Khoury, undersecretary at the country’s Ministry of Finance. Companies whose revenues range between $50,000 and $100,000 will have an option to either register under the system or not during the first phase of rolling out the system.
At a recent briefing by the UAE Ministry of Finance it was confirmed that VAT will be introduced at a rate of 5% with some limited exceptions including basic food items, healthcare and education. The UAE are planning to implement on 1 January 2018 - other GCC countries may do so at the same time or by 1 January 2019 at the latest.
The MOF also emphasized the need for all taxable persons to comply with the new regulations as penalties of up to 500% of the tax due will be imposed. In addition, it will have the authority to shut businesses for 72 hours.
Meet The Team
Kelvin is an MBA graduate with over thirty years of tax, financial management, banking and consulting experience. He served in the South African Revenue Services Tax audit division and was in financial management at the time of the introduction of VAT in South Africa. Kelvin has managed a number of IT related projects in the GCC and is therefore well placed to assist clients with the VAT implementations. He has extensive regional experience having been in the GCC for twelve years.
Steven is a qualified Chartered Accountant and Taxation Honours graduate who has over thirty years of C-level financial management and taxation experience. He has managed both VAT and ERP implementation projects for large companies, which includes a GCC based SAP project. Steven has twenty-five years VAT experience having developed VAT guides and policies as well as managed VAT dispute resolutions, recoveries, and audits.
John has been a qualified Attorney who has been practicing for over twenty-five years. He has been a managing partner in a law practice where he was responsible for all Tax and accounting matters. John has advised and represented numerous taxpayers in Tax and VAT disputes across various industries. He has done a number of legal due diligence and expert reports on company governance in the UAE on behalf of international law firms. John has his own column on real estate in the Gulf News.
The VAT Services Group, PO Box 938604, Dubai.