VAT Readiness Assessment:
In the event that a full due diligence is not a current priority and a simple exercise is preferred in order to ascertain which elements of your business will attract VAT responsibilities, VSG can conduct a “readiness assessment” and give you a comprehensive report on the identified aspects of your business that will require attention.
VAT Due Diligence:
With tax, accounting and legal expertise, amongst a host of other competencies to call on, VSG can conduct the appropriate due diligence on your business enterprise, no matter the size or complexity, to analyze the impact that VAT will have on your systems, procedures, policies, staff competence, supplier compliance and even your corporate structure, and report the risks that each element of your business will be exposed to and recommend corrective measures. This will enable management to make the best decisions to ensure successful implementation for a sustainable solution and also to mitigate the overall impact on VAT on your business and its success.
VSG can conduct assessments on your ERP systems and other accounting systems to determine configuration changes required and adaptation to cater for VAT.
VSG can manage your VAT implementation project from start to finish.
With the expected rush for registration and usual processing and administrative issues, VSG can provide the necessary support to facilitate the entire registration process and make it as simple as possible.
From sales persons and creditor clerks to accountants and senior management, training on the implementation and day to day administration of VAT will be imperative to ensure the VAT does not become a cost the business. VSG have appropriate training modules to suit each staff grouping and departmental category to ensure that training courses provide the relevant detail at the relevant level.
At the stressful times for the responsible employees, particularly in a new VAT environment where many employees have limited experience, VSG can assist with the completion of periodic returns and ensuring timely and accurate filing of VAT calculations and attending to any queries raised by the relevant authorities.
VAT Manuals, Policies and Procedures:
VSG has the expertise to generate customized VAT manuals, policies and procedures to cater for your particular business to ensure strict compliance with the requirements of VAT compliance and also to avoid penalties and interest that may be incurred in the case of any non-compliance by the business and employees.
In our experience disputes arise from time to time in the normal course of business, and so will disputes arise with regard to VAT. Such disputes will be particularly prevalent during the initial stages of implementation, with VAT being a new concept in the GCC. Managing disputes is a time consuming task for which existing staff may not necessarily be equipped for or have the time to deal with. VSG is capable of alleviating the problem by providing a platform to whom to delegate these incidents and provide cost effective solutions.
A regular VAT audit is always a good idea, particularly in the early years to ensure proper compliance and correct implementation and accounting. The VSG team can provide independent assessments periodically or on an ongoing basis to prevent possible non-compliance and even the identification of any under claiming of VAT input credits.
Legislation does not always cover each and every imaginable situation that may arise and sometimes there are grey areas that need clarification. This may arise in respect of out of the ordinary transactions for which it may not be clear as to what the VAT impact will be on the business. VSG can apply for clarification and obtain VAT rulings from the relevant authorities relevant to your particular situation.
Tax Clearance Certificates:
VSG can assist in obtaining the necessary clearance certificates that will be required for certain legal and regulatory processes.
The VAT Services Group, a division of BMT Limited in association with World Synergy Consultancy, PO Box 938604, Dubai.