The best VAT consultants in UAE are at your service
From 1st January 2018, Value Added Tax (VAT), which is an indirect tax system, has come into effect in the UAE, and Saudi Arabia. Other members of the Gulf Cooperation Council (GCC) made some delays in its implementation. Qatar and Bahrain brought this system into effect from 1st January. Kuwait has postponed it to the year 2021. This implementation was a call for VAT consultants in Dubai to make the companies aware of the implementation process. N R Doshi and Partners own such experienced consultants who had provided implementation to several clients who remain satisfied.
In this VAT system, 5% of the goods and services’ price is charged as the tax on every stage of the supply chain. There are a few goods and services on which 0% VAT is charged. Besides this, a few are wholly exempted from the taxation system. Therefore, your industry will be placed amongst any of these three categories based on the VAT system- on which 5% VAT is charged, 0% VAT is charged, and VAT is exempted.
N R Doshi & Partners has worked with multiple industries. We aim to provide you with a VAT ready model specific to your industry. Our tax consultant the UAE calculates the impact of VAT implementation on your business by studying the previous profit, maximum retail price, consumer base, etc., and relating it with the current attributes.
This will let us create plans by which you can achieve the profit which you previously had when your company didn’t need to pay taxation. This is done with keeping your business compliant with the rules and regulations of your country. Being one of the most reputed VAT consultants in UAE, we also make sure that your consumers have a minimum effect from this change. This is crucial as improper implementation may harm the user base.
Increment in the revenue collection is the primary reason why VAT is introduced. As there is a considerable drop in oil prices, the UAE planned to lesser down its dependency on oil companies for revenue generation. With this, the oil company’s revenue share will be minimized, but the quality of public service remains the same.
A criterion for registration is also defined based on the annual turnover of the company. If the company’s revenue is more than AED 375,000/- per year, then VAT registration is mandatory. In case, if the business generates income between AED 187,5000/- and AED 375,000/-, then it is optional to register it under the UAE VAT Law.
Furthermore, if the revenue is lesser than AED 187,500/-, the company requires no registration under this law.
Choose Our Experts for facile Value Added Tax Registration
VAT registration becomes facile if you have VAT registration consultants to rely on. N R Doshi & Partners owns a team that has helped numerous businesses in getting started with VAT implementation. We, as VAT consultants in Dubai, suggest a workable tax plan for your company to know the effect of value-added tax implementation.
We assist you in arranging all the relevant documents which are required for VAT registration.
- Required documents are presented in front of Federal Tax Authority UAE.
- One needs to declare the products and services with which the company deals.
- Declaration of turnover is required.
We, as a highly experienced tax consultant in UAE, manage the meetings with GCC officials, and trouble-free registration is conducted.
Note: We even provide vat deregistration service for the companies who have decrement in turn over and do not cross the voluntary registration threshold of AED 187,500/.
Wait for the best VAT consultants in Dubai ends here
We make sure that VAT implementation is done on every aspect of your business with ease. We provide VAT training to employees, prepare VAT report, and file returns for your company.
What all our VAT consulting service includes
Checking whether your company requires VAT registration or not. It is decided upon several factors such as the products you manufacture, services you provide, the annual turnover of the company, etc.
VAT implementation is only for the companies which have introduced a new product or have growth in income. Apart from these companies, most of the companies must have already registered for VAT as per the UAE Laws. However, for Kuwait, all the companies can reach us out for implementation purposes.
We understand the complete business model and find out the VAT impact on your company in terms of profit, consumer base, pricing, business model, and marketing techniques.
In case your turnover decreases and you lie in a slab where VAT is not required to be paid, we will guide you through the complete VAT deregistration process. We also help you to claim the additional amount you paid as tax.
We recheck the compliance to make sure your company faces no penalties due to improper implementation.
We deliver an exceptional grade support team for your company for VAT registration, VAT return filing, and representing it in front of the Federal Tax Authority (FTA).
Making international VAT related communication efficient by reaching out to your trade partners.
For making your employees aware of the VAT system, we, as best VAT advisory in Dubai, provide one of the most excellent staff training in UAE.
There are various VAT compliant software programs out of which we provide inputs to find out the best one for your company.
The process of VAT implementation
After your business gets registered by the Federal Tax Authority, we start preparing your company for the changes which your company is going to face. As we have mentioned before, most of the companies are already registered under this law. However, if the turnover increases or decreases, or any new product is launched, VAT implementation is performed. We, as proficient Tax consultants in UAE, make sure that any aspect of your business has no VAT compliant issues.
Before starting implementation, our VAT experts must understand your business’s model and select the best VAT implementation plan.
After the selection of a plan, the best VAT training in UAE is provided to employees of each department. Even if it less relevant to a department, they must be made familiar to face the changes appearing in the industry.
Factors on which VAT impact is studied:
- Working Capital
Understanding these attributes will help us to improve management. It will also streamline the operations required to comply with GCC VAT law.
Accounting done before the introduction of VAT in the company is thoroughly studied. Then correct classification is needed with a chart of accounts that fits with the VAT regime.
Our expert team provides essential guidelines to your accountants for filing a VAT return. This VAT return is filed to the Federal Tax Authority (FTA) for UAE based companies. For Saudi Arabia, one needs to file a return to the General Authority of Zakat and Tax (GAZT). Similarly, there are respective authorities for other members of GCC.
Your information technology department will be given information regarding the invoicing and billing, which is required to be done as per VAT law.
VAT Return Filing Service
We guide you through the complete VAT return filing process. An accurate input tax credit is found against the VAT liability you own. You can either choose us to file VAT return for you, or else we will provide training to your accountants.
There is no manual way to file a VAT return. Therefore, our service for online VAT return filing is the only way to make a claim. You need to provide the “TRN number” generated during VAT registration and password for tax filing. It is used at FTA portal.
How we make your business VAT Ready
Introduction to our VAT Consulting Team
For a thorough VAT implementation, N R Doshi, Value Added Tax Consultant in Dubai suggests having a team of professionals who are experts in other aspects associated with it. For that reason, we make sure that the VAT consultant team contains IT professionals, accountants, Tax advisors, VAT experts, and compliance specialists.
VAT Learning and Training Program
Though we are here for your help anytime you require, your employees must remain VAT ready. Our training programs are strategically designed to make your senior management familiar with the impact of VAT implementation on various aspects of your company due to its business model.
The training programs explain the management of the risks involved in the incorrect execution of VAT. After this, sessions are conducted to demonstrate the administration about the techniques on how these risks can be reduced.
Workshops are organized for staff to make them learn about the changes in the documentation, control check on the information, procedure of tax return filing, etc.
Creating Strategies for various Attributes of your Business
- First, we need to find out whether your goods are charged with 5% VAT or 0% VAT, or they are exempted from the VAT system.
- For most of the cases, 5% VAT is charged. This VAT can impact the revenue you used to generate before its implementation. However, revenue is not affected by the goods on which 0% VAT is implemented, or the exemption is granted.
- An initial strategy is planned to transpose the decrement that occurred after VAT execution.
- An overhaul is conducted to determine the changes and revisions required in the pricing and distribution structure.
- Procurement Department is highly affected due to VAT implementation. Our VAT experts in Dubai will provide the methodologies on how they can be brought back to normal functioning.
- In the case of intra-GCC sales, the exchange occurs according to the imposed VAT. Our VAT consulting service even frame approaches for those transactions which are made amongst GCC members.
Learning about VAT impact on your different business attributes:
As one of the prominent UAE VAT consultants, we have thoroughly gone through all the aspects of various industries and concluded the ones who get most affected by these services.
The moment of products or materials in the supply chain decides the final price of the ultimate product. Therefore, it is necessary to study the impact on pricing, cash flow, transactions between each level of the supply chain, etc.
Based on it, we realign the business model to keep the profitability the same without bothering the consumer. It can be done by reducing the supply chain length, making changes in the material, etc.
The current ERP system is reviewed, and the new system’s impact is predicted. On that basis, it is decided how much time and the initial investment will be required to bring back the profit on the same level.
We will be assisting you with the changes required in your accounting methodology. In case, if you belong to GCC countries that have already implemented the VAT system in the year 2018 (UAE and Saudi Arabia), then we will make sure that the changes are made efficiently. It is important to ensure there are no faults in the new procedure of the tax filing.
For the countries- Qatar and Bahrain, where the VAT system has come into effect in the year 2019, we make sure that the transition state is smooth, and their accounts and senior management personals are well aware of every necessary change.
In Kuwait, the VAT is expected to be introduced in the year 2021. For those clients who have their company registered in Kuwait, it is high time to prepare themselves for the upcoming change. We explain the complete difference in the accounting system, changes which are required in the chart of accounting, the difference in the profit and loss, and we will be preparing reports. Variations existing in tax filing are also explained, and we can perform documentation preparation too.
Though you would have implemented the new system, still it is required to ensure that your business is entirely compliant with the VAT law. For instance, a company’s turnover has increased or decreased, crossing the level above which VAT is applicable. That time, rules applicable to it may change. Another example is the introduction of a new product. The application of VAT differs based upon the product.
In such cases, we provide guidance to your taxation team, which reviews documents that are going to be used for tax return filing. We even prepare reports which contain accounts for your annual turnover. The information acts as a proof for VAT registration or deregistration. We make sure your invoices and credit/debit note formats are correctly prepared according to the VAT perspective. FTA will let you know about the approval or rejection of tax filing within 20 days. However, the return of claim may take some more days.
Amongst all VAT implementation services in Dubai, only a few offer VAT consulting for intra-GCC transactions. Although we are based in Dubai, we offer this service for the offshore clients also whose companies are located in GCC countries.
We can split the transactions into categories based on whether you sell goods or services. We manage the reverse charge mechanism for you. In this mechanism, the buyer himself pays the VAT as he acts as a consumer of his product.
However, you can’t file the return to claim the paid tax from your own country if it is shipped to another member of GCC. In such cases, you must select the best UAE VAT consultant amongst all, such as N R Doshi & Partners. We will conduct the filing in the destination country on your behalf. However, this service will come into effect after VAT implementation in all the GCC nations.
Tax audits are conducted by the Federal Tax Authority to verify whether the self-assessed tax amount declaration is correct or not. We make sure proper filing of the tax is done, and at the time of the audit, our tax agent remains at the ‘tax audit field’ to support the company.
He will readily provide an answer to all the questions of the FTA officer and make sure you are appropriately represented.
Our agent will provide assistance to the tax records: Tax invoices, books of accounts, etc. for examination. He will act as a link between the taxpayer and the auditor. He will keep track of the audit result, and if you have used N R Doshi & Partners’ service, the result will always be positive.
We are the Registered Tax Agent with The Federal Tax Authority
|Tax Agency Number||30003586|
|Tax Agency Name||N. R. Doshi & Partners-Public Accountants|
|Tax Agent Approval Number||20006508|
|Tax Agent Name||Kinnari Rahul Gandhi Bakul Doshi|
Don’t let the VAT penalties ruin your profit
Reach us out to make sure VAT is implemented correctly