The best VAT consultants in Dubai at are your service
From 1st January 2018, Value Added Tax (VAT), which is an indirect tax system, came 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 2019. However, 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, the government charges 5% of the goods and services’ price as the tax on every stage of the supply chain. However, there are a few goods and services on which the government charges 0% VAT. Besides this, the exemption is given to a few items 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. Moreover, 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. In addition, we do this 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 for the implementation of VAT . 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 the 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 ends here
We make sure that VAT implementation is done on every aspect of your business with ease. Besides that, 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 launch of any new product occurs, we perform VAT implementation. 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, we will provide the best VAT training in UAE to employees of each department. Even if it is less relevant to a department, it must be familiar to VAT. This makes easier for the company 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. Besides that, 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 there is a need of correct classification 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.
Furthermore, 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. Its use comes when you use 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 all the aspects. 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. For that purpose, we design our training programs strategically 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 present in the incorrect execution of VAT. After this, we conduct sessions to demonstrate the administration about the techniques on how to reduce these risks.
We organize workshops for the 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 the VAT on your goods is 5% or 0%.
- For most of the cases, the VAT charge is 5%. This VAT can impact the revenue a company generated before its implementation. However, the VAT system doesn’t affect the goods on which 0% VAT is present.
- An initial strategy is to transpose the decrement that occurred after VAT execution.
- We conduct an overhaul to determine the changes and revisions essential in the pricing and distribution structure.
- VAT implementation has an effect on the Procurement Department. For that reason, VAT experts in Dubai will provide the methodologies on how the procurement department can function normally.
- In the case of intra-GCC sales, the exchange occurs according to the VAT. Our VAT consulting service even frame approaches for transactions amongst different 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 found the effect of VAT implementation.
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.
On that basis, we realign the business model to keep the profitability the same without bothering the consumer. One can do that by reducing the supply chain length, making changes in the material, etc.
We review the current ERP system and predict the new system’s impact. On that basis, we make a conclusion on how much time and the initial investment will be essential 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 where VAT system came into existence 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. In addition, their accounts and senior management personals are well aware of every necessary change.
In Kuwait, we expect that the introduction of the VAT will take place in the year 2021. For those clients who have their company in Kuwait, it is high time to prepare themselves for the upcoming change. For that reason, we explain the complete difference in the accounting system, changes which are necessary in the chart of accounting, the difference in the profit and loss, and we will be preparing reports. We explain variations existing in tax filing and perform documentation preparation too.
Though you do new VAT system’s implementation , still it is important 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 according to the product.
In such cases, we provide guidance to your taxation team, who reviews documents that you will use for tax return filing. In addition, we prepare reports which contain accounts for your annual turnover. The information acts as a proof for VAT registration or deregistration. We make sure that the preparation of your invoices and credit/debit note formats is correct 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. Besides that, 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 tax from your own country if the ship the items 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 the tax filing is with complete accuracy. Moreover, 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. In addition, we will support you in an appropriate representation.
Our agent will provide assistance to the tax records: Tax invoices, books of accounts, etc. for examination. Moreover, 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 correctly