VAT is paid on purchase of Goods or Services, excluding those supplies which are zero-rated or exempt, therefore an entity requires VAT management to streamline its operations in compliance with VAT Law & regulations and to manage VAT payments for optimal cash flows.
Proper VAT reporting and processes in an entity requires management commitment to establish an operation and structure that is uniformly applied across an entity's departments or divisions/segments in a Group to achieve objectives of having VAT operations that are in compliance with Law & Regulations and optimal for cash flows management.
Role of VAT Advisors
VAT advisors manage and operate below matters of an entity:
- Obtain complete understanding of the business that includes nature of transactions, complexity of operations, Group structure, type of contracts and such other observance that is relevant in given circumstances of an entity.
- Conduct comprehensive tax planning to maintain streamlined VAT operations that are compliant to Law & Regulations and optimal with respect to cash flows management.
- Guide on accounting and operational software that are needed to be implemented or enhance and tailor to ensure seem-less VAT reporting and processes.
- Ensure that an entity's VAT operations are responsive to and updated with any amendments in Regulations.
- Conduct VAT due diligence at regular intervals by reviewing the entity's internal controls, procedures and documentations, in light with Law, Regulations and Guidelines.
- Deal with Federal Tax Authority (FTA) on fines, VAT refunds or respond to their notice/assessment through Reconsideration forms, Clarification drafts or such other documents necessary in a given situation.
- Provide an on-going advice on routine matters and updates, through calls, meetings and consulting reports that includes recommendations to improve/amend VAT processes.
How we stand out as an Expert VAT Advisors
Our VAT implementation and monitoring strategy is devised to be proven beneficial for our clients in any industry segment, that is based on an approach to develop seem-less VAT processes to timely and effectively meet their obligations in a cost-conducive manner.
As part of our strategy, we take into account below matters to develop a sustainable approach for our clients to be VAT productive and efficient:
- Gap analysis between current VAT related practices of an entity and ideal VAT compliant business environment.
- Accounting and operational software in view of an entity's industry for VAT reporting and documentation.
- Data modification and migration processes for effective VAT application.
- Ongoing monitoring of business operations in light of existing and updated provisions of Law & Regulations.
