Value Added Taxation (VAT) Services

Posted By: FinXcel 2 years ago

Registration and Deregistration

A wide array of clients have benefited from our experience in various industries to provide

Standalone and Group VAT Registration Certificates.

Our experience and knowledge in de-listing companies from FTA records upon meeting de-registration criteria have benefited them to meet regulatory requirements within the stipulated timeline.

Advisory

In our VAT monitoring and implementation strategy, we consider below matters to devise a sustainable approach for our clients to be VAT efficient and compliant:

  • Gap analysis between current VAT practices of a company and ideal VAT-compliant processes.
  • Data migration and modification processes for effective VAT implementation.
  • Ongoing monitoring of company’s operations under existing and updated provisions of Law and Regulations.
  • Accounting & operational software requirements for VAT documentation and reporting in view of a company’s industry.

Audit

During VAT Audit, we take into account the appropriate classification and calculation of Output and Input Tax in VAT Returns including below matters:

  1. Zero-rated, Exempt and out of scope supplies.
  2. Single composite supply and multiple supplies in one transaction.
  3. Operational and capital expenditures.
  4. Supplies to, by and within freezone and designated freezone companies.
  5. Place and time of supply.
  6. Imports subject to Reverse Charge Mechanism.
  7. Intergroup adjustments of transactions for Group VAT Return filing.
  8. Imports and supplies within GCC region.

Return Filing

Return filing is not simply a matter of recording expenses and sales to calculate input and output tax for determination of tax due or recoverable, it is beyond that to know about accurate treatment and classification of below listed matters:

  • Exempt, zero-rated and out of scope supplies.
  • Supplies to, by and within free-zone and designated free-zone entities.
  • Single composite supply and multiple supplies in single transaction.
  • Capital and operational expenditures.
  • Time and place of supply.
  • Inter-group transaction adjustments in-case of Group Return filing.
  • Reverse charge mechanism.
  • Supplies and imports within GCC region.

Our experience coupled with technical knowledge in filing Group and Standalone VAT Returns of a wide range of clients among various industries, endorses us as a reliable professionals to dealt with filing of your VAT Returns in compliance with Law & Regulations.

Refunds

VAT Refunds from FTA are usually claimed in below cases:

  • Exempt, zero-rated and out of scope supplies.
  • Supplies to, by and within free-zone and designated free-zone entities.
  • Single composite supply and multiple supplies in single transaction.
  • Capital and operational expenditures.
  • Time and place of supply.
  • Inter-group transaction adjustments in-case of Group Return filing.
  • Reverse charge mechanism.
  • Supplies and imports within GCC region.

Our tax consultants have gained experience dealing with number of Reconsideration Applications and Voluntary Disclosures that have assisted our clients in obtaining their refunds, after complying with intricate procedures that we deal by preparing a persuasive draft of technical arguments and presentation of relevant matters.

How we stand out as an Expert VAT Consultants

Our tax experts possess an in-depth upto date knowledge of pertinent law and regulations that gives us a confidence to become a reliable business partners of our clients in their VAT routines and matters.

Using our technical knowledge and groomed experience on application of VAT law and regulations, we can play a pivotal role to develop seamless VAT compliant processes for our clients.

Being experts in the field of Auditing, we possess required level of skills and abilities to deal with the VAT Audits that leads to valuable recommendations to our clients for overcoming the observations noted during our audit as a permanent solution.

Our clients obtain value addition in their operations by seeking our technical inputs on maintaining compliances in VAT Returns Filing, claiming VAT Refunds and consultancy related matters.

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