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) experienced some delays in its implementation. Qatar and Bahrain brought this system into effect on 1st January, and Kuwait has postponed it to 2021. This implementation was a wake-up call for VAT consultants in Dubai to make the companies aware of the implementation process. N R Doshi and Partners have a fleet of VAT Consultants in UAE who assisted you with VAT Audit Services for countless clients in VAT implementation, VAT number check, TRN verification UAE, who remain loyal to this day.
In this VAT system, 5% of the goods and services price is charged as tax at every stage of the supply chain. There are a few goods and services on which 0% VAT is charged, and only a few are wholly exempted from the taxation system. Therefore, your industry will be placed amongst 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 consultants in UAE calculate 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.
The meticulous approach above will enable us to create plans to help you earn profits that will be at par with the times when you did not have to pay VAT. How will NR Doshi & Partners achieve this goal? We will achieve this goal by ensuring proper compliance with the UAE’s current rules & regulations while adapting to newer changes.
As one of the most reputed VAT consultants in the UAE, we also ensure that your consumers do not have to bear any unpleasant consequences arising due to VAT laws. This factor is crucial as improper implementation may affect clients. VAT has been introduced to increase the nation’s revenue.
Due to constant fluctuations in oil prices, the UAE planned to reduce its dependency on oil companies for revenue generation. This new step will reduce the oil company’s revenue share, 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 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 less than AED 187,500/-, the company requires no registration under this law.
Choose Our Experts for Facile Value Added Tax Registration
VAT Registration Services in Dubai become effortless if you have VAT registration consultants to help you. NR Doshi & Partners has an experienced team that has helped numerous businesses with VAT implementation. As VAT consultants in UAE, we 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 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.
- A Declaration of turnover is required.
As highly experienced tax consultants in UAE, we manage the meetings with GCC officials, and trouble-free registration is conducted.
Note: We even provide VAT Deregistration in UAE for the companies who have experienced a decrease in turnover and those do not cross the voluntary registration threshold of AED 187,500/.
Your Search for the Best VAT Consultants in Dubai Ends Here
We ensure that VAT implementation takes place smoothly and efficiently while considering every little aspect of your business. Note that we also provide in-depth VAT training for employees and assist in preparing VAT reports while filing returns for your company.
What all our VAT Consulting Service Includes in UAE
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 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 Federal Tax Authority registers your business, we will start preparing your company for the changes it needs to face. As we mentioned earlier, most companies are already registered under this law. However, VAT implementation is necessary every time the turnover increases/decreases or when the company launches a new product.
As proficient Tax consultants in UAE, we ensure that no aspect of your business experiences issues with VAT compliance. Before the implementation, our VAT experts will analyze your business’s model and select the best VAT implementation plan.
After choosing a plan, we provide the best VAT training in the UAE to the employees in each department. Even if specific changes are less relevant to a department, they should still be aware of the newly introduced changes in the industry.
VAT may impact the following aspects:
- Working Capital
Understanding the above aspects will help us to improve management. It will also streamline the operations required to comply with GCC VAT law. We thoroughly study the accounting procedures performed before the introduction of VAT. Accurate classification is necessary, along with a chart of accounts aligned with the VAT regime.
Our expert team educates your accountants on the essential VAT Return Filing guidelines. 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 the GCC.
Your information technology department will receive mandatory invoicing and billing information, 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 hire us to file VAT returns or provide your accounts with adequate training.
There is no manual process to file VAT returns, and Online VAT return filing is the only way to make a claim & NR Doshi & Partners can guide you with the same. On FTA’s portal, you need to enter the “TRN number” generated during VAT registration and the password for tax filing.
How We Make your Business VAT Ready
Introduction to Our VAT Consulting Team
For a thorough VAT implementation, we suggest hiring a proficient and experienced team of consultants to assist you with all aspects of VAT. Our VAT Consulting team consists of IT Professionals, Tax Advisors, VAT Experts, Compliance Specialists, and individuals specializing in, VAT Accounting Service in Dubai, Tax Advisors, VAT Experts, and Compliance Specialists.
VAT Learning and Training Program
Though we are here for your help anytime you need it, your employees must remain VAT ready. Our training programs are strategically designed to familiarize your senior management with the VAT implementation’s impact on various aspects of your company, owing to its business model.
The training programs explain to the management the negative consequences of erroneous VAT execution. Later, we conduct sessions to demonstrate the administration techniques for reducing these risks.
Workshops are organized for staff to teach them about the changes in the documentation, control check on the information, procedure of tax return filing, VAT refund Dubai, etc.
Creating Strategies for Various Attributes of your Business
- First, we will determine whether your goods are charged with 5% VAT or 0% VAT, or if they are exempt from the VAT system.
- For most cases, 5% VAT is charged. VAT implementation can impact revenue generation. 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 post VAT execution.
- An overhaul is conducted to determine the changes and revisions required in the pricing and distribution structure.
- The procurement department also bears the consequences of 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 as per the imposed VAT. Our VAT Consultants in UAE even develop strategies for transactions conducted among GCC members.
Learning about VAT Impact on your Different Business Attributes:
As one of the prominent VAT Consultants in the UAE, we have thoroughly examined the crucial aspects of various industries and zeroed in on the ones that are most affected by these services.
The moment of products or materials in the supply chain decides the final price of the product. Therefore, it is necessary to study the impact on pricing, cash flow, transactions between each level of the supply chain, etc.
Therefore, we realign the business model to keep the profitability the same without bothering the consumer. We accomplish this goal by implementing measures like reducing the supply chain length and making changes in the material.
The current ERP system is reviewed, and the new system’s impact is predicted. On that basis, we decided how much time and the initial investment is necessary to bring back the profit to the same level.
We will be indeed assisting you with the changes required in your accounting methodology. For instance, you belong to one of the GCC countries that have already implemented the VAT system in the year 2018 (UAE as well as Saudi Arabia). We will make sure that the changes are made efficiently. It is undoubtedly essential to ensure that you make new mistakes with the new tax filing procedure.
Further, we make sure that the transition state is smooth for the countries- Qatar and Bahrain, where the VAT system came into effect in 2019. Moreover, we also ensure that their accounts and senior management personnel know about every minor change.
In Kuwait, the authorities may introduce VAT in 2021. It is high time that clients with registered companies in Kuwait prepare themselves for the upcoming changes. We explain the absolute difference in the accounting system, essential changes in the accounting chart, and the difference in the profit and loss while preparing reports.
Furthermore, we also explain the existent variations in tax filing, and if necessary, we can assist with the documentation process.
Though you would have implemented the new system, however you must ensure that your business complies with the VAT laws. For instance, a company’s turnover might increase or decrease, or it may cross the threshold where VAT does not apply. The applicable rules may change in such scenarios. Another example is the introduction of a new product. Depending on the product, VAT application can differ.
In such cases, we guide your taxation team that reviews documents required for filing tax returns. We even prepare reports which contain accounts for your annual turnover. The information acts as proof for VAT registration or deregistration. We make sure your invoices and credit/debit note formats are prepared correctly as per the VAT rules. FTA will inform you about the approval or rejection of tax filing within 20 days (about 3 weeks). However, the return of the claim may take some more days.
Amongst all the companies that offer VAT implementation services in Dubai, only a handful provide VAT consulting for intra-GCC transactions. Although we are based in Dubai, we offer this service for offshore clients with operations 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 pays VAT like he is the product’s consumer.
However, you cannot 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, such as NR 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. Moreover, we make sure proper tax filing is done, and at the time of the audit, our tax agent remains in the ‘tax audit field’ to support the company.
He will undoubtedly provide an answer to all the questions of the FTA officer and make sure you are appropriately represented.
Our agent will assist in preparing the tax records: Tax invoices, books of accounts, etc., for examination. Additionally, our agent will act as a link between the taxpayer and the auditor. Through this proactive & systematic approach, NR Doshi & Partners will ensure that your audit result is favorable.
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