UAE, especially Dubai is a hub for all major multinational companies in the world. Such companies require global tax planning. Recently UAE also turned to tax regime. Hence it became very important for the UAE based companies also to structure their operations to comply with the local law as well as to make a better tax planning to match with their global operations.
The Value added Tax, commonly called VAT in business parlance, is the most common type of consumption tax levied on goods and services. VAT in UAE applicable since 1st January 2018, and become an integral part of businesses. While offering limited exceptions to some categories including healthcare and education, Value Added Tax are to be collected at the rate of 5 % on the goods and services, at each step of the supply chain.
Our group of Chartered Accountants serves the clients globally along with Wisecor Services Private Limited (India Partner). Wisecor is India’s leading accounting outsourcing service & solution providers in the areas of Tax Implementation, Taxation, Human Resources, Finance and Accounts with compliance expertise, Information Technology and Business Process Outsourcing. Wisecor has successfully implemented GST rollout more than 200 corporate clients in India.
Our services on Tax includes the following:
VAT Implementation
- Understanding of the business model of Company
- Training to the Management & Employees
- Review of key documents like existing contracts and incorporation of VAT clauses in the existing and new contracts and related documents
- Advise, develop and assist in restucturing transactions, supply chain and other related processes
- Analyzing the impact of VAT on your business
VAT Registration Service
- Assist in VAT registrations
- Handhold during the initial phase
- Align compliance practices with VAT requisites
VAT Return Filing Service
- Validation of Data from the Accounting system of Company
- Monthly Compliance of Input Tax Credit
- Monthly Compliance of VAT calculation under Reverse Charge Mechanism (“RCM”)
- Preparation of the VAT return of behalf of Company
- Filling of VAT returns within the specified time
- Monthly Reconciliation of VAT with Accounting System
- Tax Planning for the Company