Struggling to keep your head above the VAT-churned water? An external VAT advisory service may be the answer to your crisis. One of the challenges facing businesses in adapting to the UAE’s new VAT regime is just how pervasive the VAT legislation is, in its ability to touch almost every aspect of an enterprise and how complex it is.
One solution to the challenges facing businesses in the UAE lies with tapping into an external VAT advisory service. A VAT advisory service helps businesses by combining its indirect tax experience with extensive industry knowledge. This addresses their indirect tax technical needs as well as their organizational and business process challenges.
5 WAYS A VAT ADVISORY SERVICE CAN HELP YOUR BUSINESS
A business’ VAT indirect tax exposure can quickly grow in the absence of a cohesive, all-encompassing VAT strategy. Moreover, without a firm understanding of the individual UAE and Saudi Arabia jurisdiction’s specific VAT requirements, a business can quickly find itself in turbulent waters.
FIVE OF THE MOST PRESSING VAT-RELATED AREAS A VAT ADVISORY SERVICE CAN ASSIST WITH INCLUDE:
- VAT Planning and Structuring: Ensuring optimal recovery of input tax.
- Advising On VAT Audits: Liaising with FTA to provide supporting documentation, clarifying responses to queries, and assisting with mitigating VAT liability or penalties.
- Transactional Consulting: Analyze and providing recommendations on recoverable input VAT, providing guidance for businesses entering new markets or sectors.
- Land & Property VAT Advice: Advising on the VAT implications of developing, acquiring, disposing of and letting commercial, residential and other properties. This includes recovery of input tax on development costs and transfers of a going concern.
- International & Financial Services: Advice on the place of supply, reverse charges, and partial exemption methods.
VAT AND E-SERVICES
The VAT also applies to a range of e-Commerce-based businesses. Advice on corporate structuring, place of supply issues, VAT recovery, and compliance is vital to ensuring the growth of emerging online sectors. This is spanning to the e-gaming, software, telecoms, data, FinTech, and biomed business.
WHAT TO LOOK FOR IN A VAT ADVISORY SERVICE
Look for a VAT team with a breadth of expertise on both local and international VAT issues who can provide specific VAT advice to businesses, across your industry sectors.