VAT (Value Added Tax) is an indirect tax that is applied at each level during supply of goods or services or both. Companies require to take essential steps for VAT implementation inside their work process. Aon simplifies VAT implementation to help companies in Dubai.
Process of VAT Implementation Service:
Aon knows from experience that companies need assistance suitably for VAT implementation in UAE to comply with the UAE VAT law. They should develop a workable tax plan. The active VAT implementation technique is as follows:
The TAX or VAT experts should understand the business model to build the best VAT implementation plan that suits the VAT rules for your business.
Aon gives guidance about the methods of VAT in the UAE, business type and compliance problems on the UAE VAT Law. Teams will be appointed to train the employees from each department having implication on VAT.
We study the influence of VAT on costing, profitability, working capital and business. This evaluation brings improved understanding for the management. Alongside it streamlines the operations of the company by complying with the UAE VAT requirements.
The present accounting systems must be examined thoroughly. Besides, correct classification or grouping with chart of accounts that suits the VAT regime is needed. Essential guidelines will be given to the accounts team for making the first VAT return to the Federal Tax Authority (FTA).
The IT staff needs useful guidance in terms of the VAT invoicing under the UAE VAT law. Moreover, the right training should be offered to the accounts and other departments associated with sales.
Proper guidance is required for integrating the new the UAE VAT regulations inside the accounting, billing and other administrative actions. The information needed to be given to the IT team or software staffs is offered by the VAT implementation staff.
Filing of VAT Return
We assist you to prepare and file the first VAT return. This is done after finding the correct input tax credit against the total VAT liability. Alongside with advice over planning or better timing on the cash flow.
Aon consultants are experts about VAT Implementation in the UAE. We back the client by offering training. Moreover, we also advise companies about the impact of VAT over their business. Our VAT implementation teams offer their diligent services all over the UAE.
In terms of the VAT implementation, companies must follow the law with regards to VAT in the UAE. We guide companies about the procedural formalities and the date by which registration should be made, keeping in mind whether the company’s got any exclusion in this regard or not. Alongside, companies should find out if the group registration or standalone is more suitable.
For the first time VAT is being applied in the UAE. Becoming compliant to VAT rules is never an easy task. Aon consultancy, will assist your company effectively, in the best way to get in tune with UAE VAT regulations. Moreover, our innovative approach assures a smooth shift to a VAT compliant business process.