VAT SERVICES
Reviewing of business provides the relevant assessment over the impact of VAT which is essential in avoiding penalties due to non-compliance and late filing, further it also helps in improving cashflow and profitability of the business.
VAT is a transaction base tax and its impact affect wide range of business functions subject to the variations in the rules depending on your business activities and sector. It is important to have specialist advice you on the subject matter to ensure that you have understood VAT requirements in respect to your business to be compliant to minimize your tax exposure.
With increasing scrutiny from tax authorities, it’s vital for you to have the right advice should you want to dispute a VAT assessment or negotiate a settlement with Federal Tax Authority.
We are offering following VAT related services:
- Vat registration
- Vat impact assessment
- Vat return filling
- Vat audit and review
VAT REGISTRATION
VAT registration is based on the threshold of income and expenses provided by the Federal Tax Authority (FTA). Registration may be required by:
- Start-up companies
- An individual
- Established business or a foreign establishment providing services in UAE.
We advise you on the requirements for VAT registration based on the eligibility criteria defined by FTA, and also by taking into consideration your business activities & the industry you operate in by making the VAT registration process simple and hassle free for you.
VAT IMPACT ASSESSMENT
Our tax specialist team will review your operational, financial and legal transactions to determine the impact of VAT on your business. We will advise you on the VAT accounting, proper record management, update you on VAT policies, procedures and changes in VAT technology to make you compliant with the rules and regulations set by FTA.
VAT RETURN FILLING
A successful registrant who has received TRN from FTA is required to file VAT return on 28th day of the following month of its tax period. VAT return filling requires a 360-degree review of business transactions to prescribe a treatment which is in compliance as per the provisions of the law before you submit your information to FTA.
We offer our professional services of preparation, review and submission of your VAT return at the most competitive and affordable price.
VAT AUDIT AND REVIEW
If your business comes under scrutiny by FTA, the tax officials will require the relevant proof against your VAT return period to establish the authenticity of your VAT return whether it was accurately filed with complete transactions and no omissions etc.< br/>
At Tek Malia we advise you on the requirements needed for the creation and maintenance of FTA Audit File (FAF) and we also maintain certain records on your behalf.
TRANSFER PRICING
Businesses engaged in import of goods have various circumstances where transfer pricing i.e. under and over invoicing can impact the value of goods for customs purposes. Any alteration to transfer prices results in the change of the custom value of goods, eventually affecting the VAT to be recognized in financial accounting & for VAT filing purpose.
It is critical for a VAT registrant to maintain proper working paper of the transfer pricing adjustments. VAT implications need to be re-evaluated for any over or under consideration of supply. We help you in addressing all the relevant elements that need to be considered in order to assess any VAT implications arising from transfer pricing adjustments.
DUE DILIGENCE
VAT registrants are expected to make sure that their business is managed effectively, and to ensure the integrity of their supply chains in order to avoid exposure to any non-compliance risks arising from financial or tax sections of business.
In regards to the above we perform such thorough checks on your business routine transactions that allows you to make such informed decision about the transaction by demonstrating its potential risks resulting to tax liabilities or disputes.
VAT SUPPORT RETAINER MODEL
Business is an ongoing process that encounters daily with some unique transactions. The impact of VAT on such transactions might require special treatment whether it is for recording it, or it could be in regards to the applicable tax rate or to ensure the ability to claim VAT on it.
At Tek Malia we offer flexible solutions to those who seek transactional advice as and when requested provided they have engaged in our VAT services.
TAX DUE DILIGENCE
Tax due diligence is a process requiring in depth industry knowledge and specific expertise on the tax issues that are inherent to the business sector. It requires a detailed business modelling and comprehensive reviewing in order to manage the underlying tax risk.
WHEN DO YOU NEED TAX DUE DILIGENCE?
You should perform a tax due diligence of your organization if it is looking into:
- Selling off or purchasing the core business or the non-core aspect of the business
- Specific asset / assets of the company
- Performing takeover of an on-going project
- Entering into and / or exiting from a joint venture
OUR TAX DUE DILIGENCE SERVICES INCLUDES
- We perform a thorough review of the transaction to determine the exposure of any associated tax risk.
- Our experience in local market since inception enabled us to understand core issues in major industries that helps us carry out tax due diligence quickly and efficiently
- Our specialist team recommends you on how to convert the tax due diligence findings in value and warranties and / or price adjustments
- We work closely together with industry specialists, so they are familiar with the inherent tax issues of your sector.