VAT Impact Assessment & Developing the Implementation, VAT in GCC

VAT Impact Assessment & Developing the Implementation

The assessment and impact of the Value Added Tax (VAT) on organizations and this includes the VAT Impact – Assessment & Implementation.

We have designed the deliverables as a Project so that it remains in-line with the overall VAT compliance objective of organizations in GCC.

Impact Assessment & Developing the Implementation Road Map

Review of existing relevant business processes and end to end transactions to map the existing process i.e. “as-is process flow”

Identify and elaborate the VAT touch-points so that the associate compliance risk can be identified and appropriately addresses in the Implementation phase.

Assess the existing system capability by flowing through trial VAT transactions to assess the system upgrade requirements, if any.

Develop a VAT Road Map so that as-is process is mapped with to-be process.

Designing the process of Accounting & IT requirements along with cost implications, if any.

Identification of any software upgrades/customization, if needed.

Implement the newly designed process with dry-run.

Extensive training program for all relevant staff so that VAT Compliance Risk is minimized.

Design the communication with the clients and supplier to advise them about future trade terms.

Once the VAT is enacted from 1 Jan, 2018, we can advise with following additional services.

Assistance with VAT return reconciliation and filing of VAT return

Review the Output VAT and Input VAT ledger outputs

On-going VAT compliance including VAT Transaction Audit to minimize the risk of VAT penalties and fines.

HOW WE CAN HELP

Our Indirect Tax Team of experts is available in GCC Region to discuss and bring clarity to the specific challenges that your businesses might face in getting yourself ready for VAT. Please contact our indirect tax executives to learn more.

LinkedIn: Waheed Ensari

VAT Consultancy Services

VAT Advisory and Consultancy services are available for GCC (Gulf Cooperation Council) Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates

To know more whatsapp +971 55 8400399 | email: info@thebscon.com

Take on VAT Readiness Survey here

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