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Taxpayer Readiness in Saudi Arabia, VAT Consultanvy

VAT Readiness in KSA, Saudi Arabia

Value Added Tax in Saudi Arabia and how to manage it effectively.

 Ever since the Value Added Tax is promised to be launched/ levied in Gulf Region there are free VAT training sessions, seminars, workshops, VAT implication assessment, impact analysis, awareness sessions organized both by private as well as public sector in order to educate the public who is finally going to be affected by Value Added Tax in Saudi Arabia.

 With it is the Value Added Tax Readiness assessment which is a prerequisite to long road to Value Added Tax journey. Here is how we can help you in knowing your VAT (Value Added Tax readiness) in Saudi Arabia.

 Our team of highly experts from different countries is all-prepared, to buckle your seat-belts before you take-off for your VAT Journey.

Hire us as your VAT Readiness Team and our team of experienced consultants will act as VAT Assessers to conduct off-site and on-site visits to large Saudi companies.

The Assessers would conduct a taxpayer readiness review in a 2-step process:

1. Conduct off-site review (per day: 2-3 inspections depending on taxpayer size and complexity)

a.   Review VAT implementation related documentation through a desktop review, e.g.
  i.   VAT impact assessment prepared by taxpayer
  ii.   VAT policies / procedures developed by taxpayer
  iii.   VAT training materials prepared by taxpayer
  iv.   Review of a sample of contracts and check whether VAT clauses are incorporated into the contracts
  v.   Review of VAT invoice templates developed by taxpayer and check whether included positions are in line with regulatory requirements
  vi.   VAT transaction mapping prepared by taxpayer

b.   Identify shortcomings in readiness in defined areas

c.   Support preparation of follow-up letters to taxpayers summarizing findings of review

2.   Conduct on-site inspections

a.   Based on identified shortcomings during off-site review, define focus areas for on-site inspections

b.   Conduct on-site inspections and conduct taxpayer testing and simulation as well as lead discussions with key stakeholders

c.   Support preparation of follow-up letters to taxpayers summarizing findings of review

At the end the companies will be provided with Customized VAT Policy Manual, guidance material, templates and planning documents within ample time before January 2018.


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 +923218408828 | email: info@thebscon.com
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Location: Saudi Arabia

Comments

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