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Phase 1: Impact Assessment
- Perform detailed analysis of end-to-end business transaction flows
- Perform walkthrough of the sales/accounts receivable cycle and purchases/accounts payable cycle and identify VAT risk areas.
- Mapping transaction for VAT enablement (tax mapping)
- Provide report on VAT compliance needs.
Phase 2: VAT Implementation and Training
- Review existing IT system and assess their suitability for VAT enablement.
- Review system design and monitor the implementation of the recommend changes to IT systems.
- Work with inhouse IT team/Vendors to finalize and identify the customizations necessary to be made to IT system to ensure that system meets UAE VAT law requirements.
- Conduct a function -specific VAT workshop to personnel in preparation to meet the VAT compliance obligations.
Phase 3: Compliance Assistance
- Assist in VAT registration
- Guidance on first VAT return filing and related documentation and representing tax authorities on VAT issues.
- Provide Periodic VAT updates