VAT Implementation – 3 Phase Process

3process of vat implementation
3process of vat implementation

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