VAT SERVICES

 Vat and Finance Consultation: +971 4 3455699

VAT TAX ADVISORY SERVICES

Governments in the GCC region have been considering the need to diversify income sources, and it is now widely expected that the GCC States will introduce Value Added Tax (VAT) probably from 1 January 2018 or by 1 January 2019 at the latest.

Until further official announcements are made and national legislation issued, the exact date for each GCC country is yet to be confirmed but certainly VAT is coming to Dubai in the very near future!

Does VAT apply to your business?

VAT, as a general consumption tax, will apply to the majority of transactions in goods and services. A limited number of reliefs may be granted. However, it is expected that only utilities like healthcare and education may be exempted from the tax. The VAT rate is expected to be low at around 5%.

How can PMC help your business?

There is a relatively short time to consider the implications of the introduction of VAT in Dubai and for clients to make the necessary changes needed.The amount of work required will, of course, depend on the size and complexity of the business concerned which is why it is important to take steps to assess how best to deal with the reality of VAT in Dubai as soon as possible.

PMC has experience of working with tax authorities and advising clients in other VAT jurisdictions. We have the expertise and experience to assist Dubai based clients in understanding how VAT will impact their business and to assist with their VAT implementation and compliance process.

Our simple, yet comprehensive approach, has 3 key stages:

  • Understand how the introduction of Value Added Tax (VAT) in Dubai impacts on the individual business concerned and assess the capability of existing systems to cater for VAT.
  • Identify a VAT implementation strategy, the resource (systems and processes) needed to manage that strategy and an associated timeline.
  • Identify any contractual arrangements that need action.

Once the appropriate systems and processes are in place, PMC can then help on an on-going basis, with the administration of VAT in your business, to ensure you comply with the new requirements such as:

  • How to charge VAT on supplies at the correct rate
  • How to calculate VAT deductible on purchases
  • How to calculate the overall net amount of VAT to pay / refund
  • Submitting VAT / returns showing the required information
  • Paying the net amount of VAT due within the prescribed deadlines
  • Keeping the correct documentation in relation to invoices, records, account, VAT returns etc.
  • For more information as to how PMC can help your business, and to arrange an initial consultation please contact a member of PMCs VAT team on + 971 4 345 56 99.