VAT Services in Dubai – influences in 2018

1. In House VAT Capability We all are aware that success of any project is a joint and collaborative efforts of in house resources and outsourced consultants. In absence of an appropriate inhouse capability, reliance to outsourced experts will be like visiting a tourist place blindfolded. Appropriate training of relevant inhouse resources, especially of finance, helps businesses to tackle routine VAT and related matters accurately. Apart from associate’s functional expertise, businesses get many indirect benefits e.g. employee efficiency, satisfaction, engagement and productivity. VAT Basics The first and foremost step is to make sure relevant employees read and understand to certain extent UAE VAT Law, Executive Regulations and related material on FTA Website. A healthy debate within the company, in presence of a VAT expert, will also determine the level of awareness and command on VAT in the company. Seminars and Workshops Aside from proper VAT training, attending VAT seminars and workshops will build the inhouse knowledge from practical perspective. It also gives opportunity to meet other VAT professionals, expose to practical problems and their solutions which in turn helps internally.

2. VAT Accounting, Data Provision and Working with Consultant Accounting & Bookkeeping in Dubai or at any other part of the word is governed by international financial reporting standards, however the VAT Accounting in UAE is specific to the GCC Vat Framework and VAT for Designated Zone. Therefore, understanding the UAE VAT Law is very critical for tax compliance and accuracy of UAE VAT Return. The other element in Vat Compliance is how you work with your Vat Consultant. Joint sessions and close coordination of inhouse resources with VAT consultant will play a vital role in understanding and accuracy of VAT Return submission. No matter how close you work with your consultant, timely provision of company records and data is another critical element, our observation shows companies failed to comply despite having robust Vat setup, system and consultants, the reason was non-provision of relevant data on time. Concluding Remarks At the end, we would reiterate business owners and decision makers to develop their inhouse talent and work closely with consultants to understand how Vat work, however it does not mean you move away from consultants assuming you are all masters now, the dynamics and nature of transactions keeps changing, therefore a retainer relationship with consultants minimize the risks. The success of your team and consultant depends on proper Accounting and Bookkeeping of your company business transactions. Written by: Mian Ehsan Karimi Partner Bens Chartered Accountant +971 50 625 6414 | info@bensauditors.com