All entities must prepare for VAT before January 2018 in UAE & ideally before Mid 2019 for Oman. During this time, businesses will have to meet all requirements to fulfil tax obligations. The process to get ready for VAT can be very complicated and tricky for most of the entities. The process will be more complicated for business having supplies to other GCC companies as the VAT has to be claimed from the respective GCC country.
Our VAT assessment consists of various stages which might include the following step by step process.
Project planning – includes kick-off meeting and resource planning.
VAT awareness training for the Key management personnel.
Identify information requirements and build templates.
Mapping of the transactions and process flow from VAT perspective.
VAT risk assessment
Impact assessment of VAT on the business
VAT IT system assessment
Sample contract review with customers, suppliers etc.