The introduction of Value Added Tax (VAT) will be a significant change for all businesses. VAT has a wide scope and companies will need to consider the impact of VAT on all their transactions and the potential impact on prices and margins. Our VAT consultants are providing VAT services in UAE, Saudi Arabia, Qatar, Bahrain, Oman, UK and USA.
GCC countries have decided to implement Value Added Tax in the entire region through a treaty signed by all member countries. UAE has already implemented the VAT laws and regulations with effect from January 1, 2018, along with the Kingdom of Saudi Arabia.
Like any new legislation, there are always challenges that businesses face while preparing themselves for VAT. We have an exclusive team of trained VAT Consultants. Our experienced VAT team in the Lower Gulf, along with international VAT experts across the BMS network have been advising and implementing strategies to help organizations comply with their VAT obligations and reduce VAT liabilities and particularly for clients without full VAT recovery.
Our Approach to VAT Services
VAT and indirect taxes are transaction driven, complex, and can have a major impact on your bottom line. At BMS, we can help with VAT and indirect taxation across the whole business lifecycle, from when your company is formed through to detailed structuring of transactions and assistance in terms of litigation.
BMS Auditing will ensure that all the functions of your business are in line with the laws of the Federal Tax Authority (FTA). Our VAT Agents will ensure complete VAT compliance such as proper VAT invoice format and timely filing of VAT returns and many other operations that will help you achieve your goals.
BMS Auditing is fully equipped with a team of professional and experienced VAT experts who will help you to run your business smoothly by providing the best and authentic VAT services. Our VAT experts will understand your business and evaluate the impact of VAT on your business.
While VAT is not intended to be a tax on business, collecting the tax and remitting it to the government will have significant compliance costs. There could also be cash flow implications. Supply chains need to be reviewed to understand the impact of VAT. VAT costs and accounting obligations will need to be identified so they can be addressed.
There are also implications for IT systems. Adapting to VAT will mean updating or upgrading ERP and IT systems and interfaces to correctly capture input and output VAT. Governance frameworks will also need to be reviewed and updated to ensure policies, processes and controls comply - a continue to comply - with VAT legislation.
A Glance into our VAT Services