We perform the readiness review of accounting systems for VAT and direct tax compliances
Impact of VAT on business functions
Finance
VAT affects cash flow, reporting, planning, compliance and audits.
Information Technology
The system will need configuration to comply with VAT
Legal
VAT impacts contract pricing.
Marketing
VAT passed on to the customers.
Suppliers
Managing pricing issues with suppliers.
Strategy
VAT impacts resourcing, inter-company, outsourcing and supply chain.
VAT in UAE
VAT registered businesses in the UAE are required to charge VAT on the supply of goods or services to their customers. The amount of VAT which a business entity is liable to pay to the government is calculated by deducting the figure of VAT already paid on the purchase of goods or services rendered from the amount of VAT levied on sales by the business entity.