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VAT Implementation is undoubtedly the most vital step in the economic sector of UAE, which is going to have a huge impact on the purchasing power and overall cost of living. VAT is one of the most common types of consumption tax that has been implemented in more than 150 countries across the globe and UAE is the recent addition to the list.
Businesses will have to carefully document their income, costs and VAT charges associated with it. Configuration of the IT system as per the VAT regulations needs to be completed by the entity for smooth handling of tax booking, invoice generation, return filing etc.
Evaluating and mapping the business transaction: Business transactions need to be accurately assessed for a hassle-free implementation.
Identifying implications based on the current business model: To build the most suitable VAT implementation plan for your business, an important step would be to recognize the implications based on the present model.
VAT readiness assessment: Companies will have to assess the VAT readiness of their technology platforms and tools, whether they are capable enough to incorporate the new implementation.
Issuing a VAT blue print: Designing a blueprint outlining the implementation of VAT on your business model, keeping into account the various ways it is going to affect your trade, is mandatory.
Configuration of the IT systems, process and people: The IT systems should be configured according to the VAT regulations, along with providing guidance to core VAT team members in the client organization about the implementation of VAT in the UAE, business type and compliance challenges on the UAE VAT Law.
Identifying resource requirement for VAT which will enable the entity a smooth migration to VAT regime.