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W T S Dhruva Consultants says it has been awarded a series of VAT mandates from major UAE businesses across the logistics, retail, real estate, insurance, hospitality and energy sectors.
These wins are in advance of VAT, which has been set at 5% for businesses generating annual revenues of more than AED 375,000 being introduced to the UAE from January 1st 2018 and rolling out across the wider GCC in due course.
The tax will apply to almost all goods and services except a few sectors for example specific aspects of education, healthcare treatment etc.
Dinesh Kanabar, CEO of W T S Dhruva Consultants and Dhruva Advisors, the leading tax advisors in India commented: “With VAT registration imminent, it is expected that there are nearly 300,000 UAE companies potentially required to comply with new tax legislation. It is therefore critical that these businesses receive professional advice to ensure their businesses are compliant.”
“VAT will impact every aspect of a business from Finance, Human Resources, IT and Systems through to Sales and Marketing as VAT is levied at every stage of the supply chain,” added Pratik Shah, resident partner and VAT expert at W T S Dhruva Consultants.
“VAT does not only pose challenges but is also an opportunity for organisation to redesign certain aspects of business to mitigate tax exposure at the same time being compliant under the law,” he added.
“Additionally, new in-house company tax processes will also need to be introduced to support ongoing commitments such as compliance, periodic VAT returns potential refunds as and when appropriate,” he says.
“With our unique model of partner-led advice, these are exactly the types of services and support we provide, which can have major commercial and competitive benefits for businesses that are properly prepared. We expect to double our staff to cater for significant demand from the UAE and wider GCC market.”