Champion is a Value added Tax -VAT- consultancy firm in UAE that can help your business in getting ready for VAT implementation. Our firm will ensure that your company does not incur any penalties from improper compliance with the recent UAE tax law.
We will help you analyze the potential financial challenges you might face in the implementation of VAT through:
1. Registration on the E-service portal – Owners should register their businesses with the tax authorities to get a tax registration number (TRN). This will avoid owners civil and criminal penalties. With (TRN) businesses will be ready for further steps
2. VAT & excise Tax Readiness Assessment – Businesses will incur VAT on their purchases and they will collect VAT on their sales. So the total amount that should be remitted to the government is the amount of VAT charged on total supplies less the amount of VAT incurred on their purchases. This remittance of VAT will have an implication on the business cash flow.
3. VAT and Excise Tax training – Expedite owners and employee’s awareness and ability to comply to the new U.A.E VAT Tax requirements. Our training is developed to provide comprehensive knowledge of the VAT law.
4. Information Technology Assessment – We test the capabilities of the existing IT systems and recommend enhancement if required. The company systems should be able to generate all necessary information on a line by line detailed transaction as the tax authorities require. The accuracy of the information is the responsibility of the management who should identify the correct timing of the taxing point.
5. VAT Tax Impact Assessment
6. Review & Reconcile the Initial Mandatory VAT Reporting & Remittance. Subsidiary Ledgers
7. VAT Tax Representation Services.