UAE Value Added Tax (VAT)


UAE Value
Added Tax (VAT)

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Corporate Tax

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Business Assessment

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Business
Advisory Services

UAE Value Added Tax (VAT)

ASSA Advisors is a Tax boutique firm offering range of advisory services to businesses and specializes in providing tax solutions to clients by combining financial and operational excellence with deep domain expertise in:

  • Dubai Customs transactions reconciliations.
  • Review of UAE VAT related company policies to ensure alignment with applicable UAE VAT & Excise Tax laws.
  • Review of insurance policies to ensure business is sufficiently covered with possible risk and covering it with insurance risk.
  • Business process mapping to ensure it is compliance to UAE VAT & Excise Tax.

Diagnostic Review - Past period VAT returns

  • Preliminary assessment of positions adopted at the time of VAT implementation from business, tax and IT perspective.
  • Identify gaps in the tax positions adopted vis-à-vis UAE VAT legislation.
  • Review of transaction mapping with respect to revenue and expenses listing.
  • Recommending filing of clarifications with the FTA, in case of different tax positions adopted by the company.
  • Complete assistance in preparation of ‘FAF’ files based on recent developments with regards to readiness for FTA Audit.

Monthly Retainership Services

  • Ongoing VAT advisory services, on call and emails.
  • Review of monthly VAT reconciliations prepared by the Company.
  • Detailed review of vat registers, supplier aging, blocked expenses.
  • Review of selected samples for Output, Input and RCM in accordance with the VAT Law.
  • Sharing VAT compliance report based on sample review and issues identified during the VAT return review.

Pre-audit Phase(I)

    Objective :

  • Assess readiness for future tax audit and help to deal with any past, present and future compliance risks
  • How we support:

  • Mock VAT audit to assess the Company’s tax positions
  • Assist in rectification of errors

Pre-audit Phase(II)

    Objective :

  • Assist in FTA audit to ensure smooth closure
  • How we support:

  • Full support during the audit process, including communications with the FTA and advising on arguments and submissions

Post-audit Phase(III)

    Objective :

  • Assist in resolving the FTA audit findings with dispute resolution, if required
  • How we support:

  • Provide dispute resolution support before relevant forums

Ongoing Tax advisory and compliance services

  • Review of VAT registers(AR and AP) prepared by ‘Company’
  • Review of VAT return reconciliation prepared by ‘Company’ to ensure correct reporting
  • Review date of supply rules applied by ‘Company’ for reporting Output supplies
  • Sample selection and review - various Output supplies, Input supplies, Import of Goods & Services, Deemed Supplies
  • Sample Contract review – Ascertain Barter Transactions if any, Free Of Cost Supplies if any
  • Review Tax Invoice and Tax Credit Note format prepared by ‘Company’
  • Prepare Industry specific observation checklist and discuss with the respective stakeholders
  • Detailed review of nature of expenses, to identify and notify ‘Company’ not to recover Input VAT on blocked/entertainment expenses as clarified in various guides published by the Federal Tax Authority
  • Discuss issues identified during the VAT return review and suggest correct approach

UAE VAT Complex Transaction Opinion

  • Periodical review of monthly input & output data and review of VAT returns. Updating the Company with changes in relevant legal framework with respect to UAE VAT & Excise Tax Laws and updates.
  • Assistance in FTA Audit readiness

  • Assess readiness of the Company for submission of data as per the FTA audit checklist
  • Review existing sales register, purchase register and import register and identify missing details as per ‘FAF’
  • Review audit schedules and questionnaires prepared (if any)
  • Review reconciliations prepared:
    • (a) Revenue,
    • (b) VAT payables and VAT receivables ledgers,
    • (c) Imports as per financials and VAT returns
    • (d) Zero rated supplies
  • Determine if the Company would be able to submit details to FTA in prescribed format of FTA within 10 business days

Other Compliance Services

  • Dubai Customs transactions reconciliations.
  • Review of UAE VAT related company policies to ensure alignment with applicable UAE Value Added Tax (VAT) laws.
  • Review of insurance policies to ensure business is sufficiently covered with possible risk and covering it with insurance risk.
  • Business process mapping to ensure it is compliance to UAE Value Added Tax (VAT)
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