Accounting & book keeping services in Dubai

VAT and Tax Advisory Services

Prepare yourself and your clients for VAT
implementation, CRS Exchange of information,
FATCA, and effective local and international tax

VAT and Tax Advisory Services

Re/think provides VAT advisory, optimization, implementation, registration, compliance and training services in the UAE, Bahrain, and other GCC countries. Our team of senior qualified tax advisors, finance experts, and tax accountants are here to guide you through the VAT law and regulations which will ensure a timely and cost-effective VAT services for SME’s. In addition, our teams can also assist in VAT Health Checks to review the tax positions and recommend the best approach. Our teams can also perform periodic VAT compliance (“filings”) required under the law and ongoing advisory as your business grow and rules regarding VAT framework become more complex.

Based on our local and international experience we understand that VAT is a complex tax and will certainly undergo numerous changes in the upcoming years. Re/think VAT services are aimed to suit both basic and complex submissions for SMEs and larger enterprises.

The Re/think team has developed a 4-step strategy assisting our clients to comply with regulation and even benefit from VAT rules.

Value added tax (VAT)

1st step:   Understanding your business and the impact of VAT:

  • Identification and analysis of the VAT impact on your business
  • Outline the VAT registration obligations
  • Review and amendment of contractual arrangements with customers and suppliers to properly map out all transaction types
  • Analysis of IT system and accounting requirements
  • Ensure that business is structured in such a manner to avoid unnecessary cash outflow, or absolute VAT costs arising, particularly on intercompany transactions

2nd  step: VAT Implementation:

Based on the outcome of the 1st step, our finance and tax teams will be available to implement changes in your IT systems and throughout your organization.

  • We will make sure that the relevant books and records are maintained in the appropriate and compliant manner
  • Ensure that the accounts payable function evidences that Input VAT paid is recovered where permitted as quickly as possible
  • Ensure that the accounts receivable function understands when Ouput VAT should and should not be charged and it is accurately accounted for at the correct rates
  • Update of the invoice templates to ensure that all relevant information for VAT Invoices are included
  • Assist with the VAT registration with the relevant authority

For small SMEs, we can provide a set-up of a simple accounting systems and implementation of VAT rules, through our  accounting services.

For larger SMEs, we can assist your finance team with the implementation and provide outsource CFO or Finance Manager services on a monthly basis in order to strengthen your team.

3rd step: VAT Training and Post Implementation Support:

We understand that change can be a difficult thing that is why we will deliver tailored VAT training for your teams to assist with the transition into VAT. Our specialist VAT advisory team will also be on hand to provide post implementation support and guidance during the project to ensure all agreed deliverables are met.

4th Step: VAT Compliance:

  • Advise on the application of the rules, especially on available exemptions, VAT treatment of intra-GCC transactions, imports and exports;
  • Preparation and filing the VAT returns
  • Assistance in claiming VAT refunds
  • Assessment of the VAT implications relating to new business models, elaborated supply chains, asset purchases and transfers, M&A, etc.