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

Rethink provides VAT Advisory, tax optimization, implementation, and training services in the UAE and throughout the GCC. Our team of senior qualified tax advisors, finance experts, and tax accountants will ensure a timely and cost effective VAT services for SME’s. In addition, to advisory and implementation services, our teams will be available after January 1st 2018 to perform VAT compliance (“filings”) and ongoing advisory as your business grow and rules regarding VAT framework become more complex.

The Rethink 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: VAT Advisory services which will consist of:

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

2st 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 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 competent authority

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

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 implication related to: new business models, elaborated supply chains, asset purchases and transfers, M&A, etc.

Exchange of information (FATCA & CRS)

The global network of tax information exchange is developing rapidly, strand by strand, country by country.

We actively advise and shape the implementation of CRS and FATCA. We participate in various working groups, meaning we are at the cutting edge of tax and regulatory developments and can offer you real time updates.

We have experts in tax and regulatory issues, including FATCA and CRS rules, and are able to advise on specific issues as they arise for your company.

Our team can help you to grasp the complexities of these tax regulations and in particular:

  • Help you understand the impact of CRS and FATCA on your business operations and personal tax situation;
  • Correctly classify your entity;
  • Register your entity with the US Internal Revenue Service (IRS) to obtain a Global Intermediary Identification Number (GIIN);
  • Prepare the necessary self-certification forms (e.g. W8 forms);
  • Advise on your reporting obligations and/or reporting obligations you may be subject to in various jurisdictions ;
  • Advise on due diligence requirements;
  • Help you to adapt your onboarding procedures;
  • Draft the necessary policies and procedures;

Draft or review language for incorporation documents; offering materials and other documents, where relevant.