The Value Added Tax (VAT) went into effect on the 1st January with a 5% VAT applying on the sale and purchase of most goods and services in the United Arab Emirates. This represents a major transformation for both the Government and consumers, however, as businesses have the responsibility of ‘collecting the tax’, the greatest challenge is on them to get it right. Due to the enormity of this task, we are seeing many businesses have started late or not started at all, and those who have started are also faced with issues. Now that VAT is here, there is no option but to be compliant, as failing to do so, poses both regulatory and reputational risks due to the imposition of VAT penalties by the FTA (Federal Tax Authority), but also commercial issues as customers will be seeking VAT compliant documentation from you. However, it may still be possible to try and address these issues before you file your first return but you need to act fast. Subscribe to our FREE weekly newsletter by entering your email in the field below. Email Address Who is most impacted? Businesses who are VAT registered or need to VAT register but have not started or just started their transformation process; Businesses who have undertaken the process internally and without the help of an external VAT consultant. How can we help? Our team of VAT experts can help your team by assisting with any and all of the following: Review of your common sales and purchase transaction scenarios to confirm or validate the VAT treatment proposed by you; Review of your documentation templates (Tax invoice, debit and credit notes) to confirm VAT compliance; Review of internal processes and/or systems outputs from a VAT perspective; Conduct of VAT training sessions; Providing a VAT Help Desk to address your general and ‘day to day’ queries; Providing you with detailed technical advice on issues you are unclear on; Assisting you in taking matters to the FTA for further guidance or clarification. We are also able to assist you in preparing and filing your VAT Returns, however, we would recommend that you conduct a VAT impact assessment before you start the filing process. For our VAT related services, please don’t hesitate to contact us at firstname.lastname@example.org If you liked this post, then subscribe to our weekly newsletter to receive more of this.