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We’ll Get You Ready for VAT

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A well planned and executed VAT implementation will bring several benefits to your business including

Avoid Over Payment of VAT

Ensure Compliance

Mitigate the Adverse Effect on Cash Flows

The Impact of VAT on your Business

Sales & Marketing

  • Pricing
  • Contracts
  • Impact on demand

Finance & Accounting

  • Cash Flow
  • VAT Payment
  • VAT releif
  • VAT Refunds
  • VAT & Accounting Periods

IT

  • VAT Compatible System.
  • VAT Accounts
  • VAT Reports
  • VAT returns & Record Keeping

Compliance

  • Tax Audits
  • Compliance Burden
  • VAT Groups

Procurement

  • VAT Registered Suppliers
  • Type of Supplies

What you should do now

Register your business with FTA
Get a VAT compatible accounting system
Get a tax consultant (in-house or outsourced)
Plan for transitioning period

Our VAT Service Package Includes

VAT Planning & Assessment

  • VAT impact on business
  • VAT calculation points
  • Guidelines specific to each industry

VAT Registration

  • Threshold check
  • Financial statements for the past 12 months
  • Turnover for the past 12 months
  • Turnover forecast of in next 30 days

Transitioning to VAT

  • Treatment of ongoing contracts span over Jan 2018
  • Treatment of open sales/purchase obligations span over Jan 2018

Compliance

  • Accounting system
  • Chart of account setting
  • VAT automation
  • VAT invoice and other documents templates
  • VAT reporting mechanism

Administration

  • VAT calculation
  • VAT returns
  • VAT payment
  • VAT refund
  • VAT relief
  • VAT record keeping (5years)
  • VAT audits