Welcome to VAT in UAE
- Conducted seminars in UAE on VAT and symposiums in implementation of GST in India recently
- Advisors for many industries in different verticals (Manufacturing, Trading & Service Industries) for implementation of GST in India recently covering the following functions:
a)GST fresh registration and migration
b)Designing GST compliant documents (invoice, returns, etc) and manuals
c)Training and development of Accountants in GST
d)Handled various Transition issues in VAT/Service Tax system regarding job contracts, work-in-progress, closing inventories, etc.
e)Advising on maintenance of Accounting Records and recording of Journal Entries with respect to GST liability and payment and e-filing of returns, etc
3.Provided Impact Study on implementation of GST/VAT and made a value addition for the clients
Why Stuart & Hamlyn?
- We understand the subject, we understand the Government regulations and we also understand the client’s willingness to comply with such regulations.
- We value importance of time and money in implementing VAT for the Client.
- We are user-friendly and our success is because we step in to the shoes of the Client and then provide solutions
- We would be the bridge between the existing system and the proposed VAT-compliant system that would give comfort for the clients to better communicate for modification of the existing system.
- We can provide “hands-on” training to your team at affordable cost
Proposed Scope of Services - Time frame for Implementation
Subject to effective commencement date of VAT legislation
1 2 3 4 5 6 7 8 9 10-12
Planning and Organizing (Testing) ⇒
Directing and Controlling (Quality)⇒
Go-Live (Realization) ⇒
Discussion, Reporting, Monitoring, Correcting, Training, Trial run, Workshops, etc
Proposed Scope of Services
- Supervision of VAT Registration Process to get VAT registration number
- Prepare the current activity flow chart to identify how VAT is affecting which type of activity
- Prepare the proposed activity flow chart documents after incorporating VAT
- Advise on the implication of VAT in terms of Cost to be incurred in the entire process
- Monitor, supervise and advice the Systems Personnel for smooth implementation of VAT
- Propose and recommend Journal Entries for VAT transactions (Input Tax, Output Tax, Net VAT liability) in line with IFRS standards
- Coordinate with Systems Personnel to generate the required output in the Books of Accounts as per VAT legislation
- Coordinate with Systems Personnel to generate periodic returns in the prescribed format
- Train the company personnel about the procedures to follow in preparation of Sales invoice, accounting for purchases, services provided/received, preparation of Vouchers for expenses which have VAT implications ,etc.
- Supervise and provide support for the preparation and submission of Periodic Report by the Company Personnel
- Coordinate with Company Personnel for making payment of correct VAT to the Government before the due date
- Provide VAT procedure manual for the employees to follow
- Provide VAT support during the first year of operation of VAT