Are you VAT ready! VAT Readiness Presentation. 6 Aug 2017
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1 Are you VAT ready! VAT Readiness Presentation 6 Aug 2017 This presentation is intended for MCA Clients only, consent should be obtained from MCA prior to further circulation and distribution.
2 GCC Unified Agreement VAT (UNAVAT) 6 member state, GCC Framework available in public domain Minimum turnover $100k, optional $50k Uniform VAT rate 5% across GCC Choice of 1 Jan 2018 or 1 Jan 2019 Exemption or Zero rate Education, Health, Real Estate and Local Transport Each country to draft own law within framework Source UAE MOF Multiplier Event Clients Presentation Aug
3 GCC VAT update GCC UAVAT published in Saudi Official Gazette May 2017 KSA has issued the Final VAT Law on 28 Jul Also Draft VAT Regulations have been issued for public consultations KSA Final VAT law requires companies to register within one month of issue of law. News awaited from Oman, Bahrain and Kuwait Clients Presentation Aug
4 UAE VAT update Federal Tax Authority (FTA) set up in UAE in Nov 2016 (Decision making, collection and compliance for taxes) Draft Tax Procedures Law approved by UAE FNC (Legal framework for regulation of taxes in UAE) MOF VAT awareness session April onwards Tax Procedures Law has been issued on 31 Jul 2017 Clients Presentation Aug
5 What is VAT? VAT (Value Added Tax) is a form of indirect taxation seller vis-a vis buyer VAT is a multipoint taxation VAT is payable on the value addition component VAT works on destination based taxation Clients Presentation Aug
6 How does VAT work? Manufacturer Wholesaler Retailer SP 100 Vat 05 IP 105 SP 200 Vat 10 IP 210 SP 300 Vat 15 IP 315 Wholesaler VAT Payable = 5 Retailer VAT Payable: 10-5 (ITC)=5(NVP) Consumer VAT Payable: (ITC)=5(NVP) Clients Presentation Aug
7 VAT Concepts Key Definitions Taxable person - any person conducting economic activity for purpose of generating income Includes businesses registered outside GCC territory Economic activity continuous and regular supply, comm, indl, agr and prof Consideration is relevant, money or kind Taxable Supply Supply of goods and services for a consideration Clients Presentation Aug
8 Input Tax Credit General Concepts Credit for tax paid on taxable supplies Facilitates value addition and avoid cascading effect Allowed for taxable supplies Exceptions Exempt categories, non taxable supplies, negative list (i.e employee entertainment exps) GCC related Recipient - taxable person and registered Correctly charged, claimable and evidenced VAT has been paid or intended to be paid within 6 months Entitled for refund on verification UAE and GCC related Source UAE MOF Multiplier Event Clients Presentation Aug
9 Date of Supply Date of Supply is Earlier of OR OR Advance Receipt Delivery of Goods Raising of Invoice In case invoice is raised within 14 days of delivery of goods, invoice date can be considered for VAT purpose Source UAE MOF Multiplier Event Clients Presentation Aug
10 Place of Supply rules Seller - Dxb Buyer - Shj Seller in Dubai will pay to UAE Tax Authority B2B Seller - Dxb B2B Buyer Dammam B2B buyer in Dammam will pay on RCM basis to KSA Tax Authority B2C Seller - Dxb B2C Buyer Dammam Zero rated until B2C Seller s turnover in Dammam exceeds KSA turnover limit Source UAE MOF Multiplier Event Clients Presentation Aug
11 Zero Rated Supplies General Concepts Output tax is zero rated Input tax credit is allowed no restrictions GCC Related Exports outside GCC Food items as per GCC list Medicine and Medical Equipment as per GCC list Supply of sea, land and air means of transportation Intl and Intra GCC transport and services Charity organisations Gold, silver and platinum 99% and more purity First supply after extraction of gold, silver and platinum UAE Related Health and Education Residential real estate first supply within three years of construction UAE and GCC related Source UAE MOF Multiplier Event Clients Presentation Aug
12 Exempt Supplies General Concepts Supplies are exempt from tax Restricted to local jurisdictions only Defined sectors only Input tax credit not available for exempt supplies GCC related Financial services Member states can choose to charge certain financial services Imports of goods which are custom exempt Local passenger transport Bare Land UAE Related Residential buildings other than zero rated Some specific financial services margin based UAE and GCC related Source UAE MOF Multiplier Event Clients Presentation Aug
13 Imports Registered buyer in UAE B2C Buyer - UAE Seller from GCC or outside GCC Registered Seller from KSA Buyer in UAE will pay to UAE Tax Authority using RCM Transaction in KSA Registered seller in KSA will pay to KSA Tax Authority Exports to UAE Zero rated until KSA seller in UAE exceeds UAE turnover threshold limit B2C Buyer - UAE Source UAE MOF Multiplier Event Unregistered Seller World wide VAT will be collected at entry point subject to UAE threshold limits for seller Clients Presentation Aug
14 Exports Registered buyer in KSA B2C Buyer - KSA Registered Seller from UAE Registered Seller from UAE Buyer in KSA will pay to KSA Tax Authority using RCM Transaction in UAE Registered seller in UAE will pay to UAE Tax Authority Exports to KSA Zero rated until UAE seller in KSA exceeds KSA turnover threshold limit B2C Buyer other than KSA Registered Seller from UAE Supply will be zero rated as it is exports Source UAE MOF Multiplier Event Clients Presentation Aug
15 VAT Registration Turnover threshold and dates Mandatory when taxable supplies turnover exceeds US$ 100k, AED 375k Optional where turnover exceeds US$ 50k, AED 187.5k Optional 3 rd Qtr 2017, Mandatory 4 th Qtr 2017 Taxable Supplies Includes Standard, zero rated, RCM based Excludes Exempt supplies Tax Groups Related parties Restricted to place of establishment in Member state only Controls one or more business 51% or more shareholding Source UAE MOF Multiplier Event Clients Presentation Aug
16 Pending Matters Detailed VAT laws, executive legislations VAT refund for Tourists Regulations for Free Trade Zones Source UAE MOF Multiplier Event Clients Presentation Aug
17 VAT Implementation Clients Presentation Aug
18 Why Bother Now! It is essential that businesses try to understand the implications of VAT now and once the legislation is issued make every effort to align their business model to government reporting and compliance requirements. Source: UAE Ministry of Finance VAT FAQ Clients Presentation Aug
19 Why Bother Now! Zero tax regime culture No past experience Minimal documentation No Audit requirement Business sustainability and profitability Large companies will insist on VAT compliant suppliers Pricing management Liability for tax payment Manage the cash flow timing difference Proper system of recording and documentation to be in place Organisation wide impact Marketing and Sales Procurement and Contracts IT Systems Finance and Legal Clients Presentation Aug
20 Key Risks to Avoid Not allow enough time to plan and implement Inadequate understanding of legislations and requirements System changes not reflecting organisational requirements Documentation requirements not properly mapped Control system not properly build for VAT accounting Clients Presentation Aug
21 Detailed Implementation Plan Responsibility Centre May 17 Assess Impact May Jul 17 Design Phase Jul to Sep 17 Implement Oct Dec17 Go Live Jan 18 Project Head identification Resource Allocation External Resource requirement Business Review Pricing Impact Customer Management Procurement and Contracts IT System change requirement Organisational Training needs Vat Legislation review System Change specifications incl invoices Procurement and Contract related changes Pricing change scenarios and impact Customer related changes planning Documentation requirements VAT Registration Test System changes execution Contract changes execution Customer and Pricing related execution Training of staff on VAT process Vendor and Customer Communication First return filings Documentation updates Address system bugs if any Address tax authority queries as reqd Clients Presentation Aug
22 About MCA 30+ Years Established in the year 1984, MCA has a standing of 30+ years in the practice arena 25 Partners Specializing in the various fields of professional practice spread across 12 branches including Dubai. Prime Global 500+ International Network Partner with US headquartered International audit network Research Dedicated in-house Research and Training team Well trained Staffs and Trainees Clientele Established Clientele and an array of services Clients Presentation Aug
23 Services Transaction PE, M&A Due diligence Information Memorandum Business valuation Corporate Structuring Inland, Free zone and offshore incorporations VAT Consultancy and support Assurance Statutory Audit Internal Audit Investigations Fixed Assets count Inventory count Impairment assessment Manuals, Policy & SOP Design Accounting & Finance Manual Operations Manual Various SOPs Credit Policy Incentive/ Commission Schemes Corporate Governance Corporate Finance Project & Trade Finance assistance Receivables management Payable management Fixed Asset Management Revamping FAR Customized FAM Software Mapping and value allocation Identification of idle, damaged and obsolete assets Tracking technology integration Costing Activity based costing (ABC) Costing review of all processes Lean management support Benchmarking Study Clients Presentation Aug
24 All About VAT.com MCA is the content advisor to the popular GCC portal Clients Presentation Aug
25 How can MCA help VAT Outsourced Post VAT reviews MCA Impact Assessment Execution Design Phase Clients Presentation Aug
26 How can MCA help Outsourced VAT Full support on VAT implementation VAT return filing Impact Assessment Review of business transaction and VAT implications Assess system readiness and stakeholders readiness Staff awareness programs Design Phase Transactions VAT planning and restructuring Customer Management pricing, credit terms and cashflows Vendor coordination on VAT readiness Designing system and process change requirements and specifications Execution System change testing VAT computation controls Clients Presentation Aug
27 Contacts Girish Chand Director MCA Consulting 402, Al Rostamani Tower A Sheikh Zayed road PO Box 3168, Dubai-UAE T F W Affiliate to: Clients Presentation Aug
28 THANK YOU Clients Presentation Aug
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