A Good VAT consultant in Dubai can avoid fines and keep the company operations smooth.
Many companies have already started hiring consultants all over DUBAI. Consultants are also approaching organizations in their own method. Even some of them have developed VAT Consultants to facilitate their clients as a useful tool.
Things should be kept in mind before hiring a VAT Consultant.
Understanding of the VAT Law
Sometimes the laws can be complicated in matters of handling & managing VAT affairs in any industry. It sometimes can also be harmful to Exempt or zero-rated industries/ organizations if the proper understanding of the law is not observed.
Although the law is very simple yet while planning or giving an opinion everything should be on the table of discussion because any un-wanted mistake/ error/ omission can lead to fines.
So hire a VAT consultant in the UAE to have a good understanding of VAT Law.
The consultant should be experienced, having experience in Taxes, especially indirect taxes. As VAT will be the first tax to be implemented in UAE so there is no point that there would be any previous case studies/ examples/ precedents available to follow or pitch to the client. But at the same time VAT is not new globally. There are approximately 200+ countries where indirect taxes are applicable, which are in majority and there are counties which are still VAT-free, countries in the world where indirect taxes are applicable and the tax rate ranges from 0 to 28%.
Tech Lover Consultant
If you’re hiring a consultant in Dubai-UAE make sure he/ she has a love for Technology.
As many VAT Affecters are aware of that mode of compliance will be an Online portal by the Federal Tax Authority. Companies will be using an online web portal to report, comply, reply to notices, view reports, fill in forms, filing, refund claims, and a lot more.
Apart from using the portal. The Consultant to stay organized should be able to use other applications available. Dealing with one client is different and has many changes in the scenario. So the consultant should be a tech lover who can adapt and perform seamlessly.
Focused Approach/ Industry Specific
Another important feature is to understand the law based on industry/sector. If the focus of the consultant is on your business goals, model, requirements, dos and don’ts, operating structure, and possible VAT environment then we can say you are in good hands.
Consultant with Finance Background
VAT Training in Dubai will be a mixture of finance, IT, operations kind of impact. VAT Consultant & Advisor should have expertise in all these fields. The most important one is Finance as there will be a need to change the accounting software with the help of an IT expert as accounting for VAT is also another avenue to consider.
The professionals who are already working in DUBAI especially Dubai-UAE in the Finance/ Accounting department have to acquaint themselves with the long-forgotten fundamentals of indirect taxes while working in the region.
VAT in UAE has everything to do with Finance so remember to deal with VAT through Finance and Finance through VAT.
Impact Analysis & Due Diligence
The impact assessment may also include an assessment of Human Capital, company processes; change in the accounting system, estimation of new costs associated with VAT Implementation of the management, and finally the main item that is COMPLIANCE.
Hiring a VAT Consultant in Dubai can also be a challenge as the major spoken language in Dubai is Arabic so make sure that the Advisor better known for speaking two languages fluently.
Calculation & Reporting Challenges and VAT Planning
Planning and reporting play a vital role in VAT Compliance without hiring new resources proper planning can save time and money. A good consultant has resources to plan and report error-free to the client(s). A good consultant will show how to manage VAT with routine operations and minimum time spent with a goal of zero percent errors
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