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VAT Services

 

 

 In ECPAs reviews our clients current tax position of their business and provide relevant VAT advice and planning on a wide range of indirect taxes.

ECPAs is touching our clients raising awareness towards an increasing move towards taxing consumption and indirect taxes which became the most commonly governmental supported form of taxation in recent times. ECPAs is providing VAT service advisors who act as dedicated indirect tax team who are industry specialists and can provide a range of VAT services.

 

ECPAs VAT service advisors review the current tax position of our clients’ business and provide relevant VAT advice and planning on a range of indirect taxes, as well as all aspects of the compliance required for indirect tax.

ECPAs VAT service provides potential benefits to our clients business such as :

  • Substantial cost savings
  • Improved administrative efficiency
  • Easy compliance procedures.

ECPAs VAT Advisory Services 

ECPAs VAT Advisory team has a breadth of expertise on both local and international issues and we can provide specific VAT advice to businesses, across a range of industry sectors.

 

VAT Advisory Services offered by ECPAs include

  • VAT planning and structuring which includes providing assistance to ensure a maximum recovery of input tax, particularly for financial services businesses operating a partial exemption input tax recovery method.
  • Dealing with VAT investigations – liaising with Regional (Egypt & UAE) Revenue, Customs & tax authorities to
    • Provide documents requested
    • Responses to queries raised
    • Assistance with mitigating any resulting vat liability
    • Penalties or interest due.
  • Pre-transactional rulings – seeking a ruling from the VAT authorities in advance of a transaction to ensure the correct VAT treatment is applied.
  • Land and property related matters – advising on the VAT implications of developing, acquiring, disposing of and letting commercial, residential or other property including recovery of input tax on development costs, exercising “an option to tax” and transfers of a going concern.
  • Regional financial services (Egypt & UAE) – advice on the place of supply, reverse charges and partial exemption methods.

ECPAs VAT Compliance Services

ECPAs can help reduce our clients’ VAT compliance risk or mitigate unnecessary VAT loss through structuring

VAT can represent a key factor in a business’s cash flow and potentially a real bottom line cost. managing VAT risk and its cash flow implications can be a significant challenge for finance and tax directors.

Poor compliance and errors can result in:

  • Missed opportunities.
  • Damaged reputation.

ECPAs have the technical insight and skills to assist your business Whether you are looking to reduce your VAT compliance risk or mitigate unnecessary VAT loss

ECPAs provides the following VAT compliance services

  • VAT registration – completion of the required documentation to register (or de-register) your business, company, partnership or group for VAT.
  • Completion of VAT returns – completion of monthly or quarterly VAT returns (based on information provided by you) and submission of those VAT returns to Regional Revenue, Customs & tax authorities (Egypt & UAE).
  • Completion of other documentary requirements – completion and submission of any other documentation required by Regional Revenue, Customs & tax authorities (Egypt & UAE).
  • Dealing with routine enquiries – responding to routine enquiries raised by Regional Revenue, Customs & tax authorities (Egypt & UAE).
  • VAT inspections – we can assist in handling VAT inspections performed by Regional Revenue, Customs & tax authorities (Egypt & UAE).

 

 

ECPAs submitting VAT Declaration Procedure (UAE)

ECPAs 1st. Verifies that the Company’s accounting system and its supporting documentary cycle are in compliance with the requirements of the FTA, in order to avoid the fine stipulated in the Council of Ministers Resolution No. 40 of 2017.

  • ECPAs depends in Issuance of the tax declaration procedure by the end of each tax period through the Federal Tax Authority’s software on the following procedure steps:
  • ECPAs Reviews the integrity of the revenue document in terms of
    • Verifying the document sequence
    • Verification of recipient’s name and registration number (if any)
    • Checking the calculation of the tax rate
    • Checking the tax on the document and the tax period due.
      • Down payment (if any) consumption
      • Matching the revenue documents with the total contracts and their time periods.
    • Verify the distribution of revenue to the various emirates, if any, and any adjustments required.
    • Ascertain whether or not a legal supply is required
    • Verification of a revenue document for any waiver of assets.
      • Verify that the financial statements include in-kind benefits granted to taxable employees
      • Verify that there are no claims for clients to be acknowledged
      • Issue a settlement of the tax collected if it is less than 10 thousand dirhams and prepare the supporting documents
      • The application for voluntary authorization in case of settlements of more than 10 thousand dirhams

  • Review the integrity of procurement documents and expenses
    • Separation of purchases and deductible expenses
    • Verify supplier name and his registration number (if any)
    • Verify information about invoice declaring in supplier declaration.
    • Check the discount of purchases corresponding to what was sold
    • Checking the use of settlement on purchases
  • Reviewing the due tax
    • Review the balance of tax carried forward from the previous declaration
    • Verify that sufficient documents exist to substantiate any overpayment
    • Verify the integrity of the registration at the calculation of VAT
    • Review the existence of sufficient balance to pay the tax acknowledged in tax declaration.
  • Reviewing the reconciliation of the statement of income with the statement of income for the period and financial position of your company’s software
  • Issuing annual settlements in the first month following the end of the tax year for tax deducted from capital assets or settling them during the tax year
  • Reviewing the safety of the documentary conservation method and its compliance with the requirements of the Authority