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The FTA on January 10, 2018 announced that 20 free zones in the UAE would be exempt from VAT. These are being referred to as ‘designated zones’. The areas included are largely fenced free zones with special controls on goods, rather than areas such as Dubai Media City or those dealing in financial services.
In the event that a full due diligence is not a current priority and a simple exercise is preferred in order to ascertain which elements of your business will attract VAT responsibilities, VSG can conduct a “readiness assessment” and give you a comprehensive report on the identified aspects of your business that will require attention.
With tax, accounting and legal expertise, amongst a host of other competencies to call on, VSG can conduct the appropriate due diligence on your business enterprise, no matter the size or complexity, to analyze the impact that VAT will have on your systems, procedures, policies, staff competence, supplier compliance and even your corporate structure, and report the risks that each element of your business will be exposed to and recommend corrective measures.
Legislation does not always cover each and every imaginable situation that may arise and sometimes there are grey areas that need clarification. This may arise in respect of out of the ordinary transactions for which it may not be clear as to what the VAT impact will be on the business. VSG can apply for clarification and obtain VAT rulings from the relevant authorities relevant to your particular situation.
The primary objective behind VAT implementation is to make a paradigm shift in the business dynamics of the country as well as the region.
We are UAE’s most efficient VAT registration company. We’ll get your company registered in just 1 day!
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