Everything You Should Know About GCC VAT System

 VAT (Value Added Tax) was implemented in the UAE in January 2018, to ensure effective fiscal management at the federal level. It has had an impact across individuals and businesses in the UAE.

So, what is GCC VAT? It is nothing but an indirect tax that will be levied on goods and services in the member states of Gulf Cooperation Council (GCC). The member states include Saudi Arabia, Dubai, Qatar, Bahrain, Kuwait and Oman.

• How will VAT be charged?

All the businesses will charge VAT on the goods and services they supply on behalf of the government. Every stage of the supply chain will see the VAT charge, and the end user will bear the charges.

• What types of goods and services are exempted from GCC VAT?

Medicine, medicine supplies, certain foods, the oil sector, international and intra-GCC transport, supply outside the GCC and on supply of precious metals for investments. Apart from this, each of the states can define their own exemptions.

• What is the GCC VAT rate?

The GCC VAT rate is charged at 5%. However, there are certain sectors marked at 0% VAT in the different member states.

• Who is required to register for VAT?

Any business with an annual turnover of AED 375000 (or its equivalent) is required to register for VAT. Businesses whose turnover is lesser than AED 375000 are not required to register for VAT, although if they still wish to – they can. It is not a compulsion. To know more, you can get in touch with a VAT consultancy in Abu Dhabi.

• How can we help you?

We help you with VAT Periodical Compliances, VAT Health Check, VAT Registration / de-registration, Assistance in getting VAT Refunds and more.

TRC Pamco is one of the leading VAT companies in Dubai, and it has the experience necessary to help you to optimize your tax position. Since, VAT compliance involves a complex process, choose an expert from our team of tax (VAT) professionals who know how to build a sustainable tax (VAT) strategy to make your organization tax (VAT) compliant.

Changing Trends in Internal Auditing

 Internal Audit provides independent assurance that the organization’s risk management, governance and internal controls operate in a seamless manner. It also has to act as the trusted partner of any business.

Any discrepancies in Internal Audit lead to process improvements as well. It basically helps identify any warning signals that could lead to threats for any organization, so you get how important Internal Audit can prove for an organization. Here are a couple of changing trends for Internal audit firms in Abu Dhabi, and how they can implement these changes in their processes:

• The role of an internal audit has evolved from just being a financial audit. It’s more about regulatory compliance and business process optimization. Right from financial reporting to managing risk, from prioritizing goals to eliminating redundancy and streamlining operations – the role of an internal auditor involves this and much more!
• Given the environment today – businesses call for a strong collaboration between auditors and auditees. It’s all about building a structure that facilitates a healthy environment at workplaces, one that also facilitates accountability. With the free flow of information, every organization can be on the same page.
• Internal Audit is now meant to deliver continuous assurance across the organization. Centralized Internal Audit solutions will ensure that everyone has a know-how of the organization. Every business must be able to review any control self-assessment of their choice – regardless of where it’s being performed. This will help identify and improve processes to a very large extend. By doing this across business verticals, auditors will help you identify risks, near-misses and many more emerging risks that could hamper the organization.
• Upgradation of the technology infrastructure for any business is essential, given the various complex assessments and inspections involved. 

A web-based integrated audit management system can help overcome the operational difficulties, while also strengthening the Internal Audit function. To know more, get in touch with TRC Pamco, the leading Internal Audit Firm in Dubai.