How to be VAT-Audit ready?
Businesses have recognized two main challenges: identifying the right systems and implementing the correct processes. At the same time, tax authorities globally are pursuing more real-time reporting and beginning to delve into real data to find out what is factual as opposed to what is being reported.
What trends should you watch out for? And why is it important to be prepared for them?
Click the link below as Thomson Reuters provides a quick summary of the latest business trends, challenges & future outlook, as well as our suggested best practices on being prepared to confidently meet your VAT reporting and compliance needs.
You might also like
Brian Conn, Regional VAT Partner for Saudi Arabia and UAE at BDO, describes how his team partnered with ONESOURCE Fast VAT to implement an automated VAT tool for their clients, increasing speed, efficiency, and achieving significant time savings.
Steve Kitching, Partner, Tax Advisory, at Grant Thornton UAE, describes how his team simplified and improved the VAT process for their clients with Thomson Reuters ONESOURCE Indirect Tax Compliance.
As the GCC’s business community develops a more mature understanding of the evolving VAT environment, there’s a growing awareness of the financial and reputational risks that can arise if best practices are not followed when managing and reporting this tax.Thomson Reuters reviews this to explore the importance of VAT audits, best practices that can be adopted, and areas needed to be focused by businesses to ensure their systems and VAT processes are compliant.
When it comes to applying VAT rules to services that are supplied electronically, taxpayers often ask which services are considered to be “electronic services” under UAE VAT law; and how to establish the place of supply. In this article, BDO and Thomson Reuters answer these important questions and provide practical guidance for companies navigating this complex aspect of VAT compliance in the GCC.