VAT Advisory and Consultancy
The Value Added Tax, commonly called VAT in business parlance, is the most common type of consumption tax levied on goods and services. It is anindirect tax which is imposed on sales of goods and service charges. Over 150 countries have implemented VAT including all 29 European Union members.
VAT is charged at each step of the 'supply chain'. Ultimate consumers generally bear the VAT cost while businesses collect and account for the tax, in a way acting as a tax collector on behalf of the government.
Businesses will be responsible for carefully documenting their business income and costs and associated VAT charges. Registered businesses and traders will charge VAT to all of their customers at the prevailing rate and incur VAT on goods / services that they buy from suppliers. The difference between these sums is reclaimed or paid to the government.
All businesses will need to keep range of business records of their financial transactions and ensure that their financial records are accurate and up to date. Businesses that meet the minimum annual turnover requirement will be required to register for VAT. Businesses that do not think that they should be VAT registered should maintain their financial records in any eventand it is the responsibility of business to establish thatthey are not required to register for VAT.
VAT will provide a major source of income which will contribute to the continued provision of high quality service to the public. It will also help government move towards its vision of reducing dependence on oil and other hydrocarbons as a source of revenue.
We will provide absolute professional services for your VAT compliance in all areas such as VAT training, VAT registration, financial management, book-keeping, technology, and perhaps even their human resource mix. Our experienced team is capable of advising and assisting business in the region to improve their systems and processes. We will assist in VAT registrations and in the preparation and filing of VAT returns and will train and equip the key personnel. We will conduct periodic training sessions to create an organization-wide awareness and preparedness on the effect of VAT implementation.