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Shield Services providing Tax Consulting Services In Dubai.

Value-added tax (VAT), also known as goods and services tax, is an indirect consumption tax imposed on goods and services that are either bought or sold. 

VAT is to be applied in the UAE at a 5% rate starting January 1st, 2018, with certain exceptions. VAT will provide a new source of revenue that ensures the delivery of high-quality public services. 

Tax legislation and regulations are forever changing, especially the VAT & Excise law, as it is relatively new in the region and is constantly evolving.

Meeting compliance requirements involves a robust and complex process, including staying up to speed with the latest developments and public guidance issued by the Regulatory Authority.

To address all the tax-related concerns, Shield Services Accounting & Tax Consultancy offers top-notch VAT & Excise Advisory Services in the UAE, which helps deliver reliable and accurate advice on tax issues to all the organizations and individuals operating in the UAE. 

As the need and requirements differ from business to business, our team of professionals try looking at all the possible options within the law’s legal framework and provide clients with workable solutions.

From VAT registration to VAT implementations, Shield Services pledge to support clients potential business by their edge-cutting advisory services that will surely help the clients meet the compliance requirements and grow their business.

[/vc_column_text][vc_empty_space height=”52px”][vc_custom_heading text=”Shield Services – Tax Consulting Services In Dubai | The first and final stop for tax advice.” font_container=”tag:h3|text_align:left” use_theme_fonts=”yes”][vc_column_text]A reliable VAT consultant in Dubai, and the UAE, we at Shield Services will ensure a smooth transition for your business when registering to VAT and will help you adapt to the changes by identifying the impact of VAT on your business, in addition to:[/vc_column_text][vc_empty_space height=”52px”][vc_column_text]

VAT Implementation

VAT implementation is important for newly set up businesses and those approaching the minimum voluntary and mandatory taxable supplies threshold of AED 187,500 and AED 375,000, respectively.

We offer support to businesses in implementing VAT across all the emirates, considering the company’s business model and complying with the UAE VAT Law and the acceptable accounting practices followed.

The implementation service includes half-day training to the accounting and tax staff at clients to familiarize them with the system and the law’s aspects.

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VAT Health Check & Process Audits

The federal tax Authority (FTA) has become active in conducting remote and physical Tax Audits to verify that the UAE VAT Law is properly complied with by the businesses.

Our team has professionals with diversified industry experiences in conducting VAT Health Check and Tax Process Audit of various businesses to ensure that they follow proper UAE VAT Law procedures. We issue a detailed report with our findings and recommendations guiding the businesses to ensure adherence to Law and its Executive Regulations and the latest issued Public Guidance.

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VAT Compliance – Preparation, Review and Filing Returns with the FTA

We assist clients by acting as an outsourced VAT Return review firm and prepare and file VAT returns for the clients. The review is conducted either on a monthly or quarterly basis based on the volume of transactions.

Our experts are FTA qualified GCC Tax Specialists who have extensive experience to ensure that the chances of error are minimized. Any non-compliance is identified and rectified during the review.

Our review’s output includes documentation of tax returns with supporting working files as required by the UAE VAT Law and noting observations identified during the review and how these were successfully resolved.

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Reclaiming VAT Refund for UAE Companies

 A VAT refund is a scenario where the input tax amount is higher than the output tax amount as per the tax return filed with the FTA. The tax authority scrutinises all refund claims before sanctioning the refund claim.

We assist in the Preparation of refund application and assistance in submission (including review of refund-related documents) and acting on behalf of the clients to address any queries received from the FTA regarding the review conducted by the FTA audit team before sanctioning the refund.

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Tax De-Registration

We deliver useful advice to our customers when it comes to Tax De-registration. This process is required at the time of cancelling the trade licence or liquidation process or when the shares are transferred from one party to another.

The penalty for not following the proper Tax De-registration process is AED 10,000, and we help clients ensure that they are fully compliant and do not get fined by the FTA for non-compliance. 

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Assistance in Tax Audits

 FTA has been conducting remote and physical Tax Audits of companies in the UAE. Such audits are conducted to check whether the tax liability is paid within the due date or whether such liabilities are properly calculated as per the provisions of the UAE VAT Laws. All refund claims result in a Tax Audit conducted by the FTA.

Our Tax experts guide and support the businesses in the UAE to comply with the tax requirements so that the businesses are ready to front the tax audit conducted by the FTA.

During the Tax Audit announcement, our experts can assist with fronting the FTA appointed tax auditor to address their queries, provide appropriate responses to the questions raised by the FTA and attend any calls or meetings with the FTA auditors.

Our team has extensive experience dealing with FTA auditors and will ensure that the audit requirements are successfully met with no penalties or observations.

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VAT Impact Assessment & Advisory

Our team specializes in providing Tax advice and opinion on specific transactions and queries related to the implication of VAT on businesses.

The consultancy services include a session with a qualified and experienced tax expert and supported by written opinion on critical matters.

Before engaging in a transaction, we can conduct a complete VAT impact assessment on behalf of the company and provide industry-specific opinion so that businesses can make the right decision.

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Designing Standard Operating Procedures and Accounting System Review

Most large and medium-sized organisations use an accounting software system for maintaining the accounts and producing computations for VAT returns.

If the FTA announces a Tax Audit, the UAE company will have 5 working days to respond to their requirements. Most of the required reports must be generated from the accounting software or ERP solutions.

Further, all supporting documents and records must be furnished to the tax authority within the stipulated 5 working days.

Our team helps design the standard operating procedures and assess the IT and accounting software framework to ensure that any gaps are identified at the master data level and transaction level.

We conduct process walkthrough, and review generated reports to ensure that the required output can be obtained accurately and within a reasonable time frame.

The flow of transactions from the general ledger to the relevant VAT output and input ledgers is also reconciled to ensure completeness and accuracy of the inflow of data into the systems.

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Filing Re-considerations, Clarifications & Voluntary Disclosures with the FTA

We assist clients with:

Drafting and filing reconsideration requests to waive any penalties levied by the FTA. A business case is prepared, and the submission is made online to the FTA with the request.

Our team follows up with the FTA, ensures that the case is reviewed within a reasonable time period, and advises the client on solutions that will help ongoing penalties to cease immediately.

Filing clarifications with the FTA for any specific transaction-related query where the UAE VAT Law is silent or not clear or where there is a difference of opinion between two parties.

Filing Voluntary disclosures if in case there is an incorrect filing done in the past.

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Excise Tax Registrations and Filings & Obtaining Tax Residency Certificate

We offer businesses in assessing Excise tax’s applicability on the products imported by them and assist with registering for Excise Tax in the UAE and filing monthly Excise Returns for the client.

To double taxation, certain countries require the UAE company to furnish a Tax Residency Certificate or a Tax Domicile Certificate. Our team of experts review the case and assist companies in the UAE to successfully submit and apply for a Tax Residency Certificate.

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    Shield Services is distinguished as one of the leading Accounting and Tax Consultancy in UAE.