VAT Risk Management

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VAT Risk Management

A VAT review will reduce the high risk of errors. A prudent business setup should consider risk management as a significant issue. In these times, more than ever, it is essential that an entity accounts for and manages its VAT affairs correctly. Failure to do so can result in a significant cost to a business, not just in dealing with any errors found, but in the associated cost to the business in remedying matters and implementing the necessary changes to their accounting procedures to ensure future compliance.

Our team of VAT Risk Management provides the business with the opportunity to take a proactive stance in managing VAT affairs and in applying the necessary measures to avoid any potential costs.

Our team of VAT Risk management specialists is available to structure your accounting to carry out your tasks with minimum effort.

  • Are VAT returns reconciled with the accounting records and information
  • Is VAT input tax deducted when the invoice is received from the supplier?
  • Are sufficient checks and controls in place to ensure correct accounting?
  • Impact of VAT on non-routine transactions and whether such transactions are considered and included in a VAT return
  • Where VAT is applied at zero rate or exempt, is there evidence retained to ensure the correct treatment has been applied
  • Are these procedures updated to take account of changes in legislation
  • Implications of VAT transactions on discount schemes
  • Merger, De-merger, sale, and liquidation of companies
  • VAT implications in a corporate group
  • The second opinion, contracts, and legal documents
  • VAT implications for exports and imports outside the GCC.

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