In accordance with Article 7(2) of the Federal Decree-Law No. (8) of 2017 on Value Added Tax (the “Decree-Law”), the transfer of whole or an independent part of a business from a person to a taxable person for the purposes of continuing the business that was transferred is not considered to be a supply for VAT purposes.
As a consequence of not being a “supply” for VAT purposes, such transfer of a business, commonly known as a “transfer of business as a going concern” or a “TOGC”, is not subject to VAT. This rule has a compulsory application.
Like any new legislation, there are always challenges that businesses face while readying themselves for VAT. We have an exclusive team of trained Tax consultants in the UAE. The ALYA team will assist you to steer your business smoothly through the new tax laws.
ALYA’s VAT consultancy in the UAE assists you to obtain substantial knowledge in VAT and our consultants assure that your business process is totally prepared and skilled for the transition. Over and above the scope of services mentioned above, our VAT consultancy reports would include the following:
Analysis of the influence of VAT on costing, profitability and working capital. This evaluation provides and improved high level understanding to the management regarding the overall VAT impact on the business. Our VAT Implementation programs are backed up by training programs which are done in different modes – online trainings and webinars as well as personalized individual training or department level training on client requirements.
We also provide a general VAT sensitization training to key employees across various departments of the company that are impacted by VAT. This would involve engagement of other functions such as sales, marketing, sales coordination, administration etc. and at times the senior management of the company as well.
At the end of our consultancy, we provide you with a VAT Impact Study report comprising key recommendations, Transaction analysis as well as other aspects that will enable you to implement VAT successfully.
The VAT consultant in UAE should be experienced, having experience in Taxes especially indirect taxes.