Transfer of a Business as a Going Concern – VATP015
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.
Are you in search of VAT Consultants in Dubai,UAE ?
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.
Our professional VAT consulting services in UAE involves:
- Providing an understanding of the Tax Laws and Executive Regulations to client companies.
- Understanding your business model and evaluation of VAT impact on your business.
- Providing inputs for using VAT compliant software for your company.
- Exclusive VAT bookkeeping assistance.
- Providing training to your staff on VAT.
- Support for VAT registration for your company as individuals or as tax groups.
- Helping you to prepare and execute all VAT related communication to your trade partners.
- Providing strategic inputs for conducting your business in the post-VAT age, addressing aspects like pricing, working capital, marketing & communication etc.
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.