VAT Training by AIMSTORM SOLUTIONS
AIMSTORM SOLUTIONS is an Accounting company which provides VAT training in the UAE to employees who work with accounts, finance, tax, and HR. These employees must understand VAT in order to handle these accounts, and any issues that may arise from these issues without experiencing many complications or challenges. Our company employs a team of professionally trained experts who will work with your employees until they fully understand VAT and how it applies to different companies in different industries, as well as how VAT affects various business functions. Our VAT experts work with our clients to help them operate in a new environment by simplifying their VAT implementation processes.
AIMSTORM SOLUTIONS offers the following of VAT Training for UAE based companies:
- Onsite training at the client’s premises
- Training at the AIMSTORM SOLUTIONS training room
- Offsite training that is done online (through Skype, for example)
- Quick training sessions, and question and answer sessions
- On call support services
AIMSTORM SOLUTIONS implemented the VAT training program for UAE based companies in light of the fact that the UAE governments announced the implementation of a VAT tax affecting companies in virtually all industries to be effective as of January 1, 2018. Because the GCC government has enacted this new tax, all companies in the UAE are on a timeline to make sure that the first phase of VAT implementation is completed. We, at AIMSTORM SOLUTIONS, are confident we will be successful in this regard because our tax department has already made substantial progress in regards to preparing our company for the government roll out of the VAT through VAT tax administration systems.
These administration systems will have the sole objective of allowing our experts to assist our clients in the area of preparing their tax administration systems and streamlining business processes to be better able to handle VAT. For example, our company hosted a full day training session for our staff in 2017 which demonstrated the ways in which VAT works and will be implemented throughout the GCC. The training session also informed attendees about the latest updates from the Ministry of Finance.
Applicability in Designate zone:
As trade has proliferated around the world, the UAE has divided itself into different zones. The new roll out of the VAT will affect all zones in the UAE. The UAE government has decided that the VAT will not be applied uniformly across the GCC. For example, government legislation mandated that 45 of the 59 states in the GCC will have VAT applicable to them. Because the designated zones where the VAT is applicable is standard, there shall be no exemptions or exceptions for any company in any including industry. Applicable companies who register before April 30, 2018 shall not have to pay a penalty.
Any business which has not registered for VAT should take steps to evaluate the VAT process for their company to determine whether or not it is being done correctly. Under the UAE VAT laws, the state only has jurisdiction and the authority to tax only those transactions being done where the place of supply (PoS) is inside of the UAE. Businesses must determine whether their transactions are goods are services to determine if they are PoS transactions.
It is the responsibility of corporate management to ensure that their businesses and their business functions are VAT compliant. Additionally, they must ensure that their employees and IT infrastructure are fully equipped and prepared to handle a complete overhaul in business functions and processes.
Our Tax Experts
At AIMSTORM SOLUTIONS we train our tax staff to be experts in all areas of taxation, especially in the area of VAT because tax staff who are experts in the implementation of tax and its related processes can greatly help taxable entities out by saving them time, effort and money, and by saving them from the deadly margin of error in calculating VAT. Our company is an approved and registered tax agent in the UAE, and this gives us an advantage in assisting our clients in understanding the implementation of VAT and its processes because it gives us authority in the field. Our clients trust us and swear by our tax staff because of their advanced knowledge and extensive practical experience in the area of VAT. Our team can put this to use in terms of resolving your company’s most pressing tax issues.
AIMSTORM SOLUTIONS tax team offers expert services in the following areas: tax registration, filing returns, internal tax audit, and managing records. Our tax experts are multilingual, but they present all official information about VAT to official entities in the UAE in Arabic. Our team will also do a great job of presenting your company as a taxable entity to the Federal Tax Authority. Because the provisions of the new VAT law are constantly changing, our VAT team makes it a point to keep abreast on the latest legal changes to the law so that your company does not have huge financial and other penalties levied on it.
Our tax team is fully proficient on the Do’s and Don’ts of the new tax law, and they are able to assist your firm in comprehensively planning its annual and quarterly tax strategies and forms. Finally, because our team does all of the work in terms of VAT for your company, your company can focuses full attention on core and daily business operations.
Tax agent in the UAE
Because the new GCC VAT is uniform and comprehensive, it can be confusing for businesses to understand and implement the tax in their business functions. This is where tax agents come into play. A tax agent is officially defined as, “a qualified and licensed individual who help taxable persons and entities become compliant under the new VAT law.”