By its very definition, the word ‘consultation’ means “to provide expert or professional advice” and that is exactly what myVATexpert.com provides in the areas of business consulting.
We provide an unbeatable service when it comes to reviewing your existing business processes. Our experts understand the limits and hurdles of tax reporting and compliance but more importantly, when those limits are reached, we know how to work around the issue with proven solutions to meet your needs.
The laws of indirect taxation is very complex. To understand all the possible determinable results in arriving at the correct tax rate to be charged and to create a robust and comprehensive solution needs expert advice. Moreover, the tax rate in itself is often not sufficient with additional reporting requirements needed for certain tax outcomes.
Exemptions and exceptions to the tax rules need to be factored in and a complete solution, even if designed, will physically take days to be configured. Our consultants are experts. We look at all possible impacts on a new requirement we may have, not just within that tax regime but on a global scale. With us, the complexity becomes easy.
While getting us in early is best, we can offer advice at any stage by using our vast experience, logical and creative approach to look at issues differently to get a solution that works now and in the future.
Why our approach is different?
Tax is Tax! It does not matter how your overall system architecture has been designed, tax is not determined by your company but by the countries that collect the tax. As a result we have developed an engine for calculating your tax, filing your returns and claim refunds
We work hard to ensure our clients are given a solution that can provide total compliance. We are able to do this because we already have a proven solution. We have a compliance computation engine that can deliver a full solution cost effectively in record time.
We provide an unbeatable service when it comes to tax computation and compliance. We understand the limits of our computation module and also the hurdles involved in the tax calculations and reporting but more importantly, when those limits or hurdles are encountered, we know how to work around the issue with proven solutions to meet your needs.
Governments and businesses globally are taking advantage of the digital age and using innovation in technology to make their tax systems more efficient. By tapping into non-traditional data sources they not only reduce the time it takes but also the amount of data they can process and ultimately audit. Many countries now demand extracts such as the SAF-T or Malaysian GAF report to pull almost the entire transactional activities of a company into their systems for pre-defined examination.
As a result it is becoming far harder to make a mistake and not get noticed. Tax compliance is becoming ever more important but the traditional tools and processes used by most company tax departments are simply not good enough to keep up with these new demands.
Our Tax Computation Engine is designed to provide the ability to achieve total compliance. The application will analyze your data so that if a transaction entered by the customer has any potential tax issue, it is flagged and made visible to the internal tax department.
The Tax Computation Engine is built using the MyVATexpert.com database. There are no additional software or hardware licenses to pay for because it is fully integrated with MyVATexpert.com. The web portal makes things easy for the tax team because everything is in one place. It provides a simple and easy to navigate interface with all the information just a click away.
It brings compliance to the forefront of the tax solution design and gives the power to the tax department to monitor the transactions being entered. The potential efficiency savings are immense and the ability to dramatically reduce risk linked to Indirect Tax non-compliance is now possible.
Key highlights of our services include
- Fiscal Impact assessment
- Transactions impact assessment
- Contracts review & related support
- ERP Impact assessment & recommendations
- Supply Chain Impact assessment & restructuring
- Testing VAT function of ERP
- VAT mapping of transactions in ERP
- Testing of transaction in ERP
- PRE - VAT implementation training
- POST - VAT implementation training
- Designing VAT Manual
- Registration & related planning
- Transitional support
- VAT return filling
- VAT return review
- VAT Advisory services
With the announcement of VAT within GCC, there has been a plethora of service providers offering workshops and consultation services thereby leading to confusion within the stakeholders. While compliance is the key to mitigate the avoidable risk of statutory penalties, the completeness of service offering would determine the level of compliance that the business has been able to achieve.
The good news is that myVATexpert.com and its Tax Experts have decades of experience to help you along your journey – from consultancy to compliance – to become VAT-compliant and adhere to the regulations set forth by the authorities. We understand you and your business. myVATexpert.com was established with a single vision to cater to the fast growing statutory and compliance requirements in GCC.
We offer VAT related services and has created an interactive application about Value Added Tax in the UAE for businesses of all sized operating in GCC. Our application aims to provide the latest regulations and a innovative engine for calculating Value Added Tax. The application will act as your external VAT business portal for all the latest and relevant regulations impacting the GCC region once in effect from 1st January 2018.