VAT Compliance Continuity - Factors to be considered
21 April 2020
The world is facing an unexpected and unprecedented pandemic, resulting in widespread shutdowns which are disrupting the day to day operations of almost all businesses. ‘Work from home’ has become the new normal and it has become increasingly important for companies to adopt digital tools to sustain business practices and manage compliance deadlines.
In order to ensure continuity in managing VAT compliance, a company needs to have an end to end VAT solution which helps reduce compliance risk and increase efficiency.
KEY FACTORS TO BE CONSIDERED WHILE SELECTING A COMPLIANCE SOLUTION
- ANYTIME ANYWHERE ACCESS: A cloud-based tool, accessible from anywhere around the world.
- LATEST UPDATES FROM THE FTA: Provide latest updates from the FTA such as VAT guides, public clarifications, know your rights etc.
- USER FRIENDLY AND AUDIT LOG: Easy to navigate and simple steps to compile and complete the VAT return. It should also create an audit log for any review performed and any exceptions noted for each period.
- IDENTIFYING TRANSACTION SUBJECT TO TAX: To manage small, day to day queries, technology which can help to identify whether a transaction is subject to tax.
- AUTOMATED VAT RETURN: The tool should perform initial checks to identify discrepancies in the data to reduce manual work.
- CERTIFIED SOFTWARE: The solution should be accredited with the FTA.
We at BDO UAE have adopted a VAT compliance solution, developed by Thomson Reuters which facilitates preparation of VAT returns off-site. It is a cloud-based solution which helps our clients to prepare, and for BDO UAE to review the return, from anywhere around the world.
Our clients from various sectors, including IT services, Data management, Pharmaceuticals, Management consulting, Real estate, Oil & Gas, Technology, Financial services, Fashion, Retail, Logistics services are currently working with us, using an innovative solution.
Please fill in the below form to download the VAT Compliance Continuity flyer.
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