VALUE ADDED TAX(VAT) SERVICES

VAT Advisory

We assist companies in their VAT planning, organizational processes structuring and systems to comply with the requirements of applicable VAT law. We assist companies in filing their monthly/ quarterly returns and offer guidance to company staff on the preparation of relevant reconciliations. In addition, our services include continuous guidance on VAT matters and resolution of VATrelated queries received from the Regulator.

Paterson & Partners realizes the daunting VAT challenges faced by institutions and companies. Therefore, Paterson-Audit provides a range of state-of-the-art and smart solutions, reflecting our long-standing experience, to help institutions and companies deal with VAT-related issues and ensure the smooth continuation and commitment of their business. This enables institutions and companies to concentrate on their business activities rather than worry about VAT issues.

Paterson-Audit’s competent team of VAT experts and specialists, provides the following services:

Compliance with VAT policies

In spite of the relative clarity of VAT compliance, its application is more complex and requires numerous resources to meet compliance requirements.

We at Paterson-Audit work on your behalf to meet your VAT compliance needs. Through our experts located across the globe we put our theoretical and practical expertise at your disposal.

VAT Consultancy

Companies and institutions are often unaware of VAT legislation and continuously amended policies. Hence, our VAT advisory team provides a series of guidelines and specialized practical advice to help your business achieve VAT policy compliance and to address VAT and legislation amendment issues.

We also provide receipt auditing services to verify the accuracy of compliance with VAT policies. This is in addition to assisting companies and institutions in the process of VAT refunds where applicable in accordance with the provisions of the system.

Registration services

We complete VAT Registration for companies, institutions and entities at the relevant authority in compliance with regulations and rulings.

Post-registration services including:

  • Filling / auditing VAT returns/ or Selective Tax prepared for this purpose, followed by referral to the specialized department within the legal time frame.
  • Reviewing the company’s purchases of goods and services to verify the validity of VAT amounts on purchase invoices, date of purchase and whether or not they are deductible and refundable.
  • Calculating and paying tax on imported services to the specialized authority within the legal time limit, and follow-up of claim within the VAT return for the post-payment period.
  • Financial statements draft review to verify that revenues match the issued returns and discussion of any notices.

VAT return auditing procedures

Paterson-Audit provides VAT return auditing to ensure correct VAT calculations.

Attendance and follow-up of field auditing work

At Paterson-Audit, we recognize the importance of being present with the client’s financial department when VAT officials are auditing the VAT returns. Our team possesses the ability to discuss their notices on VAT returns and help answer all inquiries in order to complete an audit that is in line with the company’s interests and in accordance with regulations and instructions of the authority.

Tax Dispute Resolution: Assisting in the submission of objections in VAT dispute cases

Through analysis of the discrepancies received from the authority along with the documents and information prepared by the company, our experts work diligently on proving the company’s right to object. Consequently, they assist in: preparation of the objection, following- up the objection and responding to the authority’s inquiries until completion in accordance with the requirements of the VAT system.

We wish to offer our professional services for VAT consulting in the following areas:

Pre-VAT scenario (before the introduction of VAT in the respective country) or in the initial period after VAT laws are effective

  • Conducting a feasibility study of the organization’s system to understand the requirements for designing a comprehensive VAT implementation roadmap
  • Drafting a roadmap for the effective implementation of VAT
  • Conducting detailed VAT impact assessment covering all aspects of the business
  • Development of accounting and procedural manuals based on the actual data/facts provided by the client
  • Implementation of procedures and practices required for effective compliance with VAT laws.
  • Training the client’s personnel on the various aspects of the VAT process and equipping them with the necessary skills to handle the issues.

Compliance services:

  • Analyzing registration requirements and obtaining VAT registration with the regulating authority
  • Computation of periodic VAT liability to be deposited
  • Preparation and submission of VAT return
  • On-call advisory relating to the day-to-day operations of the company
  • Submission of reply to the inquiries/objections raised by the regulating body
  • Verification and processing of refund claims

Note: To assist our clients in time- saving, we offer our highly experienced & reliable Business Process Outsourcing Services to our clients. Primarily depending upon the requirements and financial position of the clients, these outsourcing services can be either multidimensional or restricted to a particular aspect of the business.

Assessment support Services:

  • Pre-audit support (carrying out diagnostic studies/health check of records for clients prior to regulating body audit)
  • Drafting submission to the inquiries raised by the officials conducting audit
  • Providing various certifications according to VAT laws (for example, adjustment of VAT paid, credit sales, due to written-off debt)

Partners For Success