We had performed VAT Heath Check compliance and quarterly VAT return review for Steel manufacturer & trader in UAE.
Based on the business overview of manufacturer & trading, transactions were listed. Financials and past VAT returns were reviewed.
Entity group structure were reviewed and Emarat portal were checked for VAT registration update & grouping.
Performed reconciliation of financial revenue and VAT returns, identified the gaps in reporting with reasons. Reviewed the contracts to assess the VAT treatment.
VAT input documents were reviewed for correct edibility of claims, and export documents were analyzed to support 0% VAT. Contracts were reviewed for VAT applicability.
Summary of transaction listing with VAT applicability, and past impact were assessed. Guidelines were documented for each of transaction with relevant VAT positions to be applied.
