Amendment to Maharashtra Value Added Tax Act Changes in VAT Rates in Schedule C to be effective from 1st April 2016: Sub-Entry Description of goods Rate of Tax upto
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VALUE ADDED TAX (VAT) Post Implementation Audit and Assurance to Board Audit Committee
12 DECEMBER 2017
0
VAT in UAE Maintenance of Books of Accounts/Records for 5 years/ 15 years (Real Estate)
Supplies are either : Exempted Taxable ( 5% or Zero %)
VAT shall be levied from 1 January 2018
Returns must capture details of supplies made and received
1
Registrants must comply with Law to avoid strict penalties from Federal Tax Authority (FTA)
Registrants must file Online Tax Returns
Penalties for violation is upto 3 or 5 times of tax amount and imprisonment
FTA has a right to perform Tax Audit
FTA has a right to conduct Tax assessment
Likely Compliance Requirements COMPLIANCE REQUIREMENTS CHECKLIST Registration started from 1st October 2017
Group Registration permissible
2
4
6
Option for Voluntary Registration Available
1
3
Every person exceeding Threshold Turnover limit to Compulsory Register
2
Threshold limit likely to set at AED 375,000
5 Penal Consequences if liable to register but not registered
7 One Registration for one entity within Member state
Likely Compliance Requirements PAYMENT OF TAXES & FILING OF RETURNS Filing of Return also mandatory for disclosure of procurement and Supply transactions, Emirate‐wise
Payment of Tax is net of output less input
1 Every taxable person liable to pay taxes due at end of Tax period
3
2
4
6
5
3
Non‐compliance may lead to Penal implications
Refund option (Excess Recoverable Tax) in some cases available
Payment & Return Filing likely to be on E‐ Platform (Arabic ?)
7 Likely Tax period to be 3 months or less
Likely Compliance Requirements INVOICE & RECORD KEEPING Prescribed particulars to be printed on invoice (Executive Regulations)
1
4
To be preserved for 5 years
4
2
Every taxable supply has to be supported by invoice
Books of Accounts and Records to be maintained
6
5
3 Invoice to be valid document for claim of credit by Buyer
Additional Records may be suggested
Possible Areas of Impact
Pricing Strategy: Determine pricing considering the deduction for VAT on inputs, additional working capital cost, competition pricing, etc.
Billing and collections: Invoicing and contractual changes for supply impacted by VAT.
Procurement strategy: Considering VAT levy, timing for high‐value procurements should be decided – pre‐VAT implementation vs. post‐VAT implementation, purchases from within GCC or outside GCC, etc.
Contracts /arrangement: Revisit contracts entered with vendors & customers in GCC and outside GCC and determine whether VAT would be available.
Credit consideration: Negotiate credit period with suppliers and customers considering the VAT transitional period and timing for payment of VAT. Businesses will need to amend systems, processes and procedures and will need to ensure they comply with the new requirements, such as for example:
Accounting and Reporting
5
Technology
Supply Chain
Program Management
Advocacy
Compliance
Indirect Tax Assessment
Typical Change Journey 01 Nov to 15 Dec 2017
01 Sept to 31 Oct 2017
START
• Formation of VAT task force; • Planning and initiation
ANALYZE
• Conducting impact assessment • Including all functions; • IT systems Gap analysis
Implementation & Training
• VAT Registration; • Implementing Recommendatio ns • Conducting functional and compliance training
• Performing user acceptance test; • Verifying the tax logics; • Extracting sample reports and documents
01 Jan to 28 Apr 2018
Post Roll Out
• Mapping system performance; • Monthly reconciliation of VAT liability and VAT input tax; • Maintaining records
Over
€150bn in
VAT is lost every year, with around €50bn estimated to be a result of cross‐ border VAT fraud
7
Internal Auditors cover internal controls over
VAT process as a part of their Internal Audit Plan
• Video
8
Parameters to be Considered Strategic
Change in Business strategy Relationship with Tax Authority (Additional Stakeholders) Relationship with Customers and Suppliers Response to public when non‐compliance disclosed People and Organization Changes
Strategic
Operational Transaction level compliance (Volume of Transactions & Complexity of Transactions) Number of Incidents / Complaints Manual Processing Changes in Products / Services Process Changes Technology Changes M&A Outsourcing / Centralization
Financial
Financial
VAT – RISK AREAS
Operational
Financial Penalties for Non‐compliance Loses for amount should be recovered for input tax or charged for output tax Managing Working Capital Source: Phenix Consulting Group
9
Audit Issues – Illustrative
10 Source: Phenix Consulting Group
Audit Objectives Businesses comply with the articles set out in UAE VAT Law.
Appropriate VAT clauses are entered into contracts and agreements.
11
TO ENSURE
Correct amount of VAT is collected and deposited with the Federal Tax Authority.
Objectives
System automated Tax Invoices are appropriately raised, capturing all required VAT information.
Books of accounts and records are maintained in order to accurately and completely report VAT.
Understand supply chain model and relevant VAT risks and opportunities (using SMEs)
Areas of Focus Finance Department
IT Department
HR Department
Procurement Department
Legal Department
12
Reconciliation of general ledger with VAT Returns. Monitoring of procedures and internal controls to support reporting and compliance. Appropriate levy of VAT on applicable supplies. Payment of VAT and filling of VAT Returns on a timely basis.
Issuance of VAT invoices capturing all mandatory details as required by applicable VAT Law. Reviewing product/services set up in accounting systems to ensure correct VAT rates have been set for Customer Invoices.
Ensuring employee’s employment contracts capture payments and allowances provided to them appropriately. In case of any reimbursements, ensuring an audit trail of supporting evidence.
Obtaining vendor information details from a VAT perspective to keep the Vendor master file updated. Verification of VAT detailed of supplier invoices received before payment processing
Ensuring VAT clauses are appropriately included in the contracts entered into with the Vendors/Suppliers/Service Providers, including any addendums needed to pre‐VAT period contracts.