One of the significant steps that were initiated by the GCC countries in 2018 was the inclusion of VAT in the world of business. The Middle East region is well-known for oil industries and fetches the revenue from the oil sources. In the past few years, the region has also concentrated on non-oil sectors and started roping more income in the economy. The implementation process was counted as another major initiative to drive-in more revenue in the economy.
The VAT process was accepted to get implemented in the industries at a rate of 5%. It became a compulsion that taxable people are required to undergo VAT Registration and submit the VAT returns, which applies to both new as well as established businesses. Under Federal Law Tax No.(7) of 2017 on Tax Procedures, it has been stated that the required information needs to be provided to the Government Authorities, and failure to do so will lead to penalties. Considering the VAT implementation process as a new step, business investors and entrepreneurs prefer to choose VAT Consultant in Dubai to carry out the respective procedures. However, before selecting a consultant, absolute essentials are to be known.
Who is a Consultant?
A consultant is a well-experienced professional who has in-depth knowledge of some issues and can guide others as an expert. They are expected to solve the issues which turn out to be quite confusing for the respective clients.
To have a word with a consultant, multiple ways can be derived out. For instance, reference is one such way. Now, it also depends on the in-depth level of research. However, while choosing a consultant, it is advised to select experts who hold a good count of industry experience, to understand your business and figure out the respective loopholes and fix it.
Types of Consultant
When it comes to the types of consultants, there exists, two different types, namely:
This type of consultant exists within the company who knows the various aspects of the business. The person is more approachable by the people of other departments who have a doubt regarding certain aspects of their area. An internal consultant is one who prepares confidential and essential documents and reports, and acquiring the first-hand information from the department people serves out to be better.
An external consultant is a third party who is a professional expert in a particular field and holds specialised skills and tools that are required to deal in a specific area. The external consultants are termed as subject-matter experts regarding their dominant field. To avail the service, a client needs to pay a certain amount of fee and outsource the respective department. This helps the business to perform in a better way because concepts like VAT Return Filing is a complex task to be solved in-house, and will be completed in a much professional manner by the experts.
What are the Benefits you can Avail from a VAT Consultant?
Before you proceed towards availing the dedicated VAT Consultancy Services, you should be aware of the several benefits that you will be deriving. Some of the benefits include:
- VAT consultants are well-versed with the new VAT concept
- Will be able to deal with VAT issues in a much faster way
- Can carry out the VAT implementation process in a quick-mode
- Expert’s advice will be more useful to leverage the company growth
- VAT experts can help you in simplifying the entire VAT process
- Lessen the VAT related burden
- You can utilise your resources in the planning process of your business
In short, we can say that VAT experts are one of the best options to choose for as the concept has been newly applied, and to solve the relevant issues, one has to be fluent in the legal laws. Professional experts deal with multiple clients prevailing in different industries and are well-equipped with the required information. At JAXA, we follow the best practices to deliver the required services to our clients. You can entirely rely on our VAT experts who will guide you at every step and will ease the process for you. If you are planning to avail the same, do contact us-we’d be glad to assist.