06 December 2022
Dubai has had a very simple and straightforward tax regime for all these years. However, they have now decided to implement a very relevant tax system that will help alleviate the burden on Dubai's oil industry. Not only Dubai, but the UAE has now implemented VAT systems in the majority of the other Emirates as well. The tax system came into effect in January 2018. Most of the businesses were impacted by this introduction as they were not used to any systems of tax. And suddenly there was an increase in demand for financial service providers that offer VAT consulting services. Here are some factors or tips to consider when selecting VAT consultancy services or VAT consultants in Dubai.
It is important to have some guidelines before selecting a VAT consultant in Dubai, as not all of them will be able to provide good services. It is imperative to have the best financial partner for the smooth functioning of your business.
VAT is a newly introduced concept in Dubai’s economy. Hence, it is quite an ambiguous term for you and your business. Hence, it is of essential importance to hire a VAT consultant who has good experience and understanding of value-added taxes. Only a consultant with a good amount of experience understands the constantly changing laws and regulations concerning VAT. An experienced consultant will be able to provide you with appropriate solutions as well, as they may have encountered various case scenarios in their professional handling.
Keeping a close eye on the ratings and reviews of the VAT consultant you are planning to hire for your services is one of the best ways to ensure that you aren’t hiring a trickster. Google Reviews can be seen as an impartial review site that has good authenticity. It is difficult to delete negative reviews on Google Reviews, which makes it reliable. It is also fitting to check the reviews on clutch.com and other third-party review sites to better understand. So, do your homework before proceeding to hire a VAT consultant in Dubai.
There are plenty of firms that provide financial services in general. But, before appointing a VAT consultant for your business, make sure you are hiring someone who is an expert in handling VAT-related matters. And make sure that the consultant you hire has the bandwidth to give you the priority you need, rather than someone who isn’t available for any sort of communication.
The license is an important element that you have to consider when choosing a VAT consultant in Dubai for your business’s services. Obtaining services from non-licensed professionals is illegal in the UAE, and you may have undetermined trouble with the same. So, it is essential to ask the VAT consultant in Dubai for their authorization certificate before partnering with them.
Asking for references from fellow business peers and friends is the best way to ensure that you won’t end up with the wrong VAT consultant for your business. Create a short list, then analyze each VAT consultant's profile to find the one who can best meet your needs. Instead of speaking with them in person, visit their website and read client testimonials for yourself.
Not all the listed entities that you find through a Google search are good ones. And becoming a good VAT consultant requires a lot of experience and expertise, as accounting or filing VAT is child's play. As a result, ensure that the VAT consultant in Dubai with whom you are going to work has the necessary qualifications and experience to carry out the process.
When selecting a VAT consultant, efficient customer service and the time to allocate your priority must be top priorities. Many competent consultants falter when it comes to giving equal weight to their clients. Some may also not be available for further assistance after the filing season is over. Accommodate a VAT consultant who can be available at your beck and call for VAT-related queries.
Before availing yourself of the services of any VAT consultant in Dubai, make sure that you discuss the costs of the services. Succumb to a service fee or cost that is feasible for both parties. Make sure that you don’t fall prey to their extra savings and such. Have a valid understanding of the tax structure and filing requirements before assigning a consultant for your work.
In the financial world, VAT is not a completely different term. There are countries that have been engaged in VAT-related tax regimes for a long time. But, as Dubai’s economy is new to this, make sure to choose the right VAT consultant to avoid any penalties, fines, and ambiguities related to the tax structure.