The VAT team at MARKEF is well versed with the VAT Laws applicable across the region and holds valuable experience and professional accreditation in assisting clients across diverse industries to comply with the VAT obligations.
Businesses are required to maintain detailed and accurate accounting records and documents (i.e., invoices, records, accounts, and VAT) that comply with legal standards and formatting, and to submit timely reports with transaction-level data to the tax authorities. Under this law, tax authorities may conduct audits to verify compliance with the requirements of VAT and tax compliance. Compliance with reporting guidelines and audit measures requires companies to provide records and documents in a timely and easily accessible manner to avoid negative impacts on core operations and resources.
VAT can be a key factor in a company’s cash flow and potentially a real cost to the bottom line. For finance and tax directors, managing the risk of VAT and its impact on cash flow can be a significant challenge, compounded by ever-evolving case law, legislation, and guidance from tax authorities. Poor compliance and errors can result in penalties, reputational damage, and/or missed opportunities.
The VAT compliance services provided by MARKEF are as under: