we are a group of knowledgeable and qualified accountants, auditors and tax advisories in Dubai, UAE
offering comprehensive tax management as well as accounting and auditing services.
AVA’s primary vision is to deliver quality services at reasonable fee. We would maintain our personal attention to each of our client and to be the highly respected professional firm with quality staffs to maintain the confidence and values of our clients.
AVA International Tax Consultants was established with the main objective of helping our clients prosper by providing them with a wide array of professionalservices and solutions to overcome the challenges in implementing VAT and related requirements.
AVA is one of the leading firms in UAE, providing VAT Consultancy and Advisory services. We have a team of qualified professionals with solid experience in Global and Domestic Tax which helps us in rendering high quality VAT Business Advisory and Compliance Services.
AVA UAE has been based in the UAE since 2018 and offers many services in the UAE. VAT advisory is one such service, led by a Senior Partner and Director based out of the Head office in Dubai.
The VAT advisory team is well placed to offer end to end services in the VAT domain in the UAE, all the way from VAT assessment, registration, reviews, assistance with filing and ongoing advisory to liaising with the FTA for dispute resolution and reconsideration.
In addition to having many professionals with rich tax experience in its VAT team, AVA UAE is also registered as a Tax Agency with the FTA and offers both English and Arabic capabilities. The team has extensive experience of VAT in the UAE having advised several clients in a variety of ways in the VAT value chain over the last 18 months.
AVA International Tax Consultants in UAE provides professional, timely and relevant advice to businesses and clients to ensure they comply with the applicable rules and regulations and optimize their VAT returns and plan their activities accordingly.
VAT compliance can be time and energy consuming and prone to errors and lapses, leading to expensive fines and penalties. AVA International Tax Consultants in UAE can assist you to ensure that your business is always on top of things related to VAT with the least risk of loss of reputation and avoiding fines and penalties.
AVA International UAE Business Setup Guides are intended to present concise overviews around some of the main questions that many looking to set up a company in the UAE have asked us over the years.
In the last couple of decades, the United Arab Emirates (UAE) has emerged as one of the most lucrative business destinations in the world. With its investor-friendly policies, political stability and supporting infrastructure, the UAE attracts global citizens to work and invest in the country. The government has been making conscious efforts to not only depend on ‘oil’ but to drive economic growth by way of diversification.
In spite of the liberal policies for businesses, the government is particular about companies complying with the law. One of the key steps that the government is taking is encouraging companies to ensure that their record maintenance is immaculate.
Companies, big or small, hire external audit services to get an unbiased reporting of their financial position and results that help readers to evaluate the actual performance. Auditors in the UAE not only assist in meeting statutory requirements but also provide operational and risk management guidance.
An audit is simply checking for conformity of a process, product, or a system, with statutory requirements or international standards, International Financial Reporting Standards (IFRS) and other applicable laws.
Internal audit is an evaluation of the operation for effective governance, risk management and processes control. It is a proactive approach adopted to identify and mitigate emerging risk and not just assessing whether controls are in place. These auditors usually are certified internal auditors or chartered accountants who perform periodic reviews to identify the gaps in business operations.
The external audit is a statutory requirement for an independent examination of the financial statements by an external auditor appointed by the board or business owners. Companies’ internal teams may prepare the financial statements, but only a certified external auditor can evaluate its compliance with the provisions of IFRS and other applicable laws.
Globally and more so in the UAE, due to increasing awareness of the importance of good corporate governance and effective risk management, the demand for quality audit services has grown exponentially. Organizations are strategically outsourcing certain components or the complete internal audit function to qualified auditors. They can provide an unbiased opinion, which mitigates the risk of any internal fraud. Organizations also benefit from the services of external auditors by way of improved operational efficiency.
It is becoming increasingly apparent that regular audits are important to a business in numerous ways. Both internal and external audits are necessary to keep reports accurate, transparent, and law-compliant, thus creating a greater confidence among lenders, stakeholders, and statutory bodies. Apart from the statutory requirement, an operational review also highlights the gaps and future challenges that may arise.
Here are a few salient areas where an ‘audit culture’ can help organizations overcome financial challenges, and guide their business on the right growth path:
Start-up or relatively small, family-owned businesses are always inclined towards managing all the business functions in-house and keeping all information to themselves. In doing so, decision-makers may not have a clear picture of the actual business performance or of the risks to which it is exposed. Consequently, plans for future development could emerge from an incorrect assessment of the present performance thus leading to opportunity loss.
One of the core purposes of any audit exercise is to give a clear understanding and insight into what the real position of the business is. While the company may make every effort towards proper maintenance of accounting records, a periodic audit is a great way to corroborate all the good work or point out any anomalies that might be present. Course correction suggested by the auditors often helps businesses to iron out major or minor hiccups, thus ensuring accurate information is served to various internal and external stakeholders and government bodies. Professional external auditors come with the backing of sound industry knowledge, and help even the close-guarded family businesses to convert perceived risks into opportunity.
One of the often overlooked aspects of running a highly profitable business is ensuring that your business adheres to the laws of the land. Any new regulation or levy of tax forces organisations to take a new look at their processes and ways of doing business. In such phases of uncertainty, business owners and senior management often find it challenging to keep their bookkeeping error-free so as to comply with the new regulations. A periodic audit allows the organization to stay aligned with the existing regulations and adhere to the new ones. This ensures that the incidences of penalties arising out of non-compliance are minimized.
Introduction of VAT in the UAE is a great example of this. Due to the complexity associated with administering the new tax, businesses found it best to engage with external tax consultants.
Internal audit is a great tool to help companies understand two key aspects:
a. whether the current operations follow the agreed process, and
b. how efficient the current processes are
This often leads to embracing new technologies and creating new processes that make the overall operations more efficient. Savings on costs and time by reducing wastage, removing the non-value-add process parts etc. can help organizations build profitability.
At times, a system of regular internal audits can prove to be an eye opener for organizations, as it can challenge processes that have prevailed over the years. Internal audit can bring ongoing and continual process improvements, and help organizations stay ahead of the competition.
Whether you are looking at attracting investors for your business, or simply looking at creating a strong brand, duly audited financial reports become instrumental in building up the required authority and credibility for the organization.
Sometimes, processes that an organization builds over a period of time are not robust enough to prevent or detect fraud or malpractice. Such frauds may lead to a leak in profits or loss of reputation for the organization. Having a well-established system of regular audit can not only act as a deterrent, but also help detect any potential frauds at an early stage. This can help negate the possibility of large financial loss.
This also keeps investor confidence high, and maintains their loyalty with the company. Needless to say, this can be the single most important factor in success or failure of companies that operate in financial markets, e.g. banks.
When it comes to guarding your business, an ounce of prevention is worth a pound of cure. Employing a professional audit company can give you an edge. Audit companies have created a strong case for themselves by working on different portfolios of clients and helping them through their audit requirements.
At AVA, our core Internal Audit focus is on Business Risk and Control Reviews, Continuing Assurance/ Compliance Audit, Business Process (Practice) Assessment and Operating and Accounting Manuals. We are also registered with the Dubai Financial Services Authority (DFSA) and the Financial Services Regulatory Authority (FSRA), and this allows us to provide the required audit function companies regulated by the DFSA and FSRA.
We have client centric teams of professional auditors. Our auditors bring rich experience of managing clients across industries. We are rigorous in our approach, and keep an open communication with our clients. Our audit findings and the recommendations thereof, ensures that the clients move in the right direction and improve their business performance.
AVA International Tax Consultants is one of the leading firms in UAE, providing VAT Consultancy and Advisory services. We have a team of qualified professionals with solid experience in Global and Domestic Tax which helps us in rendering high quality VAT Business Advisory and Compliance Services.
UAE has successfully completed the first year of the implementation of VAT. According to most sources, implementation of VAT was smooth, transparent and successful despite some initial challenges. The Federal Tax Authority (FTA) was proactive in publishing user and industry guides as a part of pre-implementation and post-implementation process/support which was a key reason for this success. Another was tax consultants and tax agents that supported companies and taxable persons in the UAE to get compliant with the VAT regime.
VAT, at one year of age, is a relatively new concept for many UAE businesses. Most businesses find it difficult to navigate VAT on their own due to little or no exposure to tax in the UAE. As a taxable entity, it is crucial to ensure that the business is compliant to VAT laws and regulations. Having a tax expert on your side is imperative to avoid errors, penalties and loss of reputation.
A tax consultant/agent raises awareness and helps businesses to stay true with the VAT regime whilst an appointed tax agent can act as an intermediary between the FTA and the business.
Undertaking the VAT assessment of a business by a tax consultant helps it to prepare for all the processes it needs to undertake and the changes that must be made to work-flow, documentation, accounting, invoicing and ultimately reporting with minimal human inputs.
Tax consultants also assist businesses in registering in time and ensuring that they meet the registration criteria including Tax Group registrations.
The primary role of a tax consultant, after the initial registration and assessment is to ensure accurate, timely and reliable VAT returns.
• By using their expertise, tax agents and consultants assist businesses to avoid errors, claim rightful input taxes to maximize profits and help businesses to best manage their cash flows, especially when credit periods to customers exceed the VAT returns period.
Tax consultants/agents can also assist in reviewing the VAT returns already filed (health-checks) for accuracy and documentation/records maintained by the taxable persons as per the requirements of the tax law.
Appointed Tax Agents are also able to assist businesses with tax audits and responding/representing the taxable person with the FTA in case of queries. This includes Arabic language capabilities as Tax Agents are mandated to have this capability.
Tax agents are often required to liaise with the FTA on behalf of the client for dispute resolution and reconsideration of decisions issued by the FTA. This can lead to significant savings for the business.
Tax laws are subject to change from time to time and keeping abreast of all relevant statutes and laws is the need of the hour. Tax consultants/agent by doing so ensure that businesses do not fall foul on account of not keeping up with the latest regulations and incur penalties.
Though any professional with requisite qualification and tax experience may assist businesses as tax consultant or advisor, FTA governs individuals and firms that can act as Tax Agents / Tax Agency in the UAE. The FTA has set certain criteria for Firms and individuals before they can act as Tax Agents/ Agency. Some of the criteria are set out below. As is evident, it is FTA’s endeavor to ensure that capable and qualified individuals act as Tax agents so that they are equipped to advise businesses in the UAE.
A minimum of three years of practical experience in taxation, accountancy or Law.
Proficiency in both Arabic and English languages.
Should have qualifications such as Bachelor’s or Master’s degree in tax, law, or accounting from an accredited educational institution.
Pass the FTA examination with a passing grade.
Physical fitness to undertake the duties and responsibilities as a tax agent.
Must be covered by professional indemnity insurance.
Must possess a clean record with no crime or misconduct.