PKF International

Services

A wide range of services allows us to provide clients with constructive and proactive advice from inception of an idea, through its establishment as an operation, its growth and expansion, to the eventual realisation of capital.

Specialists in each area enable us to provide clients with the best advice in a timely manner, thereby enabling them to take full advantage of opportunities arising.

Select a service on the menu on the left to find out more.


  • Audit and Management Assurance
  • Management Consulting
  • Corporate Finance
  • Entry Strategy
  • Accounting and Payroll
  • VAT

  • External Audit
  • Internal Audit
  • Internal Audit - DFSA Requirements
  • Business Process (practice) Assessment
  • Business Risk and Control Reviews
  • Due Diligence
  • Forensic and Other Investigations
  • Training and Consulting on IFRS

External Audit

"The purpose of the annual audit is to enable the auditor to express his opinion on the financial statements of the company that are prepared by the company's management and presented for audit."

"The auditor is to report as to whether the financial statements present a true and fair view and whether they have been prepared in accordance with the appropriate reporting framework."

Through comprehensive planning we take the time to fully understand each client and his business. In this manner we are able to identify the key areas and risks to which the business is exposed and focus our audit effort thereon. We take advantage of the control systems in place at our clients in order to provide a cost effective service. We add value buy making practical recommendations for improvements in control systems and reductions in inefficiencies. Regular communication with our clients ensures that issues are resolved as they arise and that there are no last minute surprises.

Internal Audit

"Internal auditing has significantly changed, both in nature and by definition, as compared to the traditional approach. Similarly, the role of the internal auditor has also been redefined from that of being a "policeman" or "fault-finder" to that of an "advisor", "consultant" and "business partner". Today, the internal auditor actually facilitates effective governance and achievement of the organisation's business objectives."

"Internal auditing is an independent, objective assurance consulting activity designed to add value and improve an organisation's operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve effectiveness and risk management, control and governance processes." (Institute of Internal Auditors)

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.

Our Ancillary Service Provider (ASP) registration with the Dubai Financial Services Authority (DFSA) allows us to provide the required internal audit function to Authorised Firms regulated by the DFSA.

Internal Audit - DFSA Requirements

"DFSA regulated companies are required to be fully compliant with the internal audit requirement in accordance with the DFSA / DIFC laws, rules and regulations"

  • The Company must establish and maintain systems and controls, including but not limited to financial systems and controls, and ensure that its affairs are managed effectively and responsibly by its senior management;
  • The Company must establish and maintain an internal audit function for monitoring the appropriateness and effectiveness of its systems and controls; and
  • The internal audit function must be independent from operational and business functions.

PKF is registered with DFSA to provide ancillary services. Through a team of qualified and experienced staff, we adopt a risk based approach to monitor and ensure that the management complies with the DFSA and DIFC laws, rules and regulations. We also provide assurance on the effectiveness of risk management processes and internal controls and continuous assurance with regard to proper maintenance of financial records and reliability of financial information.

Business Process (practice) Assessment

"With increasing competition, more and more companies are increasingly becoming aware of the need to constantly score over their competitors. This real and constant threat becomes easier to manage if the owners and corporate management are proactive and open to periodic qualitative assessment of their business practices. BPPA is therefore an important assessment tool that could be used by management to periodically assess their business practices and risks."

"In today's competitive and ever-changing business environment, the owners and the business managers need to recognise and take advantage of opportunities for improvement in their business practices. Enterprises which continue to follow redundant business practices and fail to review and adopt current business practices (often) experience business stagnation and difficulty in enhancing the overall business performance."

Our multidisciplinary team is able to identify the key components of each business process within an enterprise and make comparisons with good practices utilised in the industry. Any new practices considered are discussed in depth with the management as simple mapping from one company to another rarely works. Practices are tailored to the individual enterprise to ensure a smooth transition.

Business Risk and Control Reviews

"As business grows or diversifies and the business environment keeps on changing, the nature, prioritisation and impact of business risks also keep on "shifting". It is therefore important and worthwhile for the management to continuously review their business risks and controls."

"Business risks can be broadly grouped under two categories, namely, "organisation level" risks and "process level" risks. The management needs to constantly assess and monitor whether appropriate control initiatives are in place to prevent, detect and manage these risks. Business risks include not only the obvious but also, among others, risks from disaster, competition, legal and regulatory compliance, industry, customer needs, operational efficiency, credit and liquidity and information processing/information technology."

Our experienced team takes time to understand the client's industry, business, reporting and control systems. This enables us to identify the key operational and risk areas to which a business is exposed. We are then in a position to develop a structured approach to risk identification and control which fits within the owner's and management's overall objectives and general infrastructure, thereby providing a cost effective solution.

Due Diligence

"Entering into a corporate finance transaction can be one of the most stressful times in an organisation's and its director's corporate life."

"Knowing more about what you are buying can eliminate many of the problems at the outset as "caveat emptor" - let the buyer beware - often applies."

We focus not just on making sense of the numbers but on identifying the key profit drivers of the company targeted for acquisition. Understanding the nature of the market, the competition, dependence on customers, products or suppliers are a key to assessing the quality of earnings.

Forensic and Other Investigations

"With the increasing complexity of business, financial systems and accounting principles have become evermore complicated to deal with present-day issues."

"For the insurer wishing to validate a claim by a policyholder, whether for loss of assets or for business interruption, or for a claimant needing to put together a claim, this presents problems with which the experienced accountant is equipped to deal."

We have a team of experienced investigative accountants who are familiar with insurance contract clauses and who can delve deeply into the accounting records in order to assess the reasonableness of claims. They are familiar with current accounting and measurement principles and are equipped to ask the right questions and assess the answers. We have a wide industry exposure that can be brought to bear on each assignment, which enables us to draw conclusions efficiently and knowledgeably, thereby producing a succinct and penetrating report.

Training and Consulting on IFRS

"International Financial Reporting Standards are fast becoming the principal language for companies to communicate their financial results to the investor and business community."

"Increasingly complex business transactions require continuous evolution of accounting standards to measure and present results in a clear and concise manner. Keeping abreast of these changes is essential for today's finance professional."

At PKF we have developed a series of seminars on IFRS which can be tailored to your specific needs and which address issues particular to your circumstances. Personalised seminars ensure the maintenance of confidentiality whilst covering those topics in detail, which are of most importance to you. We have a group of experienced public speakers and seminar leaders with a wide range of industry knowledge who are able to deliver clear and highly interactive seminars on IFRS.

  • Feasibility Studies
  • Information Memoranda
  • Financial Projections
  • Financial Model Validation
  • Operating and Accounting Systems and Procedures Reviews
  • Identification and Valuation of Intangible Assets on a Business Acquisition
  • Hospitality, Tourism, Leisure and Property Consulting

Feasibility Studies

"In today's competitive and complex world, it is very important for an enterprise to know and understand the market and financial feasibility of a proposed project before funds are invested."

"A new project or expansion plan without a proper market and financial feasibility study could be very risky and sometimes very costly. With intense competition in the market place and rapid technological changes, products or services are being overtaken or becoming redundant at a faster pace. A fast moving product or service of today may not continue to be in demand tomorrow. Similarly, methods of manufacturing products also undergo constant changes. Newer and more efficient manufacturing methods capable of improving the product quality and producing at a faster rate with a lower cost are being introduced at shorter intervals. With this given scenario, it is prudent to carry out a detailed market and financial feasibility before investing in a new project or an expansion."

Our experienced team maintains a database of macro economic and industry statistics which enables us to provide potential investors and lenders with an insight into how a project can be expected to perform in the existing and forecast economic environment.. Our reports include detailed financial projections and assumptions based on in-depth market demand and supply surveys.

Information Memoranda

"With increasing corporate activity, companies are often considering diversifying their business, or indeed, selling up altogether. In undertaking such an exercise it is likely that a third party, whether it be a potential financier or potential buyer, will be having a close look at your business and operations."

"A detailed information memorandum succinctly sets out in a planned and organised manner, the key aspects of your business, strengths and opportunities and how you plan to exploit them; and identification of weaknesses and threats and how you plan to react to or anticipate them."

At PKF we have a team of professional accountants experienced at ascertaining the key aspects of a business and setting them down in a clear and concise manner in order to present your company in the best possible light, thus providing potential financiers or buyers with an insight into your business and reassuring them that it is one in which they can have comfort.

Financial Projections

"Whether raising finance, tempting potential buyers or evaluating an acquisition, a key aspect is the expected performance of the business. Those preparing financial projections can be tempted to overstate whilst those receiving them can be sceptical."

"Independently prepared financial projections based on a company's track record, attributable market data and presented in a readily understandable format with assumptions, ratios and sensitivity analyses can play a crucial part in any corporate transaction."

Our team of professionally qualified accountants have experience in a wide range of industries that, together with a continuous process of researching industry and economic data combined with extensive spreadsheet modelling capabilities, allows them to produce detailed and sustainable financial projections tailored to the assignment in hand.

Financial Model Validation

"Detailed and often complicated financial projections prepared by promoters or corporates seeking funds or by equity houses or lenders investing in a deal are prone to arithmetical inaccuracies, errors in employing assumptions or mistakes in inserting formulae in a worksheet. This could potentially lead to inaccurate, or worse, wrong financial projections and expected results, jeopardizing a potential transaction."

"Independently validated models provide assurance to the model author(s), investors in the deal or other interested parties that there is logical integrity, internal consistency and arithmetical accuracy in all material respects, of the formulae, calculations and algorithms applied within the model and that major assumptions have been uniformly and consistently utilized."

Our team of professionally qualified consultants has experience in preparing complex and detailed financial projections and is best placed to validate models used in financial transactions. They bring with them extensive spreadsheet modeling capabilities and commercial knowledge, allowing them to identify errors and provide constructive solutions.

Operating and Accounting Systems and Procedures Reviews

"More than ever before organisations are increasingly realising the need for, and importance of, ensuring that their systems are efficient, cost effective, assert adequate control and produce accurate and timely results. There has been an increasing need for documenting standard procedures relating to the key operating areas and accounting in a concise and user-friendly manner."

"A detailed systems and procedural study can highlight those areas of operations that result in procedural or systems inefficiencies or lack of control and, often, discover practices few in senior management were aware of. Such studies can be converted into a manual that can play an important role in assisting the management in achieving the business objectives of the organisation. It significantly improves the "response time" of the employees, internal quality of work and the timeliness and quality of management information. This ultimately translates into enhancement of the quality of goods and services provided by the organisation, leading to increased customer satisfaction and loyalty."

Our experience across a wide range of industries enables us to provide clients with valuable views on the procedures, systems, control and processes that should be in place and documented within an organisation whilst ensuring that they fit with the overall business philosophy. The reports and manuals that we produce are clear, concise and simple to refer to in any given situation. They form one of the foundations on which day to day actions and reactions to business situations are based.

Identification and Valuation of Intangible Assets on a Business Acquisition

"The buoyant regional economies, considerable global interest in the region and maturing and consolidation of local businesses has resulted in increased M&A and private equity activity in the region. This has led to creation of business combinations, whether by acquisition of shares, net assets or collections of assets."

"International Financial Reporting Standard 3 'Business combinations' (IFRS 3) requires recognition of identifiable intangible assets separately from goodwill in the buyer's consolidated financial statements."

Our Management Consulting team has extensive experience of the identification and measurement of intangible assets, contingent liabilities and onerous contracts acquired in a business combination. Our involvement provides third parties with assurance that the process has been rigorously conducted and is free from management bias.

Hospitality, Tourism, Leisure and Property Consulting

"The dynamic growth of the UAE hospitality, tourism, leisure and property sectors has led to a multitude of opportunities for development, growth and profitability."

"Identifying the most appropriate niche in such a market and assessing the possible financial outcomes has become increasingly difficult with the host of new projects in progress, on the drawing board and yet to be announced. The importance of a market research study backed up by detailed financial projections cannot be underestimated as a vital tool in the decision-making process for projects that will involve substantial commitments of time and capital"

PKF is internationally renowned for its hospitality consulting expertise, having worked for all the principal brand names around the globe. With our long-established presence in the UAE together with our affiliate firm, PKF The Consulting House (www.pkf-theconsultinghouse.com), we are in an ideal position to undertake market research studies, interpret the data, convert these into assumptions and present detailed financial projections to enable project leaders to reliably assess their proposed projects.

  • Mergers and Acquisitions
  • Disposal Strategy
  • Capital and Corporate Structures
  • Fund Raising
  • Valuations of Businesses and Shares

Mergers and Acquisitions

"A merger or an acquisition can be a traumatic and time consuming project for any management team, whether it be identifying or understanding the target, structuring or negotiating the deal, reviewing the documentation or assessing an appropriate price."

"Having an experienced financial adviser as part of your merger or acquisition team can bring previous deal experience to the table, lend an independent frame of mind and take much of the transaction load off the shoulders of senior management, all of whom still need to manage their exiting businesses."

PKF have a senior team of professionals experienced in corporate transactions some of whom have been In the UAE for over 25 years and have extensive contacts in the field of acquisitions and mergers and are therefore in a position to source potential targets. When, when combined with related services of due diligence, financial projection preparation, business valuation, corporate structuring and fund raising, this can provide a powerful "full-service" merger and acquisition package.

Disposal Strategy

"Deciding to sell a business or company, often one built up over many years with "blood, sweat and tears" and likely long and sleepless nights, is no simple matter, nor is it a decision taken lightly. It is also a decision that needs to be taken some considerable time in advance of when to actually put the business up for sale."

"Having taken the decision to sell, many issues are likely to have to be examined and acted upon if one are intent on making the company attractive to buyers and, once having attracted a buyer, give him that feeling that all is well."

At PKF we have undertaken the formulation of disposal strategies on many occasions and well in advance of the planned disposal date. Strategies have encompassed reorganising the corporate structure into something more transparent, reviewing internal systems and procedures, preparing information memoranda and financial projections, assessing realistic sale values and identifying and assisting in the negotiations with potential buyers.

Capital and Corporate Structures

"Over time as businesses develop, grow and diversify, the capital or corporate structures that are developed along the way are often those most easily done at the time and are then rarely re-examined at a later date."

"The robustness and transparency of a capital or corporate structure frequently becomes important when one is attempting to dispose of a company, business or group of companies or businesses. Complex structures can make buyers and regulators wary and can prolong or even scupper the deal."

At PKF, our relationships with clients are ones of understanding their long-term objectives. Consequently, critically examining a capital or corporate structure can be a crucial element in streamlining a group in order that it can reach "to the next level". Our knowledge of local, free zone and offshore jurisdiction company laws enables us to provide clear solutions to corporate structuring issues that support and lend strength to client long-term goals.

Fund Raising

"There often comes a time in any company's life that it has inadequate funds available to enable it to catapult to the next level of development. Sources of equity or debt funding play a vital role in this extremely important part of a company's lifecycle."

"Being able to locate sources of equity or debt finance can be a difficult task and not knowing the preferences of financiers can result in many aborted approaches or transactions."

Our senior corporate finance team has extensive contacts in the private equity and debt finance market. We understand the preferences of potential investors and are able to match seekers of finance with the appropriate investors in order to provide a higher chance of transaction success. Combined with other services we are able to package your company in an appropriate manner in order to enhance the matchmaking process.

Valuations of Businesses and Shares

"With increased corporate activity in the private sector, the need for a valuation of a private company is increasing at a rapid pace. The art of the valuer is therefore called upon more frequently as the number and value of corporate transactions increases."

"The role of an independent valuer cannot be over emphasised, whether the valuation is for borrowing, lending, acquisition or disposal."

Acquiring another company, taking a majority or minority stake in a company providing comfort to lenders on security values and shareholder exit all require that a view on a business or share value must be taken in order to arrive at an informed decision. Our extensive experience, covering a wide range of industries, in valuing businesses and shares, puts us in an ideal position to undertake your business or share valuation. We select the appropriate methodology depending on the circumstances and provide a reasoned and logical approach to arriving at our opinion.

  • Free Zone Company and Onshore Company Formation
  • Offshore Services
  • Joint Ventures and Strategic Alliances
  • Taxation

Free Zone Company and Onshore Company Formation

"The UAE is one of the fastest growing economies and opportunities for business development are plenty. Through which door to enter the UAE - onshore or through a free zone - is not always a straightforward decision. Onshore there are various types of licences available, depending on planned business activities. Free Zones around the world are the new vehicles for fast track growth offering powerful tax, financial and operational benefits to the investors in return for inward investment and job creation for a host country."

"Planning entry level strategies are essential and the key to the growth and success of business operations. Getting it right at the outset is vital as to correct a flawed entry strategy later can be time consuming and prolonged."

Our company formation team has an intimate knowledge of the requirements and workings of the local government departments and of the various Free Zones in the UAE. We are, therefore, in an ideal position to advise on the most appropriate entry for your needs, be it onshore or a free zone, as well as the most appropriate corporate vehicle. Assistance with the registration procedures means that you are left to get on with your business.

Offshore Services

"Offshore companies are popular vehicles for reduction of taxes by legal means, planning for inheritance and estate taxes, protection of assets and ensuring confidentiality. Multinational companies as well as individuals can access tax treaties through companies incorporated in Offshore Financial Centres."

"Selection of an appropriate offshore financial centre is fundamental to any offshore structure used in a scheme of tax planning or asset holding. Advice taken at the initial stage goes towards making the foundation of the offshore structure stronger."

Our broad experience of providing business advice and reviewing long term business plans means that we are in an ideal position to advise on the suitability of using offshore financial centres as a part of your long term financial planning. Our experienced team has long-standing connections with service providers in all the major offshore centres, ensuring that you receive a fast, responsive and efficient service.

By keeping up to date with regularly increasing legal requirements we are able to provide a cost effective value-add outsourcing company secretarial service. This ensures timely compliance with regulations, avoidance of fines and an overall reduced administrative cost.

Joint Ventures and Strategic Alliances

"The joint venture has long been a vehicle for companies to gain access to markets, technology and other "know-how" and capital. Many businessmen, quite rightly, pride themselves on their ability to identify opportunities in the market and to find and negotiate a deal with the most appropriate partner. Thus the joint venture is born."

"The commercial side of any joint venture is critical to its creation but the devil can be in the detail as to how the joint venture will actually work in practice. There are a number of potential stumbling blocks that are best addressed at the outset rather than leaving it until a dispute arises."

PKF have been involved in a number of "matchmaking" engagements and, with our longstanding in the local market, are ideally placed to identify and introduce appropriate potential joint venture or strategic partners. We are also familiar with the various issues that can arise in negotiating joint venture and management and shareholder agreements, which can often make or break the deal.

Taxation

"Taxation can be the bane of many a businessman's life, particularly when he is venturing into new territories when he may not be fully cognisant of the local laws and regulations."

"Getting it right at the outset, from a tax perspective, is essential if one is to avoid possibly large tax bills or a tax inspector's investigation."

AT PKF we have access to tax experts around the globe who can assist companies in structuring deals and transactions in the most tax efficient manner whilst ensuring that all laws are complied with.

  • Accounting and MIS
  • Payroll Services
  • Compilation and Maintenance of Fixed Asset Register
  • Inventory Verification

Accounting and MIS

“Setting up a new business comes with an array of organisational and logistical problems. In the rush to become operational, the accounting of ‘where all the money went’ very often is overlooked until some considerable time later and when the dust has settled. This can cause serious problems as invoices can go missing and explanations can be forgotten.”

“Increasingly rigorous requirements of International Accounting Standards and the general move to their acceptance as the reporting framework means that even the best are stretched in applying all aspects of all standards.”

Outsourcing will benefit the head count, which is often a significant issue in today’s competitive environment. Outsourcing also eliminates the hiatus caused by accounts staff going on leave or during times of heavy work pressure such as year end reporting. We provide a professional and reliable accounting and financial reporting service using up to date accounting software. Our staff keep abreast of ever-changing accounting rules and keep you informed of the accounting implications of transactions you are undertaking.

We take the time to understand your business and thereby are able to provide relevant and timely management information to enable business owners and management to take informed decisions at the right time. Such MIS systems are incorporated into the establishment of the accounting and financial reporting systems.

Our Ancillary Service Provider™ (ASP) registration with the Dubai Financial Services Authority (DFSA) and firm registration with the Dubai International Financial Centre (DIFC) enables us to extend this value-add service to DIFC and DFSA registered companies.

Payroll Services

“Managing the payroll of a newly established entity can be a challenge, especially if the senior management team is new to the country and is not familiar with the prevalent laws, customs and practices that impact the employees, their morale and indeed their performance. This can seriously affect the fledgling entity and compromise its performance. Even if the necessary resource is available in-house, confidentiality can sometimes be an issue.”

“Outsourcing of the payroll functions addresses these issues without significantly adding to the cost of doing business and at the same time ensures that local knowledge of laws, customs and practices is brought to bear on a very important component of business management.”

We provide professional and timely payroll services maintaining complete confidentiality, accuracy and detailed reporting. The entire payroll cycle from preparation of monthly earnings, deductions, gratuity, pension funds, pay-slips, loading online instructions (on a bank's website), delivery of pay-slips to the employees/company representative and reporting can be handled seamlessly. We also extend the facility of using our bank account to receive funds from outside the UAE to maintain complete confidentiality of payroll. Reports using MS Excel can be generated for payroll reports which can be integrated/imported into the accounting records of the Company. Other payroll specific services can also be provided including use of the Company's own software.

Compilation and Maintenance of Fixed Asset Register

"Significant resources are invested in fixed assets whether they be buildings, plant and equipment, Information Technology or office interiors. Confirming that these assets physically exist, that they have not been impaired and still continue to perform their intended functions forms an integral part of an entity's accounting for its assets."

"Creation of and maintaining a fixed asset register together with periodic physical verification of fixed assets becomes a critical function for asset intensive entities. Failure to do this often results in over or understatement of assets in the entity's balance sheet. Physical verification also becomes crucial when external auditors need some assurance that the assets included in the balance sheet do exist and an independent confirmation can assist in providing such assurance."

We can create a fixed asset register based on invoices and proof of purchase, physically verify the existence of such assets, classify them into various categories, tag them for easier identification and reconcile their value with the balance sheet. We can also assist with their coding for seamless integration into the accounting records. The details can be captured in MS Excel and then imported into the accounting records of the entity.

Inventory Verification

"Accurate accounting of inventory can make all the difference between an entity reporting a profit or incurring a loss."

"Periodic physical review of inventory helps identify variances between physical and book quantities and assists in evaluating internal control on movement, accounting and safeguarding of inventory. It also provides assurances to principals and business owners that the inventory reflected in the accounting records does not materially vary from the physical quantities. It can act as a deterrent against theft, damage and unauthorized write-offs."

We can assist with inventory verification at regular intervals. Inventory verification includes amongst other things appropriate marking of physically verified stocks, identification of damaged and slow moving or obsolete items, deriving variances from book quantities and identifying absence of adequate supporting documentation.

  • VAT Implementation Support
  • VAT Compliance
  • VAT Advisory
  • Reviewing VAT Returns

VAT Implementation Support

"VAT is likely to affect nearly every business in one way or the other. VAT is not a tax on business but tax collected and remitted to the government will entail compliance costs. VAT does have an impact on cash flows. Accounting obligations and VAT costs need to be identified to be addressed correctly. IT systems will also need to be geared to ensure VAT compliance".

"Key considerations for businesses are to review existing business models, transactions and processes, step-by-step to understand the impact on financial (margins, pricing, cashflow), operational (supply chains/processes, transaction flows) and legal (contract, business structures) aspects of the business. Subsequently, they need to put processes in place for a seamless and accurate VAT structure and compliance. All these require a structured approach to be addressed by senior management."


Our methodology to assist clients in the VAT implementation process is as follows:

PKF VAT PROCESS

Our team will support you during the implementation stage to take the VAT road map by assisting you in areas such as:

  • Analyzing the impact of VAT on your business
  • Advising on managing the VAT transaction process
  • Advising on required accounting systems under VAT
  • Invoicing under VAT
  • IT Migration

PKF's comprehensive approach will help you meet your VAT responsibilities in an efficient, structured and timely manner.

VAT Compliance

"Once registered under VAT, businesses will be required to file periodic statutory declarations. VAT returns will need to be filed (quarterly), which summarise all the taxable transactions that the business has made in that specific period".

"The information required will need to be completed accurately. Businesses must declare the VAT that has been charged on sales (output VAT) and can claim back the VAT that has been paid (input VAT), subject to your taxable activity".

"Depending on transactions types and values, business may have to pay the VAT surplus to the tax authorities, or will be eligible to make a claim for a refund".


Our team of experts can assist you in ongoing VAT compliance as may be required under the law, in addition to VAT return filing.

We can assist in VAT compliance areas such as:

  • Completing VAT returns
  • Registration for VAT
  • Liaising with the tax authorities for VAT related queries and audits

VAT Advisory

"Managing VAT obligations is an ongoing challenge for businesses. VAT legislation will likely witness many changes over time, and several factors are to be considered as the business diversifies and expands. It is vital that you have a supportive partner who holds your hand and can guide your business in all VAT related matters".

"Businesses will need practical support to ensure the decisions made are not hindered by complex VAT issues".

"Once VAT is implemented and running, its exposures can grow quickly without a cohesive strategy and a firm understanding of each business's specific VAT requirements and impact. Post VAT implementation, changes in business scenarios, such as any new transaction added to your business or any change in your supply-chain structure may need review and advice from a VAT impact perspective".

PKF's specialists can provide client focused advisory services on local and GCC VAT related matters. Our dedicated VAT team can provide a range of VAT services. We can review the current tax position of your business and provide relevant VAT advice and planning on a range of VAT related issues, as well as all aspects of the compliance required for VAT. In conjunction with other PKF offices, we can implement multi-jurisdictional reviews or cross border strategies.

Reviewing VAT Returns

"It is important that VAT returns are accurately compiled based on the underlying accounting records and reflect accurately the VAT due to/from the government. Errors in filing VAT returns will attract fines and penalties and loss of reputation".

"Getting it right at the outset, from a tax perspective, is essential if one is to avoid possibly large tax bills or a tax inspector's investigation coupled with hefty penalties."

Our tax team can review the tax computations prior to filing of quarterly VAT returns to ensure that your VAT obligations comply with the law and there are no omissions or errors.

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