Value Added Tax (VAT) Advisory Services
The Meras teams include members with prior experience at the Zakat, Tax and Customs Authority (ZATCA) in reviewing Value Added Tax returns and objections, as well as experience with settlement committees and dealing with tax committees.
Compliance with the regulations and rules issued by the Zakat, Tax and Customs Authority (ZATCA) is one of the most critical considerations that an entity must take into account. Violating these regulations and rules may expose the company to significant financial consequences and penalties that could impact its business operations, consequences that could have otherwise been avoided. Furthermore, these regulations, rules, and manuals must be monitored continuously, along with any updates thereto, to ensure ongoing compliance.
Moreover, the most sound and optimal approach is to possess knowledge and comprehensive understanding of all requirements pertaining to invoices and supporting documents, what is acceptable for deduction or not acceptable for refund, and what conditions must be met for the refund of such amounts.
With regard to objecting to assessment amounts on Value Added Tax returns before the Authority or tax committees, such objections must be submitted within a specified period. Furthermore, preparing the objection memorandum requires the objector to possess deep expertise in tax regulations and rules, the procedural rules of tax committees, previous committee decisions related to the same matter, and other relevant regulations and manuals, as well as the ability to interconnect them.
The key services provided within this service area include the following:
- Filing quarterly or monthly Value Added Tax returns.
- Providing advisory services on objections against ZATCA’s assessments and reassessments of Value Added Tax before the Zakat, Tax and Customs Authority.
- Providing advisory services on appeals against the Authority’s reassessment of Value Added Tax returns before tax committees.
- Submitting a settlement request to the Zakat, Tax and Customs Authority (ZATCA) and representing the taxpayer before the Settlement Committee.
- Providing advisory services on tax due diligence for companies prior to investment or acquisition transactions.
- Providing other advisory services, such as studying contracts and the associated tax risks, and providing consultations on specific items from a tax perspective.